JI Bulow, JD Geanakoplos… - The Journal of Political …, 1985 - JSTOR
Page 1. Multimarket Oligopoly: Strategic Substitutes and Complements Jeremy
1. Bulow Stanford University John D. Geanakoplos Yale University Paul D. Klemperer
Stanford University and St. Catherine's College, Oxford A ...
J Geanakoplos, D Pearce… - Games and Economic Behavior, 1989 - Elsevier
Abstract In psychological games the payoff to each player depends not only on what every
player does but also on what he thinks every player believes, and on what he thinks they
believe others believe, and so on. In equilibrium, beliefs are assumed to correspond to ...
J Geanakoplos… - … communication: essays in …, 1986 - books.google.com
In 1951, Kenneth Arrow and Gerard Debreu independently established what is still today
probably the central argument of economic theory: They proved that any competitive
equilibrium of an" Arrow-Debreu" economy is Pareto optimal. In 1954, they jointly ...
JD Geanakoplos… - Journal of Economic Theory, 1982 - Elsevier
P Dubey, J Geanakoplos… - econometrica, 2005 - Wiley Online Library
This work is supported in part by NSF Grant DMS-87-05294 and SES-881205. The first
version of this paper (Dubey, Geanakoplos, and Shubik (1990)) appeared in 1990. That
version, containing essentially the basic model and Theorems 1 and 2 from this paper, ...
D Duffie, J Geanakoplos, A Mas-Colell… - Econometrica: Journal of …, 1994 - JSTOR
We establish conditions which (in various settings) guarantee the existence of equilibria
described by ergodic Markov processes with a Borel state space S. Let P(S) denote the
probability measures on S, and let s↦G(s)⊂P(S) be a (possibly empty-valued) ...
J Geanakoplos - 2009 - nber.org
At least since the time of Irving Fisher, economists, as well as the general public, have regarded
the interest rate as the most important variable in the economy. But in times of crisis, collateral
rates (equivalently margins or leverage) are far more important. Despite the cries of ...
J Geanakoplos - Journal of Mathematical Economics, 1990 - Elsevier
Journal of Mathematical Economics 19 (1990) 1-38. North-Holland AN INTRODUCTION TO GENERAL
EQUILIBRIUM WITH INCOMPLETE ASSET MARKETS* John GEANAKOPLOS Cowles
Foundation, Yale University, New Haven, CT 06520-2125, USA I survey the major results ...
J Geanakoplos… - Journal of the Japanese and International …, 1991 - mtas.ru
Journal of Economic Literature Classification Numbers 610, 026, 027. th<» cfurï'pr*» cr\
iitv*<» ic nrtt infrwf «atir\ Ti. it îc rawAccinn... 111%.. jv-luvw ivuvuivv. w 1141 UUVllllUllVll, 11
1J|/IWVJOUIg capacity to attend to information. Attention is the chief bottleneck in ...
J Geanakoplos… - Journal of Economic Theory, 1989 - Elsevier
Abstract It is shown that in a two period general equilibrium securities model where assets
pay in money the generic dimension of the set of equilibrium allocations, in the incomplete
market situation, is S− 1, where S is the number of assets. Hence the degree or real ...
A Fostel, J Geanakoplos - American Economic Review, 2010 - nber.org
FGfs conjecture:! Periodic problems faced by emerging asset classes are sometimes
symptoms of what we call a global* 7A28><., 8786B rather than of their own fundamental
weakness!. That is, much of the volatility of emerging markets bonds is a result of the ...
J Bulow, J Geanakoplos… - The Economic Journal, 1985 - JSTOR
In this JOURNAL, Dixit (I980) carefully analysed the extent to which an established firm
facing a prospective entrant might make an investment in capacity beyond that which is
optimal for its pre-entry output. In his model, both the established firm and prospective ...
JD Geanakoplos… - Handbook of mathematical …, 1991 - Elsevier
J Geanakoplos, OS Mitchell… - 2000 - nber.org
This paper describes how three money's worth measures the benefit-to-tax ratio, the internal
rate of return, and the net present value are calculated and used in analyses of social
security reforms, including systems with privately managed individual accounts invested in ...
J Geanakoplos, M Magill… - Brookings Papers on Economic …, 2004 - JSTOR
THE SECULAR MOVEMENT OF the US stock market in the postwar period has been
characterized by three distinct twenty-year episodes of sustained increases or decreases in
real stock prices: the bull market of 1945-66, the subsequent bear market of the 1970s and ...
J Geanakoplos - … in economics and econometrics: theory and …, 2003 - books.google.com
In 1994 and again in 1998, fixed income markets, especially derivatives and mortgage
derivatives, suffered terrible liquidity crises, which at the time seemed to threaten the stability
of the whole financial system. Though we shall see that economists have had trouble ...
P Dubey, J Geanakoplos… - Journal of Mathematical Economics, 1987 - Elsevier
Abstract We criticize the REE approach to asymmetric information general equilibrium
because it does not explain how information gets 'into'the prices. This leads to well-known
paradoxes. We suggest a multiperiod game instead, where the flow of information into and ...
J Geanakoplos, M Magill, M Quinzii… - Journal of Mathematical …, 1990 - Elsevier
Abstract If the asset market is incomplete, and if there are two or more consumption goods in
each state of nature, then for fixed consumer preferences (of at least two agents), and fixed
(non-trivial) technologies for the firm (s), and for a generic assignment of initial ...
P Dubey, J Geanakoplos… - Research paper, 1990 - dido.econ.yale.edu
Abstract: We extend the standard model of general equilibrium with incomplete markets
(GEI) to allow for default. Default can be either strategic, or due to ill-fortune. Agents who
default are penalized to a degree proportional to the size of their default and to penalty ...
JK Sebenius… - Journal of the American Statistical …, 1983 - JSTOR
If two people have different probability assessments about the realization of an uncertain
event, they can design a contingent agreement such as a bet or gamble that offers each of
them positive expected value. Yet, in the process of formulating this kind of agreement, ...
[CITATION] Collateral and the enforcement of intertemporal contracts
J Geanakoplos… - Unpublished manuscript, 2002
DJ Geanakoplos - 1973 - getcited.org
An academic directory and search engine.
DJ Geanakoplos - 1966 - getcited.org
An academic directory and search engine.
[CITATION] General equilibrium
LW McKenzie, FM Fisher, J Geanakoplos, FH Hahn… - 1989 - Macmillan
J Geanakoplos - The New Palgrave Dictionary of Economics, 1987 - cowles.econ.yale.edu
It is not easy to separate the significance and influence of the Arrow-Debreu model of
general equilibrium from that of mathematical economics itself. In an extraordinary series of
papers (Arrow, 1951; Debreu, 1951; Arrow-Debreu, 1954), two of trie oldest and most ...
P Dubey… - The Quarterly Journal of …, 2002 - qje.oxfordjournals.org
Abstract We build a model of competitive pooling, which incorporates adverse selection and
signaling into general equilibrium. Pools are characterized by their quantity limits on
contributions. Households signal their reliability by choosing which pool to join. In ...
P Dubey… - … analysis of markets: Essays in honor …, 1992 - books.google.com
Frank Hahn (1965), among others, has argued that it is difficult to prove, or even to justify, a
positive price for fiat (ie, paper) money in economic equilibrium. The problem is particularly
serious when there are only a finite number of time periods. In the last period nobody will ...
P Dubey… - Economic Theory, 2003 - Springer
Summary. We build a one-period general equilibrium model with money. Equilibrium exists,
and fiat money has positive value, as long as the ratio of outside money to inside money is
less than the gains to trade available at autarky. We show that the nominal effects of ...
JD Geanakoplos… - The Review of Economic Studies, 1986 - JSTOR
Page 1. Review of Economic Studies (1986), LIII, 755-779 0034-6527/86/00470755$02.00 ?
1986 The Society for Economic Analysis Limited Wairasian Indeterminacy and Keynesian
Macroeconomics JD GEANAKOPLOS Cowles Foundation, Yale University and ...
LT Nielsen, A Brandenburger, J Geanakoplos… - Econometrica, 1990 - JSTOR
WHEN INDIVIDUALS MAKE ECONOMIC DECISIONS based on diverse sources of
information, market aggregates-such as prices-will to a greater or lesser extent reflect the
pieces of information received. By observing a market aggregate, each person may learn ...
JD Farmer… - Complexity, 2009 - Wiley Online Library
Abstract The use of equilibrium models in economics springs from the desire for
parsimonious models of economic phenomena that take human reasoning into account.
This approach has been the cornerstone of modern economic theory. We explain why this ...
J Geanakoplos - 2010 - papers.ssrn.com
Abstract: The present crisis is the bottom of a recurring problem that I call the leverage cycle,
in which leverage gradually rises too high then suddenly falls much too low. The
government must manage the leverage cycle in normal times by monitoring and ...
J Geanakoplos - Economic Theory, 2005 - Springer
Summary. Arrow's original proof of his impossibility theorem proceeded in two steps:
showing the existence of a decisive voter, and then showing that a decisive voter is a
dictator. Barbera replaced the decisive voter with the weaker notion of a pivotal voter, ...
P Dubey, J Geanakoplos, M Shubik… - 2000 - 128.36.236.35
Abstract We extend the standard model of general equilibrium with incomplete markets (GEI)
to allow for default. The equilibrating variables include aggregate default levels, as well as
prices of assets and commodities. Default can be either strategic, or due to ill0fortune. It ...
E Dekel… - Games and Economic Behavior, 1992 - cowles.econ.yale.edu
It is customary in game theory to model a situation of differently informed players in terms of
partitions of a state space. In this paper we study the correlated equilibria (Aumann, 1974,
1987) of games in which players make information processing errors. To do this we ...
DJ Geanakoplos - 1984 - getcited.org
An academic directory and search engine.
J Geanakoplos… - The GENEVA Papers on Risk and Insurance- …, 1990 - Springer
We recast the capital asset pricing model (CAPM) in the broader context of general
equilibrium with incomplete markets (GEI). In this setting we give proofs of three properties of
CAPM equilibria: they are efficient, asset prices lie on a “security market line”, and all ...
S Thurner, J Farmer… - 2011 - papers.ssrn.com
Abstract: We build a simple model of leveraged asset purchases with margin calls.
Investment funds use what is perhaps the most basic financial strategy, called" value
investing," ie, systematically attempting to buy underpriced assets. When funds do not ...
J Geanakoplos - Economic Theory, 2003 - Springer
Summary. The existence of Nash and Walras equilibrium is proved via Brouwer's Fixed
Point Theorem, without recourse to Kakutani's Fixed Point Theorem for correspondences.
The domain of the Walras fixed point map is confined to the price simplex, even when ...
[CITATION] Default, collateral and derivatives
P Dubey, J Geanakoplos… - Yale University, 1995
JD Geanakoplos… - Journal of Mathematical Economics, 1990 - Elsevier
DJ Geanakoplos - 1976 - getcited.org
An academic directory and search engine.
P Dubey… - Journal of Mathematical Economics, 2003 - Elsevier
We add inside and outside money to the standard GEI model. If there enough gains to trade
via money, then monetary equilibrium (ME) exists and money has positive value, even when
GEI fails to exist. The nonexistence of GEI shows up as a liquidity trap in terms of the ME. ...
J Geanakoplos… - Cowles Foundation Discussion …, 1988 - ideas.repec.org
Our purpose in this paper is to investigate the economics of managerial organizations by
focusing on the decision problem of management. Ours is a" team theory" analysis, that is, it
ignores the problem of conflicting objectives among managers and focuses instead on the ...
DJ Geanakoplos - 1989 - books.google.com
The University of Wisconsin Press 114 North Murray Street Madison, Wisconsin 53715 The University
of Wisconsin Press, Ltd. 1 Gower Street London WC1E 6HA, England Copyright c 1989 The
Board of Regents of the University of Wisconsin System All rights reserved 5 4 3 2 1 ...
P Dubey… - Cowles Foundation Discussion Paper …, 2005 - papers.ssrn.com
Abstract: We introduce grading into games of status. Each player chooses effort, producing a
stochastic output or score. Utilities depend on the ranking of all the scores. By clustering
scores into grades, the ranking is coarsened, and the incentives to work are changed.
[CITATION] Collateral, default, and market crashes
J Geanakoplos… - 2000 - Working paper Yale University
A Bisin, J Geanakoplos, P Gottardi, E Minelli… - Journal of Mathematical …, 2001 - unibs.it
Abstract Economies with asymmetric information are encompassed by an extension of the
model of general competitive equilibrium that does not require an explicit modeling of
private information. Sellers have discretion over deliveries on contracts; this is in common ...
P Dubey… - Journal of Mathematical Economics, 2003 - Elsevier
We derive the existence of a Walras equilibrium (WE) directly from Nash's theorem on
noncooperative games. No price player is involved, nor are generalized games. Instead we
use a variant of the Shapley–Shubik trading-post game.
JD Geanakoplos… - Journal of Economic Theory, 1984 - Elsevier
J Geanakoplos… - Unpublished, 2007 - emlab.berkeley.edu
Abstract Much of the lending in modern economies, including residential and commercial
mortgages and corporate bonds, is secured by some form of collateral. This paper builds an
extension of general equilibrium theory that incorporates durable goods, collateralized ...
J Geanakoplos, I Karatzas, M Shubik… - Journal of Mathematical …, 2000 - Elsevier
We construct stationary Markov equilibria for an economy with fiat money, one nondurable
commodity, countably many time periods, and a continuum of agents. The total production of
commodity remains constant, but individual agents' endowments fluctuate in a random ...
J Geanakoplos… - Journal of Development Economics, 1983 - Elsevier
Abstract It has recently been shown [Chichilnisky, Journal of Development Economics
(1980)] that in a three-agent two-good economy, the transfer paradox may occur at a
Walrasian stable equilibrium. Our paper gives a geometric demonstration of the result, ...
P Dubey… - Cowles Foundation Discussion Papers, 2004 - ideas.repec.org
We show that if students care primarily about their status (relative rank) in class, they are
best motivated to work not by revealing their exact numerical exam scores (100, 99,..., 1), but
instead by clumping them in broad categories (A, B, C). If their abilities are disparate, the ...
J Geanakoplos… - 2009 - nber.org
One measure of the health of the Social Security system is the difference between the
market value of the trust fund and the present value of benefits accrued to date. How should
present values be computed for this calculation in light of future uncertainties? We think it ...
J Geanakoplos - 2008 - papers.ssrn.com
Abstract: The OLG model of Allais and Samuelson retains the methodological assumptions
of agent optimization and market clearing from the Arrow-Debreu model, yet its equilibrium
set has different properties: Pareto inefficiency, indeterminacy, positive valuation of money ...
DJ Geanakoplos - 1979 - getcited.org
An academic directory and search engine.
J Geanakoplos - 2001 - papers.ssrn.com
Abstract: The possibility of default limits available liquidity. If the potential default draws
nearer, a liquidity crisis may ensue, causing a crash in asset prices, even if the probability of
default barely changes, and even if no defaults subsequently materialize.
P Dubey, J Geanakoplos… - 1989 - cowles.econ.yale.edu
ABSTRACT We enlarge the standard model of general equilibrium with incomplete markets
(GEI), to incorporate liquidity constraints as well as the possibil-ity of bankruptcy and default.
A new equilibrium results, which we abbrev-iate GELBI (general equilibrium with liquidity, ...
[CITATION] Default, collateral and derivatives
J Geanakoplos, W Zame… - Unpublished manuscript, 1995
P Dubey… - Economic Theory, 2006 - Springer
Summary. We build a finite horizon model with inside and outside money, in which interest
rates, price levels and commodity allocations are determinate, even though asset markets
are incomplete and asset deliveries are purely nominal.
J Geanakoplos, T Ito… - 1982 - dido.wss.yale.edu
Abstract We show that a firm can increase expected profits by undertaking the additional
expense of paying unemployment compensation to the workers its lays off, it they are risk
averse. When this argument is applied to the implicit contract models it makes the ...
DJ Geanakoplos - Dumbarton Oaks Papers, 1953 - JSTOR
For counsel and encouragement in the preparation of this article-part of a larger work
entitled" The Emperor Michael VIII Palaeologos and the Latins: A Study in Greco-Latin
Relations (1258-1282)"-I am grateful to Professors RL Wolff, F. Dvornik, and M. Anastos. ...
H Imai, J Geanakoplos… - Economics Letters, 1981 - Elsevier
Abstract Suppose that a subset of states of nature are not verifiable individually. Given an
optimal feasible insurance scheme, the expected utility across a group of unverifiable states
is greater (less) than that of a verifiable state, if the degree of absolute risk aversion is ...
[CITATION] Greek scholars in Venice: studies in the dissemination of Greek learning from Byzantium to Western Europe
DJ Geanakoplos - 1962 - Not Avail
RW Dimand… - American Journal of Economics …, 2005 - Wiley Online Library
Irving Fisher made seminal contributions across an astonishing spectrum of economic
science: monetary policy rules, the neoclassical theory of capital and interest, expected
inflation as the difference between real and nominal interest, the Fisher “ideal” index ...
A Fostel… - Economic Theory, 2008 - Springer
Abstract We show that very little is needed to create liquidity under-supply in equilibrium.
Credit constraints on demand by themselves can cause an under-supply of liquidity, without
the uncertainty, intermediation, asymmetric information or complicated international ...
[CITATION] When seeing further is not seeing better
J Geanakoplos… - Bulletin of the Santa Fe Institute, 1991
J Geanakoplos… - Journal of Mathematical Economics, 2008 - Elsevier
We show that in almost every economy with separable externalities, every competitive
equilibrium can be Pareto improved by a package of anonymous commodity taxes that
causes prices to adjust and markets to reclear at different levels of individual consumption. ...
J Geanakoplos… - Papers, 1988 - ideas.repec.org
No abstract is available for this item. ... To our knowledge, this item is not available for
download. To find whether it is available, there are three options: 1. Check below under "Related
research" whether another version of this item is available online. 2. Check on the ...
[CITATION] Understanding overlapping generations economies as lack of market clearing at infinity
J Geanakoplos… - preprint, Department of Economics, Yale University, 1982
J Geanakoplos - Journal of Mathematical Economics, 1984 - Elsevier
Abstract Given an arbitrary function x: Image l→ Image l satisfying Walras law and
homogeneity, Debreu decomposed x into the sum of l 'individually rational'functions x (p)= Σ
lk= 1 [uvbar| x] k (p). Here we find explicit utility functions uk, constructed on the basis of a ...
I Karatzas, M Shubik, WD Sudderth… - Economic Theory, 2006 - Springer
Summary. We argue that real uncertainty itself causes long-run nominal inflation. Consider
an infinite horizon cash-in-advance economy with a representative agent and real
uncertainty, modeled by independent, identically distributed endowments. Suppose the ...
[CITATION] Bankruptcy and efficiency in a general equilibrium model with incomplete markets
P Dubey, J Geanakoplos, M Shubik… - 1988 - Yale University
S Aura, P Diamond… - The American Economic Review, 2002 - JSTOR
Kenneth J. Arrow (1971) analyzed portfolio choice in a one-period model with one safe and
one risky asset. He showed that, with decreasing absolute risk aversion (DARA), the
demand for the risky asset is increasing in wealth. He also showed that, with increasing ...
[CITATION] Martine Quinzii, 2004, Demography and the Long Run Behavior of the Stock Market
J Geanakoplos… - Brookings Papers on Economic Activities
J Geanakoplos… - 2008 - nber.org
The heated debate about how to reform Social Security has come to a standstill because the
view of most Democrats (that Social Security must be a defined benefits plan similar in spirit
to the current system) seems irreconcilable with the proposals supported by many ...
V Chaudhri… - Economics Letters, 1998 - 128.36.236.35
Drugs, guns and crime all rank high on the public agenda of social concerns. About 60
percent of all homicides and suicides are committed with guns, as are a third of all robberies,
and a fifth of aggrevated assaults. In all, guns are used in about 800 000 violent crimes ...
JI Bulow, J Geanakoplos… - Cowles Foundation …, 1983 - economics.ouls.ox.ac.uk
Actions a firm takes in one market may affect its profitability in other markets, beyond any
joint economies or diseconomies in production. The reason is that an action in one market,
by changing marginal costs in a second market, may change competitors' strategies in that ...
PA Diamond… - 2002 - papers.ssrn.com
Abstract: This paper explores the general equilibrium impact of social security portfolio
diversification into private securities, either through the trust fund or private accounts. The
analysis depends critically on heterogeneities in saving, production, assets, and taxes. ...
DJ Geanakoplos - Greek, Roman, and Byzantine …, 1966 - openpublishing.library.duke.edu
... Church Building and 'Caesaropapism', AD 312-565. Deno John Geanakoplos. Abstract. [site
under construction]. Creative Commons License This work is licensed under a Creative
Commons Attribution 3.0 License. GRBS home | Duke University Libraries.
J Geanakoplos… - New York Times, 2008 - law.yale.edu
THE current American economic crisis, which began with a housing collapse that had
devastating consequences for our financial system, now threatens the global economy. But
while we are rushing around trying to pick up all the other falling dominos, the housing ...
J Geanakoplos - 1978 - DTIC Document
Abstract: An elementary proof of the equivalence of the Bargaining Set and the Core is given
for nonstandard infinite economic games based on a new definition of the Bargaining Set
that retains the spirit of the original definition and which is appropriate to the large ...
CF Chou… - Yale University, Journal of Economic …, 1988 - dido.wss.yale.edu
History has seen many examples of the lone man—like Christ, Luther, Gandhi, or Hitler—
who without initial wealth or position, succeeds in changing the behavior of an entire society,
for good or for ill. Whence comes this power? No doubt such leaders have possessed ...
J Geanakoplos… - unpublished. Earlier versions, 1997 - pubmail.dklevine.com
Abstract Much of the lending in modern economies is secured by some form of collateral:
residential and commercial mortgages, corporate bonds, mortgage-backed securities, and
collateralized debt obligations are familiar examples. This paper builds an extension of ...
[CITATION] The best way to help homeowners–and the economy
J Geanakoplos… - 2008
P Dubey, J Geanakoplos… - Cowles Foundation Discussion …, 1982 - iiasa.ac.at
Consider an economy in which agents have different levels of information concerning
exogenous random events. How does the pooled information of the agents get revealed in
the process of exchange? In particular what is the role played in this by the price system? ...
[CITATION] Social Security's Money's Worth
J Geanakoplos, OS Mitchell,
SP Zeldes… - 1998 - National Bureau of Economic …
J Geanakoplos… - COWLES …, 1996 - 128.36.236.35
Abstract We present a (hopefully) fresh interpretation of the Hangman* s Paradox and
Newcomb* s Paradox by casting the puzzles in the language of modern game theory,
instead of in the realm of epistemology. Game theory moves the analysis away from the ...
JD Geanakoplos… - New York Times, 2009 - loanvaluegroup.com
Page 1. March 5, 2009 OP-ED CONTRIBUTORS Matters of Principal By JOHN D. GEANAKOPLOS
and SUSAN P. KONIAK TO stanch the hemorrhage of foreclosures, we don't need another bailout.
What we need is a fix — and the wisdom to see what is in our own self-interest. ...
P Dubey… - Games and Economic Behavior, 2010 - Elsevier
We introduce grading into games of status. Each player chooses effort, producing a
stochastic output or score. Utilities depend on the ranking of all the scores. By clustering
scores into grades, the ranking is coarsened, and the incentives to work are changed. We ...
J Geanakoplos… - 2010 - nccr-finrisk.uzh.ch
Abstract Much of the lending in modern economies is secured by some form of collateral:
residential and commercial mortgages and corporate bonds are familiar examples. This
paper builds an extension of general equilibrium theory that incorporates durable goods, ...
JD Farmer… - 2009 - papers.ssrn.com
Abstract: Conventional economics supposes that agents value the present vs. the future
using an exponential discounting function. In contrast, experiments with animals and
humans suggest that agents are better described as hyperbolic discounters, whose ...
[CITATION] Default, Collateral, and Crashes
J Geanakoplos… - 1998 - Yale University, mimeo
A Fostel… - Journal of Economic Theory, 2011 - Elsevier
Abstract A recent literature shows how an increase in volatility reduces leverage. However,
in order to explain pro-cyclical leverage it assumes that bad news increases volatility, that is,
it assumes an inverse relationship between first and second moments of asset returns. ...
[CITATION] Italian Humanism and the Byzantine Émigré Scholars
DJ Geanakoplos - Renaissance Humanism. Foundations, Forms, and …, 1988
J Geanakoplos… - Heller, W., Starr, 2001 - warwick.ac.uk
In 1951, Kenneth Arrow and Gerard Debreu independently established what is still today
probably the central argument of economic theory: They proved that any competitive
equilibrium of an" Arrow-Debreu" economy is Pareto optimal. In 1954, they jointly ...
P Dubey… - 2001 - papers.ssrn.com
Abstract: We build a model of competitive pooling and show how insurance contracts
emerge in equilibrium, designed by the invisible hand of perfect competition. When pools
are exclusive, we obtain a unique separating equilibrium. When pools are not exclusive ...
P Dubey, J Geanakoplos… - Economic Theory, 2003 - Springer
Summary. Gold and tobacco have both been used as commodity money. One difference
between the two is that gold yields utility, on account of its beauty, without diminishing its
quantity. Tobacco yields utility when it is consumed. If this were the only difference,
P Dubey… - 2001 - papers.ssrn.com
Abstract: In our previous paper we built a general equilibrium model of default and
punishment in which equilibrium always exists and endogenously determines asset
promises, penalties, and sales constraints. In this paper we interpret the endogenous ...
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