排序方式: 共有23条查询结果,搜索用时 15 毫秒
1.
Federico Echenique 《Economic Theory》2003,22(4):903-905
Summary. I prove that the equilibrium set in a two-player game with complementarities, and totally ordered strategy spaces, is a sublattice
of the joint strategy space.
Received: May 31, 2001; revised version: October 4, 2002 相似文献
2.
This paper addresses the stochastic differential utility (SDU) version of the issue raised by Barrieu and El Karoui (Quantitative
Finance, 2:181–188, 2002a) in which optimal risk transfer from a bank to an investor, realized by transacting well-designed
derivatives written on relevant illiquid assets, was␣mainly studied in two cases with and without an available financial market.
From a stochastic maximum principle as described in Yong and Zhou (Stochastic controls: Hamiltonian systems and HJB equations.
Springer-Verlag, New York, 1999) we shall derive necessary and sufficient conditions for optimality in several SDU-based maximization
problems. It is also shown that the optimal risk transfer, consumptions, investment policies of both agents are characterized
by a forward–backward stochastic differential equation (FBSDE) system. 相似文献
3.
4.
In the many-to-one matching model with contracts, I show that there is no restriction on preferences weaker than substitutable preferences which guarantees that the set of stable allocations is a lattice. Thus, when contracts are not substitutes, removing agents from the economy may decrease the payoffs to existing agents on both sides of the market. 相似文献
5.
This paper presents a strategic growth model with endogenous time preference. Due to the potential lack of concavity and the differentiability of the value functions associated with each agent’s problem, we employ the theory of monotone comparative statics and supermodular games based on order and monotonicity properties on lattices. In particular, we provide the sufficient conditions of supermodularity for dynamic games with open-loop strategies based on two fundamental elements: the ability to order elements in the strategy space of the agents and the strategic complementarity which implies upward sloping best responses. The supermodular game structure of the model lets us provide the existence and the monotonicity results on the greatest and the least equilibria. We sharpen these results by showing the differentiability of the value function and the uniqueness of the best response correspondences almost everywhere and show that the stationary state Nash equilibria tend to be symmetric. Finally, we numerically analyze to what extent the strategic complementarity inherent in agents’ strategies can alter the convergence results that could have emerged under a single agent optimal growth model. In particular, we show that the initially rich can pull the poor out of the poverty trap even when sustaining a higher level of steady state capital stock for itself. 相似文献
6.
7.
Summary. This paper provides an algorithm for the construction of all PICFs on a finite set of alternatives, V, designed by an a priori given set I of initial choices as well as the determination of whether the initial set I is consistent with path independence. The algorithm is based on a new characterization result for path independent choice functions (PICF) on finite domains and uses that characterization as the basis of the algorithm. The characterization result identifies two properties of a partition of the Boolean algebra as necessary and sufficient for a choice function C to be a PICF: (i): For every subset A of V the set
is an interval in the Boolean algebra 2
V
. (ii): If A/B is an interval in the Boolean algebra such that C(A) = C(B) and if M/N is an upper transpose of A/B then C(M) = C(N). The algorithm proceeds by expanding on the implications of these two properties.Received: 5 November 2003, Revised: 20 July 2004, JEL Classification Numbers:
D00, D70. 相似文献
8.
Spatial Dependence,Housing Submarkets,and House Price Prediction 总被引:1,自引:0,他引:1
Steven C. Bourassa Eva Cantoni Martin Hoesli 《The Journal of Real Estate Finance and Economics》2007,35(2):143-160
This paper compares alternative methods of controlling for the spatial dependence of house prices in a mass appraisal context.
Explicit modeling of the error structure is characterized as a relatively fluid approach to defining housing submarkets. This
approach allows the relevant submarket to vary from house to house and for transactions involving other dwellings in each
submarket to have varying impacts depending on distance. We conclude that—for our Auckland, New Zealand, data—the gains in
accuracy from including submarket variables in an ordinary least squares specification are greater than any benefits from
using geostatistical or lattice methods. This conclusion is of practical importance, as a hedonic model with submarket dummy
variables is substantially easier to implement than spatial statistical methods.
相似文献
Martin HoesliEmail: |
9.
Elena Antoniadou 《Economic Theory》2007,31(1):189-203
This paper studies comparative statics in the consumer utlity maximization problem with two goods. The analysis can be global,
and it allows for indivisibilities, discrete changes, and non-binding budget constraints. It does not rely either on topological
or convexity assumptions. Instead, it uses lattice programming techniques. The conditions derived are superextremal variant
properties on the utility function, in appropriately constructed lattices on the consumption set. Sufficient conditions are
given for one or both goods to be normal, for one to be inferior, and for some cases of price effects, using what are called
value orders and lattices. 相似文献
10.
We develop a nonsmooth approach to envelope theorems applicable to a broad class of parameterized constrained nonlinear optimization problems that arise typically in economic applications with nonconvexities and/or nonsmooth objectives. Our methods emphasize the role of the Strict Mangasarian–Fromovitz Constraint Qualification (SMFCQ), and include envelope theorems for both the convex and nonconvex case, allow for noninterior solutions as well as equality and inequality constraints. We give new sufficient conditions for the value function to be directionally differentiable, as well as continuously differentiable. We apply our results to stochastic growth models with Markov shocks and constrained lattice programming problems. 相似文献