共查询到17条相似文献,搜索用时 15 毫秒
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A. J. Hughes Hallett 《Bulletin of economic research》1987,39(1):49-70
Several techniques for solving dynamic rational expectations models have been proposed. This paper puts forward an alternative method for discrete time models, which is significantly simpler to use in practice. That solution is used to derive and compute optimal policy selections (incorporating ‘noncausal’ effects) which, by exploiting the discrete time framework, are also time consistent when sequentially reoptimized. Those decisions are shown to contain an optimal open loop component plus an innovations dependent correction mechanism. A numerical example is used to verify these properties, and to demonstrate the superiority of this policy selection technique over recursive methods (e.g. dynamic programming). 相似文献
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MURRAY WOLFSON 《Contemporary economic policy》1992,10(2):35-43
This paper attempts to convey to representatives of the erstwhile Soviet bloc an understanding of the problems they face in achieving a market economy. Although the transition from a command economy to a market economy is perilous, the author advises policymakers that retarding the tempo of change will invite economic and political disaster. 相似文献
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Pei-Cheng Liao 《Bulletin of economic research》2008,60(1):27-44
With fixed costs of quality improvement, we find that a covered market outcome with an interior solution in the price stage is not a Nash equilibrium. When the degree of consumer heterogeneity is high (low) enough, an uncovered market outcome (a covered market outcome with a corner solution in the price stage) is the only Nash equilibrium. When the degree of consumer heterogeneity is moderate, both of the two market outcomes are Nash equilibria, but an uncovered market outcome yields higher social welfare than a covered market outcome with a corner solution in the price stage. 相似文献
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We view a game abstractly as a semiparametric mixture distribution and study the semiparametric efficiency bound of this model. Our results suggest that a key issue for inference is the number of equilibria compared to the number of outcomes. If the number of equilibria is sufficiently large compared to the number of outcomes, root‐n consistent estimation of the model will not be possible. We also provide a simple estimator in the case when the efficiency bound is strictly above zero. 相似文献
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We investigate the endogenous choice of roles by managerial firms in the presence of unilateral externality. The choice over timing can be taken either by managers or by owners. It is shown that: (i) the choice of the timing by managers entails the same profit that owners would have achieved by specifying the timing in the delegation contract; and (ii) firms move simultaneously if the degree of unilateral externality is small, while sequentially if the degree of unilateral externality is large, with the firm generating unilateral externality as a follower; the owner of the follower firm delegates to restrict output, while his/her counterpart does not delegate it. 相似文献
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Kangsik Choi 《Bulletin of economic research》2019,71(1):33-46
We consider a mixed duopoly in which private and public firms can choose to strategically set prices or quantities when the public firm is less efficient than the private firm. Thus, even with cost asymmetry, we obtain exactly the same result (i.e., Bertrand competition) of Matsumura and Ogawa (2012) if Singh and Vives’ (1984) assumption of positive primary outputs holds. However, compared to endogenous determination of the type of contract without cost asymmetry, our main finding is that in the wider range of cost asymmetry, different type(s) of equilibrium related to or not related to the limit‐pricing strategy of the private firm can be sustained. Thus, when considering an implication on privatization, we may overestimate the welfare gain of privatization because Cournot competition takes place after privatization even though cost asymmetry exists between firms. While the result of Matsumura and Ogawa (2012) holds true if the goods are complements, we find the novel results in the case of substitutes. 相似文献
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THE AGE-WEALTH PROFILE AND THE LIFE-CYCLE HYPOTHESIS: A COHORT ANALYSIS WITH A TIME SERIES OF CROSS-SECTIONS OF ITALIAN HOUSEHOLDS 总被引:2,自引:0,他引:2
In this paper I estimate the age-wealth profile under two different identification assumptions about age, cohort and time effects. According to the life-cycle model, the two sets of assumptions should yield similar age-wealth profiles. Using the 1984–93 Italian Survey of Household Income and Wealth, the estimated average annual rate of wealth decumulation in old age is found to be between 3 and 6 percent. As in the life-cycle model, the cohort effect increases with year of birth. However, the results also uncover considerable population heterogeneity: the rates of wealth decumulation are much lower for rich households and households headed by individuals with higher education. 相似文献
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This note extends Matsuyama's 0–1 endogenous retirement choice model to the framework with continuous endogenous retirement choice to study the consumption‐saving decision and capital accumulation in an overlapping generation model. The conditions for the existence of multiple steady states have been derived. In contrast to the 0 or 1 labour choice, the partial retirement may be a stable steady state under the continuous endogenous retirement choice in the second period. And this implies that partial retirement may be a stable optimal choice. Also, we find that the retirement choice depends on the initial capital stock when there are multiple steady states. 相似文献