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1.
We provide specific qualifications in order that Kuhn–Tucker type Euler equations and transversality conditions at infinity
hold in stochastic equilibrium models with heterogeneous agents and where assets are traded in sequential markets. It is not
assumed that uncertainty is modeled as an event-tree structure or that preferences are necessarily bounded. We also describe
an important class of preferences based on bounded relative risk aversion which yields relevant simplifications. Our results
are used to establish conditions that rule out asset pricing bubbles. Specific examples of economies with bubbles are also
discussed.
Received: 28 January 2002 / Accepted: 19 July 2002
We are grateful to the editor and an anonymous referee for their valuable comments. This research was partially supported
by MURST (Italy), National Group on “Nonlinear Dynamics and Stochastic Models in Economics and Finance”. 相似文献
2.
Paolo Pellizzari Arianna Dal Forno 《Journal of Economic Interaction and Coordination》2007,2(1):27-43
We compare price dynamics of different market protocols (batch auction, continuous double auction and dealership) in an agent-based
artificial exchange. In order to distinguish the effects of market architectures alone, we use a controlled environment where
allocative and informational issues are neglected and agents do not optimize or learn. Hence, we rule out the possibility
that the behavior of traders drives the price dynamics. Aiming to compare price stability and execution quality in broad sense,
we analyze standard deviation, excess kurtosis, tail exponent of returns, volume, perceived gain by traders and bid-ask spread.
Overall, a dealership market appears to be the best candidate, generating low volume and volatility, virtually no excess kurtosis
and high perceived gain. 相似文献
3.
The recent literature has analyzed binary choices dynamics providing interesting results. Most of these contributions consider interactions within a single group. Nevertheless, in some situations the interaction takes place not only within a single group but also between different groups. In this paper, we investigate the choice dynamics when considering two populations where one serves as a reference group. Considering this influence effect enriches the dynamics. Although the structurally stable resulting dynamics are attracting cycles only, with any positive integer period, the reference group makes the dynamics of the influenced population much more complex. We considered both the possibility that the reference group has the same or the opposite attitude toward the distribution over the choices. We show how the dynamics and the bifurcation structure are modified under the influence of the reference group. Our results illustrate how the propensity to switch choices in the reference groups may, indirectly, affect choices in the first group. 相似文献
4.
Sarah B. Clinton Arianna Spina Pinello Hollis A. Skaife 《Journal of Accounting and Public Policy》2014
The mandatory reporting of firms’ internal control effectiveness continues to be debated by equity market participants, U.S. regulatory agencies and oversight committees. We investigate the implications of material weaknesses in internal control and SOX 404 required reporting of such for financial analysts because analysts are important intermediaries in the U.S. capital market and it is not known whether analysts’ forecasts or coverage decisions are affected by firms’ internal control problems or reporting, respectively. Results of our empirical tests indicate that analysts provide less accurate forecasts and there is greater forecast dispersion for firms with ineffective internal control. We also find that firms that disclose internal control problems have less analyst coverage and that analyst following declines after the material weakness in internal control is disclosed. The results are robust to controlling for potential self-selection bias and management earnings guidance. Our study documents the consequences of ineffective internal control for an important class of financial statement users and suggests the required reporting on the effectiveness of internal control is beneficial to understanding the properties of analysts’ forecasts. 相似文献
5.
Denise E. Agosto 《International Journal of Technology and Design Education》2004,14(3):245-260
This study considered the utility of gender schema theory in examining girls' website design preferences. It built on a previous
study which identified eight website evaluation criteria related to biological sex: collaboration, social connectivity, flexibility,
motility, contextuality, personal identification, inclusion, and graphic/multimedia concentration. Eleven fourteen-, fifteen-,
and sixteen-year-old girls participated in the study. The participants completed the short form of the Children's Sex-Role
Inventory (CSRI). Following 50-minute Web searching sessions, they were divided into a feminine-high group and a masculine-high
group based on their CSRI scores. Each group then participated in interviews concerning their website evaluation and design
preferences. Data analysis identified relationships between gender schema and five of the proposed criteria: social connectivity,
flexibility, motility, inclusion, and graphic/multimedia concentration. More generally, members of the feminine-high group
favored evaluation criteria relating to graphic and multimedia design, whereas members of the masculine-high group favored
evaluation criteria relating to subject content. These results indicate that gender schema theory can indeed serve as a framework
for making website design more appealing to female adolescent users.
This revised version was published online in July 2006 with corrections to the Cover Date. 相似文献
6.
7.
Social networks can be viewed as graphs in their basic form, but many networks of interest include positive and negative affect relations among nodes. The structural balance theory originally developed by Heider suggests how nodes may locally modify their relationships to maintain a sort of balance within sets of nodes. We analyze a model of leadership emergence in a social network and extend it by introducing structural balance among members when modeling the attitude toward the leader. This approach takes into account some of the mutual relationships among co-workers, including the adaptation process to achieve the balance. This component helps to explore differently the bounded rationality of agents when interacting, and prove the difficulty of finding a rapid and smooth covergent path to a social stable equilibrium. 相似文献
8.
Arianna Alfieri Giulio Zotteri 《International Journal of Logistics Research and Applications》2017,20(4):381-404
In this paper, data from a Beer Game simulation have been used to investigate whether education on the inventory theory makes a difference, in terms of inventory planning performance. The data from the present experiment show that education on models that are difficult to apply to the Beer Game do in fact make a difference, since education increases a planner's ability to keep orders relatively constant, and to match supply with demand. The analyses show that the inventory theory matters, even when it cannot be used directly. 相似文献
9.
Essential patents refer to patents that are indispensable in order to make any product that complies with a technological standard. Portfolios of essential patents have often been used to indicate the strategic value of a firm's knowledge. We propose a range of alternative indicators based on a firm's position in patent citation network. Using a historical narrative and the actual licencing payments for the 3G W-CDMA standard in mobile telecommunications as a reference, we find that our alternative indicators provide better indicators for firms' knowledge positions and their long-term impact on technological change. Our proposed indicators can also be applied in markets that are not based on standards, and may not only be valuable to scholars but also to practitioners. Our findings also raise some concern over technology inclusion processes at standards bodies, and we recommend policy makers to consider our proposed method in order to critically look at these processes. 相似文献
10.
Arianna Degan 《International Economic Review》2007,48(2):457-482
This article develops and estimates a dynamic spatial model of voting. The distribution of voters' policy positions and candidates' valence are recovered using individual‐level data on voting decisions in two consecutive presidential elections. The estimated model is used to provide an equilibrium interpretation of observed individual voting profiles and aggregate electoral outcomes as well as to conduct counterfactual experiments that assess the impact of candidates' policy positions, valence, and voters' information on electoral outcomes. 相似文献