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Monotone comparative statics

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P Milgrom… - Econometrica: Journal of the Econometric Society, 1994 - JSTOR
We derive a necessary and sufficient condition for the solution set of an optimization
problem to be monotonic in the parameters of the problem. In addition, we develop practical
methods for checking the condition and demonstrate its applications to the classical ...
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Strict monotonicity in comparative statics

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AS Edlin… - Journal of Economic Theory, 1998 - Elsevier
Economists commonly seek to show that one variable increases in response to changes in
another variable. This paper provides sufficient conditions to draw such strict monotone
comparative statics conclusions in optimization problems with and without binding ...
Cited by 164 - Related articles - Library Search - BL Direct - All 25 versions

Uncertainty and risk in financial markets

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L Rigotti… - Econometrica, 2005 - Wiley Online Library
This paper considers a general equilibrium model in which the distinction between
uncertainty and risk is formalized by assuming agents have incomplete preferences over
state-contingent consumption bundles, as in Bewley (1986). Without completeness, ...
Cited by 98 - Related articles - All 28 versions

The dynamic evolution of preferences

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A Heifetz, C Shannon… - Economic Theory, 2007 - Springer
Abstract This paper develops a general methodology for characterizing the dynamic
evolution of preferences in a wide class of strategic interactions. We give simple conditions
characterizing the limiting distribution of preferences in general games, and apply our ...
Cited by 66 - Related articles - BL Direct - All 18 versions

What to maximize if you must

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A Heifetz, C Shannon… - Journal of Economic Theory, 2007 - Elsevier
The assumption that decision makers choose actions to maximize their preferences is a
central tenet in economics, often justified formally or informally by appealing to evolutionary
arguments. In contrast, we show that in almost every game and for almost every family of ...
Cited by 63 - Related articles - Library Search - BL Direct - All 41 versions

Weak and strong monotone comparative statics

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C Shannon - Economic Theory, 1995 - Springer
Summary This paper develops necessary and sufficient conditions for the set of solutions to
an optimization problem to be nondecreasing in a weak sense still strong enough to
guarantee the existence of an increasing selection, and thus strong enough to guarantee ...
Cited by 48 - Related articles - All 6 versions

Subjective Beliefs and ex ante Trade

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L Rigotti, C Shannon… - Econometrica, 2008 - Wiley Online Library
We study a definition of subjective beliefs applicable to preferences that allow for the
perception of ambiguity, and provide a characterization of such beliefs in terms of market
behavior. Using this definition, we derive necessary and sufficient conditions for the ...
Cited by 33 - Related articles - All 30 versions

Strict Single Crossing and the Spence-Mirrlees Condition: A Comment on Monotone Comparative Statics

AS Edlin… - Econometrica, 1998 - works.bepress.com
Abstract Milgrom and Shannon [1994] assert that under appropriate conditions the Spence-
Mirrlees condition is equivalent to their single crossing property, and that the strict versions
are also equivalent. In this note, however, we give counterexamples which show that their ...
Cited by 30 - Related articles - Get it from MIT Libraries - BL Direct - All 9 versions

Quadratic concavity and determinacy of equilibrium

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C Shannon… - Econometrica, 2002 - Wiley Online Library
2. Abstract One of the central features of classical models of competitive markets is the
generic determinacy of competitive equilibria. For smooth economies with a finite number of
commodities and a finite number of consumers, almost all initial endowments admit only a ...
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Uniqueness, stability, and comparative statics in rationalizable Walrasian markets

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DJ Brown… - Econometrica, 2000 - Wiley Online Library
THE MAJOR THEORETICAL QUESTIONS concerning competitive equilibria in the classical
ArrowDebreu modelexistence, uniqueness, comparative statics, and stability of price
adjustment processeshave been largely resolved over the last forty years. With the ...
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Determinacy of competitive equilibria in economies with many commodities

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C Shannon - Economic Theory, 1999 - Springer
Abstract. This paper provides a framework for establishing the determinacy of equilibria in
general equilibrium models with infinitely many commodities and a finite number of
consumers and producers. This paper defines a notion of regular economy for such ...
Cited by 25 - Related articles - Library Search - BL Direct - All 17 versions

[PDF] Sharing risk and ambiguity

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L Rigotti… - preprint, 2008 - coll.mpg.de
We study the market implications of ambiguity in common models. We show that generic determinacy
is a robust feature in general equilibrium models that allow a distinction between ambiguity and
risk. ... JEL Codes: D0, D5, D8, G1 Keywords: ambiguity, general equilibrium theory, ...
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[CITATION] An ordinal theory of games with strategic complementarities

C Shannon - Work, 1990
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Increasing Returns in infinite-horizon economies

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C Shannon - The Review of Economic Studies, 1997 - restud.oxfordjournals.org
Abstract This paper shows that in a general equilibrium model with an infinite horizon in
which production may exhibit increasing returns to scale or non-convexities, marginal cost
pricing equilibria exist and are essential, that is, stable with respect to small perturbations ...
Cited by 7 - Related articles - Library Search - All 7 versions

[PDF] Determinancy in Infinite Horizon Exchange Economies

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C Shannon - 1994 - escholarship.org
Abstract Infinite horizon economies and other models which naturally require an infinite
number of commodities, such as product differentiation models and financial markets
models with an infinite number of states, have become increasingly important for studying ...
Cited by 5 - Related articles - All 7 versions

[CITATION] Maxmin Expected Utility and Equilibria

L Rigotti… - 2003 - Discussion
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Knightian uncertainty and moral hazard

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G Lopomo, L Rigotti… - Journal of Economic Theory, 2011 - Elsevier
Abstract This paper presents a principal-agent model in which the agent has imprecise
beliefs. We model this situation formally by assuming the agent modifier letter apostrophe s
preferences are incomplete as in [2]. In this setting, incentives must be robust to Knightian ...
Cited by 2 - Related articles - Get it from MIT Libraries - All 17 versions

Uniqueness, Stability, and Comparative Statics in Rationalizable Walrasian Markets

DJ Brown… - Economics Working Papers, 1997 - ideas.repec.org
This paper studies the extent to which qualitative features of Walrasian equilibria are
refutable given a finite data set. In particular, we consider the hypothesis that the observed
data are Walrasian equilibria in which each price vector is locally stable under ...
Cited by 1 - Related articles - Cached - All 3 versions

[PDF] Increasing Returns in Infinite Horizon Economies

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C Shannon - 1994 - escholarship.org
Abstract This paper shows that in a general equilibrium model with an infinite horizon in
which production may exhibit increasing returns to scale or nonconvexities which are
internal to flie frm, marginal cost pricing equilibria exist and are essential, that is, stable ...
Cited by 1 - Related articles - All 6 versions

[CITATION] BLUE HORIZONS: Emerging Technologies for the USAF Syllabus

LCJ Ackerman, LCP Moscarelli, LCR Hughes… - Maxwell AFB, AL: Air …, 2006
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What to maximize if you must PDF Logo

[PDF] from econstor.eu
A Heifetz, C Shannon… - econstor.eu
Zusammenfassung: The assumption that decision makers choose actions to maximize their
preferences is a central tenet in economics. This assumption is often justied either formally
or informally by appealing to evolutionary arguments. In contrast, we show that in almost ...
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[PDF] Recent Advances in Understanding Competitive Markets

[PDF] from berkeley.edu
C Shannon - 2002 - elsa.berkeley.edu
The Arrow-Debreu model of competitive markets has proven to be a remarkably rich and
flexible foundation for studying an array of important economic problems, ranging from
social security reform to the determinants of long-run growth. Central to the study of such ...
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[PDF] I Peer Reviewed

[PDF] from escholarship.org
S Edlin Aaron, S Chris - escholarship.org
A great deal of recent research has focused on monotone methods for comparative stat-ics
(see eg, Topkis (1978), Milgrom and Shannon (1994), Milgrom (1994) and Shannon (1995)).
This literature has provided two main services. First, it clarifies what lies at the root of ...
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[PDF] Verifiability and Group Formation in Markets

[PDF] from ucla.edu
S Scotchmer… - Levine's Working Paper Archive, 2010 - levine.sscnet.ucla.edu
Abstract We consider group formation with asymmetric information. Agents have unverifiable
characteristics as well as the verifiable qualifications required for memberships in groups.
The characteristics can be chosen, such as strategies in games, or can be learned, such ...
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[PDF] Uniqueness, Stability, and Comparative Statistics in Rationalizable Walrasian Markets

[PDF] from escholarship.org
DJ Brown… - 1997 - escholarship.org
Abstract This paper studies the extent to which qualitative features of Walrasian equilibria
me refutable given a finite data set. In particular, we consider the hypothesis that the
observed data are Walrasian equilibria in which each price vector is locally stable under ...
Related articles - All 5 versions

[CITATION] Royal Air Force Combat Aircraft & Air Launched Weapons, 2005

C Shannon - 2005 - Centurion Publishing

[PDF] I Peer Reviewed

[PDF] from escholarship.org
S Chris… - 2002 - escholarship.org
Abstract The assumption that decision makers choose actions to maximize their preferences
is a central tenet in economics. This assumption is often justified either fonnally or informally
by appealing to evolutionary arguments. In contrast, this paper shows that in ahnost every ...
Related articles

[CITATION] Strict Single Crossing and the Strict Spence-Mirrlees Condition: A Comment on Monotone

Full text - MIT Libraries
C Shannon… - Econométrica, 1998 - dialnet.unirioja.es
... Strict Single Crossing and the Strict Spence-Mirrlees Condition: A Comment on Monotone. Autores:
Chris Shannon, Aaron S. Edlin; Localización: Econométrica, ISSN 0012-9682, Vol. 66, Nº 6, 1998 ,
págs. 1417-1425. Fundación Dialnet. Acceso de usuarios registrados. ...
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Martin J. Osborne, Department of Economics, University of Toronto, martin. osborne@ utoronto. ca

JC Ely, EJ Green, BL Lipman, D Ray, S Athey… - Wiley Online Library
Skip to Main Content. ...

Uniqueness, Stability, and Comparative Statics in Rationalizable Walrasian Markets

[PDF] from 129.3.20.41
DJ Brown… - Computational Aspects of General Equilibrium …, 2008 - Springer
This paper studies the extent to which qualitative features of Walrasian equilibria are
refutable given a finite data set. In particular, we consider the hypothesis that the observed
data are Walrasian equilibria in which each price vector is locally stable under ...
Related articles - BL Direct - All 9 versions

Quadratic Concavity and Determinacy of Equilibrium

S Chris, RZ William - ukpmc.ac.uk
One of the central features of classical models of competitive marketsis the generic
determinacy of competitive equilibria. For smootheconomies with a flnite number of
commodities and a flnite number ofconsumers, almost all initial endowments admit only a ...
Cached

Estimation of Cournot Games in the Presence of Indivisibilities and Heterogeneous Firms

D Peter, TTSB My, B Moshe, C Jeff, C Judith… - ukpmc.ac.uk
This paper presents a general theoretical framework that allows estimation of
equilibriummodels of quantity competition when the unit of output is indivisible.
Examplesinclude a retailer deciding how many stores to build, franchises to license, ...
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[CITATION] What to Maximize if You Must

C Shannon - Theory workshop papers, 2003 - ideas.repec.org
If you experience problems downloading a file, check if you have the proper application to
view it first. Information about this may be contained in the File-Format links below. In case of
further problems read the IDEAS help page. Note that these files are not on the IDEAS site ...
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Social Preferences: Some Simple Tests and a New Model First

G Charness, J Br, A Cabrales, C Camerer… - 2000 - Citeseer
Abstract Departures from pure self interest in economic experiments have recently inspired
models of" social preferences". We conduct experiments on simple two-person and three-
person games with binary choices that test these theories more directly than the array of ...
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