Showing 1 - 10 of 24
In the classic Arrow-Debreu model, the existence of money is not accommodated. However, using trading post market segmentation and requiring budget balance in each pair-wise transaction the model can converge to monetary equilibrium. Uniqueness of the common medium of exchange (commodity money)...
Persistent link: https://www.econbiz.de/10011130674
This paper studies long term relationships, modeled as repeated games, with restricted feedback. Players condition current play on summary statistics of past play rather than the entire history, as may be the case in online markets. Our state strategy equilibrium framework allows for arbitrary...
Persistent link: https://www.econbiz.de/10010582584
This paper studies the problem of self governance in a model in which information flows are governed by the community structure. In each round of an infinitely repeated game, an agent and an investor, who is selected from a finite set of investors, play a trust game. Investors receive...
Persistent link: https://www.econbiz.de/10010685840
We study repeated Bayesian n-player games in which the players' privately known types evolve according an irreducible Markov chain. Our main result shows that, with communication, any Pareto-efficient payoff vector above a stationary minmax value can be approximated arbitrarily closely in a...
Persistent link: https://www.econbiz.de/10010685850
Persistent link: https://www.econbiz.de/10010713967
Motivated by recent developments in applied dynamic analysis, this paper presents new sufficient conditions for the existence of a Markov perfect equilibrium in dynamic stochastic games. The main results imply the existence of a Markov perfect equilibrium provided the sets of actions are...
Persistent link: https://www.econbiz.de/10010608445
We study a class of repeated games with Markovian private information and characterize optimal equilibria as players become arbitrarily patient.  We show that seemingly non-cooperative action may occur in equilibrium and serve as signals of changes in private information. Players forgive such...
Persistent link: https://www.econbiz.de/10011249567
In order to match the output capacity of a geothermal heat pump system (GHPS) with the actual load requirement, research has been carried out in finding the influence of two systematic parameters, the water flow rate inside the condenser and the compressor input frequency on the GHPS operation....
Persistent link: https://www.econbiz.de/10010807031
The rapid growth in coal and oil consumption has led to increasing emissions of greenhouse gases as well as air pollutants in China. In response to this, the Chinese government has begun to formulate policies to retard the increasing use of energy consumption and to improve air quality. This...
Persistent link: https://www.econbiz.de/10010808373
Crystal structural stability of V<Subscript>2</Subscript>O<Subscript>3</Subscript> under high pressure has been investigated by first-principles calculations. Our results demonstrate that the phase-transition sequence of V<Subscript>2</Subscript>O<Subscript>3</Subscript> is from corundum structure to Gd<Subscript>2</Subscript>S<Subscript>3</Subscript>-type structure at 30 GPa, then to the Th<Subscript>2</Subscript>S<Subscript>3</Subscript>-type structure at 52 GPa, finally to...</subscript></subscript></subscript></subscript></subscript></subscript></subscript></subscript>
Persistent link: https://www.econbiz.de/10010992514