Download or read book Bilateral Trade with Loss Averse Agents written by Jean-Michel Benkert and published by . This book was released on 2016 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the bilateral trade problem put forward by Myerson and Satterthwaite (1983) under the assumption that agents are loss-averse, using the model developed by Kőszegi and Rabin (2006, 2007). We show that the endowment effect increases the sellers information rent, and that the attachment effect reduces the buyer's information rent. Further, depending on the distribution of types, loss-aversion can reduce the severity of the impossibility problem. However, the result cannot be reversed. Turning to the design of optimal mechanisms, we show that in both revenue and welfare maximizing mechanisms the designer optimally provides the agents with full insurance in the money dimension and with partial insurance in the trade dimension. In fact, when the stakes are large, loss-aversion can eliminate trade altogether. We show that all results display robustness to the exact specification of the reference point and provide some results on general mechanism design problems.
Download or read book Differential Information Economies written by Dionysius Glycopantis and published by Springer Science & Business Media. This book was released on 2005-12-28 with total page 656 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of the main problems in current economic theory is to write contracts which are Pareto optimal, incentive compatible, and also implementable as a perfect Bayesian equilibrium of a dynamic, noncooperative game. The question arises whether it is possible to provide Walrasian type or cooperative equilibrium concepts which have these properties. This volume contains original contributions on noncooperative and cooperative equilibrium notions in economies with differential information and provides answers to the above questions. Moreover, issues of stability, learning and continuity of alternative equilibria are also examined.
Download or read book Highlights of Practical Applications of Agents Multi Agent Systems and Sustainability The PAAMS Collection written by Javier Bajo and published by Springer. This book was released on 2015-05-12 with total page 427 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book constitutes the refereed proceedings of the workshops which complemented the 13th International Conference on Practical Applications of Agents and Multi-Agent Systems, PAAMS 2015, held in Salamanca, Spain, in June 2015. The 36 revised full papers presented were carefully reviewed and selected from 91 submissions. This volume presents the papers that have been accepted for the following workshops: Workshop on Agents and multi-agent Systems for AAL and e-HEALTH, Workshop on Agent-Based Solutions for Manufacturing and Supply Chain, Workshop on MAS for Complex Networks and Social Computation, Workshop on Intelligent Systems for Context-based Information Fusion, Workshop on Multi-agent based Applications for Smart Grids and Sustainable Energy Systems, Workshop on Multiagent System based Learning Environments, Workshop in Intelligent Human-Agent Societies.
Download or read book Market Liquidity written by Thierry Foucault and published by Oxford University Press. This book was released on 2023 with total page 531 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The process by which securities are traded is very different from the idealized picture of a frictionless and self-equilibrating market offered by the typical finance textbook. This book offers a more accurate and authoritative take on this process. The book starts from the assumption that not everyone is present at all times simultaneously on the market, and that participants have quite diverse information about the security's fundamentals. As a result, the order flow is a complex mix of information and noise, and a consensus price only emerges gradually over time as the trading process evolves and the participants interpret the actions of other traders. Thus, a security's actual transaction price may deviate from its fundamental value, as it would be assessed by a fully informed set of investors. The book takes these deviations seriously, and explains why and how they emerge in the trading process and are eventually eliminated. The authors draw on a vast body of theoretical insights and empirical findings on security price formation that have come to form a well-defined field within financial economics known as "market microstructure." Focusing on liquidity and price discovery, the book analyzes the tension between the two, pointing out that when price-relevant information reaches the market through trading pressure rather than through a public announcement, liquidity may suffer. It also confronts many striking phenomena in securities markets and uses the analytical tools and empirical methods of market microstructure to understand them. These include issues such as why liquidity changes over time and differs across securities, why large trades move prices up or down, and why these price changes are subsequently reversed, and why we observe temporary deviations from asset fair values"--
Download or read book Highlights of Practical Applications of Heterogeneous Multi Agent Systems The PAAMS Collection written by Juan M. Corchado and published by Springer. This book was released on 2014-05-14 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book constitutes the refereed proceedings of the workshops which complemented the 12th International Conference on Practical Applications of Agents and Multi-Agent Systems, PAAMS 2014, held in Salamanca, Spain, in June 2014. This volume presents the papers that have been accepted for the following workshops: Workshop on Agent-based Approaches for the Transportation Modeling and Optimization (AATMO 2014); Workshop on Agent-based Modeling and Simulation of Complex Systems: Engineering and Applications (ABSEA 2014); Workshop on Agents and Multi-Agent Systems for Ambient-assisted Living and e-Health (A-HEALTH 2014); Workshop on Agent-based Solutions for Manufacturing and Supply Chain (AMSC 2014); Workshop on Intelligent Systems for Context-based Information Fusion (ISCIF 2014); Workshop on Multi-Agent based Applications for Smart Grids and Sustainable Energy Systems (MASGES 2014); Workshop on Active Security Through Multi-Agent Systems (WASMAS 2014); Workshop on Intelligent Human-Agent Societies (WIHAS 2014).
Download or read book Applied International Trade Analysis written by Harry Bowen and published by University of Michigan Press. This book was released on 1998 with total page 684 pages. Available in PDF, EPUB and Kindle. Book excerpt: An international trade text that integrates theoretical and applied methods
Download or read book Integration Trade written by and published by . This book was released on 2001 with total page 638 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Theories of Imperfectly Competitive Markets written by Luis C. Corchon and published by Springer Science & Business Media. This book was released on 2013-04-17 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ambition of the theory of imperfectly competitive markets is to explain the working of markets in which the issue of strategic interaction among firms is central. Our analysis of this problem will be based on equilibrium concepts borrowed from Game Theory. This research program arises several questions on its feasibility like the empirical relevance of the results, the substantial theoretical insights obtained in this way, etc. Unfortunately, most of these questions can not be answered in the short run. This book is written in the hope that this research strategy is meaningful, but about its final success no body can tell. Another important question is if simpler models could deliver the essential insights offered by the theory of imperfectly competitive mar kets. This Introduction will be devoted to argue that, currently, there is no alternative to the approach presented in this book. Consider the following fact: A square inch of soil in the Explanada of Ali cante (located in front of the sea, right in the middle of downtown) cost several times more than a square inch of soil in San Vicente del Raspeig (located sev eral miles toward the interior of the peninsula). l How can we explain such a thing? First notice that because of the large quantity of possible traders involved in this market, we can safely assume that any agent has to accept the market price, i. e. is a price-taker.
Download or read book The Theory of the Firm written by Daniel F. Spulber and published by Cambridge University Press. This book was released on 2009-04-13 with total page 542 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Theory of the Firm presents an innovative general analysis of the economics of the firm.
Download or read book IMF Staff papers Volume 46 No 3 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1999-01-01 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines determinants and leading indicators of banking crises. The paper examines episodes of banking system distress and crisis in a large sample of countries to identify which macroeconomic and financial variables can be useful leading indicators. The best warning signs of the recent Asian crises were proxies for the vulnerability of the banking and corporate sector. Full-blown banking crises are shown to be associated more with external developments, and domestic variables are the main leading indicators of severe but contained banking distress.
Download or read book Agent Based Approaches in Economic and Social Complex Systems IV written by T. Terano and published by Springer Science & Business Media. This book was released on 2007-12-27 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: The chapters of this book are the selected papers from those presented at the Third International Workshop on Agent-Based Approaches in Economic and Social Complex Systems held in Tokyo, Japan in 2005. Articles cover methodological issues, computational model/software, combination with gaming simulation, and real-world applications to economic, management/organizational and social issues.
Download or read book The Evidence and Impact of Financial Globalization written by Gerard Caprio and published by Academic Press. This book was released on 2012-11-27 with total page 807 pages. Available in PDF, EPUB and Kindle. Book excerpt: The sharp realities of financial globalization become clear during crises, when winners and losers emerge. Crises usher in short- and long-term changes to the status quo, and everyone agrees that learning from crises is a top priority. The Evidence and Impact of Financial Globalization devotes separate articles to specific crises, the conditions that cause them, and the longstanding arrangements devised to address them. While other books and journal articles treat these subjects in isolation, this volume presents a wide-ranging, consistent, yet varied specificity. Substantial, authoritative, and useful, these articles provide material unavailable elsewhere. Substantial articles by top scholars sets this volume apart from other information sources Rapidly developing subjects will interest readers well into the future Reader demand and lack of competitors underline the high value of these reference works
Download or read book IMF Staff papers written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1988-01-01 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: A central proposition regarding effects of different mechanisms of fi-nancing public expenditures is that, under specific circumstances, it makes no difference to the level of aggregate demand if the government finances its outlays by debt or taxation. This so-called Ricardian equivalence states that, for a given expenditure path, substitution of debt for taxes does not affect private sector wealth and consumption. This paper provides a model illustrating the implications of Ricardian equivalence, surveys the litera-ture, considers effects of relaxing the basic assumptions, provides a frame-work to study implications of various extensions, and critically reviews recent empirical work on Ricardian equivalence.
Download or read book An Assessment of Maritime Trade and Technology written by and published by . This book was released on 1983 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book EMU and Trade written by Great Britain. Treasury and published by . This book was released on 2003 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication is part of a set of 18 documents which have been prepared by H.M. Treasury to inform the assessment of the Government's five economic tests for Economic and Monetary Union (EMU) entry into the euro area. It considers the extent to which UK trade with the euro area economies might be increased through participation in EMU, and the potential impact on UK output and income over the longer-term. It is most relevant to the fifth of the economic tests relating to the assessment of growth, stability and jobs; as well as the first and third tests regarding convergence and investment.
Download or read book The Allocation of Limited Entrepreneurial Attention written by Sharon Gifford and published by Springer Science & Business Media. This book was released on 1998-10-31 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Allocation of Limited Entrepreneurial Attention examines the implications of allocating limited entrepreneurial attention among activities or projects. This book maintains that attention is simultaneously limited in that a decision maker can pay attention to only one thing at a time, and entrepreneurial in that it may be allocated to evaluating a potential new project for possible adoption. However, since the outcome of the allocation of attention is not certain, the number of projects among which attention can be allocated is stochastic and the maximum number of projects is endogenously determined by the optimal allocation of limited entrepreneurial attention and describes the implications of this analysis for a number of economic problems.
Download or read book Empirical Finance written by Shigeyuki Hamori and published by MDPI. This book was released on 2019-03-25 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is no denying the role of empirical research in finance and the remarkable progress of empirical techniques in this research field. This Special Issue focuses on the broad topic of “Empirical Finance” and includes novel empirical research associated with financial data. One example includes the application of novel empirical techniques, such as machine learning, data mining, wavelet transform, copula analysis, and TV-VAR, to financial data. The Special Issue includes contributions on empirical finance, such as algorithmic trading, market efficiency, market microstructure, portfolio theory and asset allocation, asset pricing models, liquidity risk premium, currency crisis, return predictability, and volatility modeling.
