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تعداد نتایج: 1644 فیلتر نتایج به سال:
Theoretical work on two-sided matching markets has focussed on the stable outcomes that are optimal for one side of the market. An innovative exception is a paper by Rochford, who shows how to identify a nonempty set of interior points of the core of the assignment market first studied by Shapley and Shubik. We strengthen Rochfold’s results, by showing that such a set of fixed points must refle...
Optimal futures hedging is examined in a two-good model with stochastic output and sequential information arrival. A producer’s optimal hedge depends on demand elasticity, sensitivity of his output to weather. his correlation with aggregate output, and how rapidly his output uncertainty is resolved relative to other producers during different seasonal periods. Because regional output uncertaint...
This paper considers a large population randomly matched to play a game of common interest with cheap-talk. We apply a noncooperative solution concept to this society. A strategy distribution g is accessible from another distribution f if there is a path from f to g the direction of which is always a best response to the present distribution. A cyclically stable set is a set of strategy distrib...
Because players whose preferences violate the von Neumann-Morgenstern independence axiom may be unwilling to randomize as mixed-strategy Nash equilibrium would require, a Nash equilibrium may not exist without independence. This paper generalizes Nash’s definition of equilibrium, retaining its rationalexpectations spirit but relaxing its requirement that a player must bear as much uncertainty a...
Results SEM analyses showed that the best fitting model was one allowing risk paths to vary across countries [c2(425) =2105.271,p<.0001,RMSEA,=.022,CFI=.980]. In all countries teasing about weight/shape or eating was associated with body dissatisfaction(directly and via internalization of the thin ideal).There was a strong significant path from body dissatisfaction to ED(standardised path coeff...
Consider a market in which firms accumulate capital according to the Nerlove-Arrow capital accumulation equation. Each player chooses a path of investment and thus an induced path of capital to maximize his total discounted profits which depend on his own capital and the capital stocks of his rivals. Existence is proved for such a nonzero sum, infinite horizon differential game and conditions u...
The stability of the rational expectations equilibrium of a simple asset market model is studied in a situation where a group of traders learn about the relationship between the price and return on the asset using ordinary least squares estimation, and then use their estimates in predicting the return from the price. The model which they estimate is a well-specified model of the rational expect...
This paper is devoted to the question of whether traders can learn rational expectations from repeated observations of market data in a stationary environment with finitely many exogenous states of the world. The learning problem is placed in the context of an iterative adjustment process which achieves equilibrium if traders have rational expectations. The main result is that even if traders b...
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