DOCSLIB.ORG

ECT Volume 2 Issue 1 Back Matter

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
ECT Volume 2 Issue 1 Back Matter Corporate Capital Investment A Behavioural Approach Philip Bromiley This book studies the impact of corporate planning and implementation procedures on the level of corporate capital investment. Working in the behavioral economics tradition, it uses direct exam- ination of corporate decision processes to address a traditional economic variable. Hardcover $34.50 The Debate ewer Stabilization -Policies and Other Mac- roeconomic Issues Franco Modiglimni Nobel Prize winner Modigliani studies: the debate between "monetarists" and "Keynesians"; the response to demand shocks and supply shocks; the mechanism by which the monetary authorities control aggregrage nominal income and the use and relevance of the money supply as a target; and the consumption function and the determinants of wealth. Raffaele Mattioli Lectures on the His- tory of Economic Thought. Hardcover $29.95 The Economic Nature of the Firm A Reader Louis Putterman^ Editor Putterman here collects influential essays on the economic nature of the firm. Prominent econo- mists examine the sizes, scopes, internal structures and the kinds of contractual relations that char- acterize business firms. Hardcover $39.50 Paper $14.95 The Theory of Externalities, Pubic Goods and Club Goods Richard Comes and Todd Sandier This book presents a theoretical treatment of externalities (i.e., uncompensated interdependen- cies), public goods, and club goods that is suitable for well-prepared undergraduates and graduate students making their first serious foray into this branch of economics. Hardcover $34.50 Paper $12.95 Efficiency Wage Models of the Labor Market George Akerlof and Janet Yellen9 Editors The essays collected in this book explore why there are labor market equilibria with employers preferring to pay wages in excess of the market clearing wage, and hence explain involuntary unemployment. Hardcover $29.95 Paper $9.95 Downloaded from https://www.cambridge.org/core. IP address: 170.106.202.226, on 25 Sep 2021 at 18:29:51, subject to the Cambridge Core terms of use, available at https://www.cambridge.org/core/terms. https://doi.org/10.1017/S0266466600011464 Paperbacks Mathematical Economics Twenty Papers of Gerard Debreu Gerard Debreu This book allows us to see an impressive collection of Debreu's work... a very useful reference in both... research and teaching. But it is most useful as a reminder of the high standards we should all seek in our work!' — Journal of Economic Literature Econometric Society Monographs Paper $14.95 Limited-Dependent and Qualitative Variables In Econometrics G.S. Maddala "The book does an excellent job of surveying its chosen topics... fills an important gap in the literature. It will no doubt be widely read and used!' — Journal of the American Statistical Association Econometric Society Monographs Paper $18.95 Money and Value A Reconsideration of Classical and Neoclassical Monetary Theories Jean-Michel Grandmont "For this effort Grandmont should be praised because he has opened up an area of the literature which by its nature was previously restricted to a very narrow audience!' — Journal of Economic Literature Econometric Society Monographs Paper $14.95 Advances In Econometrics Werner Hildenbrand, Editor Contributors: Daniel McFadden, James J. Heckman and Burton Singer, Jerry A. Hausman, T.W. Anderson, P.C.B. Phillips, R.E. Kalman, John Geweke, C.W.J. Granger, Thomas J. Rothenberg, G.B.A. Evans, and N.E. Savin, Zbigniew Czerwinski and Wladyslaw Welfe. $14.95 Advances In Economic Theory Werner Hiidembrand9 Editor Contributors: Theodore Groves, Jean-Jacques Laffont and Eric Maskin, Roy Radner, Jean-Pascal Benassy, Yves Younes, Jean-Francois Mertens, Andreu Mas-Colell, Hugo Sonnenschein, Jphn B. Taylor, Richard Schmalensee. $14.95 At your bookstore or call our Customer Service at 1-800-431-1580. In NY and Canada 914-235-0300. MasterCard and Visa accepted. Cambridge University Press 32 East 57th Street, NY, NY 10022 Downloaded from https://www.cambridge.org/core. IP address: 170.106.202.226, on 25 Sep 2021 at 18:29:51, subject to the Cambridge Core terms of use, available at https://www.cambridge.org/core/terms. https://doi.org/10.1017/S0266466600011464.
Load more

Recommended publications
  • Equilmrium and DYNAMICS David Gale, 1991 Equilibrium and Dynamics
    EQUILmRIUM AND DYNAMICS David Gale, 1991 Equilibrium and Dynamics Essays in Honour of David Gale Edited by Mukul Majumdar H. T. Warshow and Robert Irving Warshow Professor ofEconomics Cornell University Palgrave Macmillan ISBN 978-1-349-11698-0 ISBN 978-1-349-11696-6 (eBook) DOI 10.1007/978-1-349-11696-6 © Mukul Majumdar 1992 Softcover reprint of the hardcover 1st edition 1992 All rights reserved. For information, write: Scholarly and Reference Division, St. Martin's Press, Inc., 175 Fifth Avenue, New York, N.Y. 10010 First published in the United States of America in 1992 ISBN 978-0-312-06810-3 Library of Congress Cataloging-in-Publication Data Equilibrium and dynamics: essays in honour of David Gale I edited by Mukul Majumdar. p. em. Includes bibliographical references (p. ). ISBN 978-0-312-06810-3 1. Equilibrium (Economics) 2. Statics and dynamics (Social sciences) I. Gale, David. II. Majumdar, Mukul, 1944- . HB145.E675 1992 339.5-dc20 91-25354 CIP Contents Preface vii Notes on the Contributors ix 1 Equilibrium in a Matching Market with General Preferences Ahmet Alkan 1 2 General Equilibrium with Infinitely Many Goods: The Case of Separable Utilities Aloisio Araujo and Paulo Klinger Monteiro 17 3 Regular Demand with Several, General Budget Constraints Yves Balasko and David Cass 29 4 Arbitrage Opportunities in Financial Markets are not Inconsistent with Competitive Equilibrium Lawrence M. Benveniste and Juan Ketterer 45 5 Fiscal and Monetary Policy in a General Equilibrium Model Truman Bewley 55 6 Equilibrium in Preemption Games with Complete Information Kenneth Hendricks and Charles Wilson 123 7 Allocation of Aggregate and Individual Risks through Financial Markets Michael J.
    [Show full text]
  • Macroeconomic Dynamics at the Cowles Commission from the 1930S to the 1950S
    Yale University EliScholar – A Digital Platform for Scholarly Publishing at Yale Cowles Foundation Discussion Papers Cowles Foundation 9-1-2019 Macroeconomic Dynamics at the Cowles Commission from the 1930s to the 1950s Robert W. Dimand Follow this and additional works at: https://elischolar.library.yale.edu/cowles-discussion-paper-series Part of the Economics Commons Recommended Citation Dimand, Robert W., "Macroeconomic Dynamics at the Cowles Commission from the 1930s to the 1950s" (2019). Cowles Foundation Discussion Papers. 56. https://elischolar.library.yale.edu/cowles-discussion-paper-series/56 This Discussion Paper is brought to you for free and open access by the Cowles Foundation at EliScholar – A Digital Platform for Scholarly Publishing at Yale. It has been accepted for inclusion in Cowles Foundation Discussion Papers by an authorized administrator of EliScholar – A Digital Platform for Scholarly Publishing at Yale. For more information, please contact [email protected]. MACROECONOMIC DYNAMICS AT THE COWLES COMMISSION FROM THE 1930S TO THE 1950S By Robert W. Dimand May 2019 COWLES FOUNDATION DISCUSSION PAPER NO. 2195 COWLES FOUNDATION FOR RESEARCH IN ECONOMICS YALE UNIVERSITY Box 208281 New Haven, Connecticut 06520-8281 http://cowles.yale.edu/ Macroeconomic Dynamics at the Cowles Commission from the 1930s to the 1950s Robert W. Dimand Department of Economics Brock University 1812 Sir Isaac Brock Way St. Catharines, Ontario L2S 3A1 Canada Telephone: 1-905-688-5550 x. 3125 Fax: 1-905-688-6388 E-mail: [email protected] Keywords: macroeconomic dynamics, Cowles Commission, business cycles, Lawrence R. Klein, Tjalling C. Koopmans Abstract: This paper explores the development of dynamic modelling of macroeconomic fluctuations at the Cowles Commission from Roos, Dynamic Economics (Cowles Monograph No.
    [Show full text]
  • Cowles Commission Structural Models, Causal Effects And
    Intro Questions/Criteria Counterfactuals Identification problems Summary Cowles Commission Structural Models, Causal Effects and Treatment Effects: A Synthesis James Heckman University of Chicago University College Dublin Econometric Policy Evaluation, Lecture I Koopmans Memorial Lectures Cowles Foundation Yale University September 26, 2006 1 / 121 Intro Questions/Criteria Counterfactuals Identification problems Summary Staff List (University of Chicago) Report of Research Activities, July 1, 1952-June 30, 1954 President Alfred Cowles Executive Director Rosson L. Cardwell Research Director Tjalling C. Koopmans Research Associates Stephen G. Allen I.N. Herstein Richard F. Muth Martin J. Beckmann Clifford Hildreth Roy Radner Rosson L. Cardwell H.S. Houthakker Leo T¨ornqvist Gerard Debreu Tjalling C. Koopmans Daniel Waterman John Gurland Jacob Marschak Christopher Winstein Arnold C. Harberger C. Bartlett McGuire Research Assistants Gary Becker Thomas A. Goldman Lester G. Telser Francis Bobkoski Edwin Goldstein Alan L. Tritter William L. Dunaway Mark Nerlove Jagna Zahl Research Consultants Stephen G. Allen Harold T. Davis Leonid Hurwicz Theodore W. Anderson Trygve Haavelmo Lawrence R. Klein Kenneth J. Arrow Clifford Hildreth Theodore S. Motzkin Herman Chernoff William C. Hood Herman Rubin Carl F. Christ H.S. Houthakker Herbert A. Simon Guests Pierre F.J. Baichere Jose Gil-Pelaez Rene F. Montjoie Karl Henrik Borch William Hamburger Sigbert J. Prais Jacques Dreze Herman F. Karreman Bertram E. Rifas Atle Harald Elsas William E. Krelle Ciro Tognetti Masao
    [Show full text]
  • Collusive Behavior in Noncooperative Epsilon-Equilibria of Oligopolies with Long but Finite Lives
    JOURNAL OF ECONOMIC THEORY 22, 136-l 54 (1980) Collusive Behavior in Noncooperative Epsilon-Equilibria of Oligopolies with Long but Finite Lives ROY RADNER Bell Laboratories, Murray Hill, New Jersey 07974 Received March 9, 1979 In a game of a finite number of repetitions of a Cournot-type model of an industry, if firms are satisfied to get close to (but not necessarily achieve) their optimal responses to other firms’ sequential strategies, then in the resulting non- cooperative “equilibria” of the sequential market game, (1) if the lifetime of the industry is large compared to the number of firms, there are equilibria correspond- ing to any given duration of the cartel, whereas (2) if the number of firms is large compared to the industry’s lifetime, all equilibria will be close (in some sense) to the competitive equilibrium. 1. INTRODUCTION In 1838 Augustin Cournot introduced his model of market equilibrium, which has become known in modern game theory as a noncooperative (or Nash) equilibrium [I]. Cournot’s model was intended to describe an in- dustry with a fixed number of firms with convex cost functions, producing a homogeneous product, in which each firm’s action was to choose an output (or rate of output), and in which the market price was determined by the total industry output and the market demand function. A Cournot-Nash equilibrium is a combination of outputs, one for each firm, such that no firm can increase its profit by changing its output alone. Cournot thought of his model as describing “competition” among firms; this corresponds to what we call today the “noncooperative” character of the equilibrium.
    [Show full text]
  • Games with Switching Costs and Endogenous References*
    Games with Switching Costs and Endogenous References* Begum Guney† Michael Richter‡ June 30, 2021 Abstract We introduce a game-theoretic model with switching costs and endogenous references. An agent endogenizes his reference strategy and then, taking switching costs into account, he selects a strategy from which there is no profitable deviation. We axiomatically characterize this selection procedure in one-player games. We then extend this procedure to multi-player simultaneous games by defining a Switching Cost Nash Equilibrium (SNE) notion, and prove that (i) an SNE always exists; (ii) there are sets of SNE which can never be a set of Nash Equilibrium for any standard game; and (iii) SNE with a specific cost structure exactly characterizes the Nash Equilibrium of nearby games, in contrast to Rad- ner’s (1980) "-equilibrium. Subsequently, we apply our SNE notion to a product differentiation model, and reach the opposite conclusion of Radner (1980): switching costs for firms may benefit consumers. Finally, we compare our model with others, especially Koszegi¨ and Rabin’s (2006) personal equilibrium. Keywords: Switching Cost Nash Equilibrium, Choice, Endogenous Reference, Switching Costs, Epsilon Equilibrium JEL classification: D00, D01, D03, C72 *We thank Levent Koc¸kesen, Yusufcan Masatlioglu, George Mailath, Ariel Rubinstein, Rani Spiegler, Roee Teper, and three anonymous referees for their helpful comments and suggestions. The first author acknowledges financial support from the Scientific and Technological Research Council of Turkey, Project #113K370. †Department of Economics, Ozyegin University. E-mail: [email protected] ‡Department of Economics, Royal Holloway, University of London. E-mail: [email protected] 1 1 Introduction Switching costs are a feature of daily life.
    [Show full text]
  • CURRICULUM VITAE June 2021
    CURRICULUM VITAE June 2021 Eric S. Maskin Adams University Professor Professor of Economics and Mathematics Harvard University Littauer Center 312 1805 Cambridge Street Cambridge, MA 02138 (617) 495-1746 FAX: (617) 495- 7730 [email protected] PERSONAL Date of Birth: December 12, 1950 Married, two children EDUCATION A.B. (Mathematics), Harvard University, 1972 A.M. (Applied Mathematics), Harvard University, 1974 Ph.D. (Applied Mathematics), Harvard University, 1976 ACADEMIC POSITIONS Research Fellow, Jesus College, Cambridge University, 1976-77 Assistant Professor of Economics, Massachusetts Institute of Technology, 1977-80 Associate Professor of Economics, M.I.T., 1980-81 Overseas Fellow, Churchill College, Cambridge University, 1980-82 Professor of Economics, M.I.T., 1981-84 Professor of Economics, Harvard University, 1985-2000, 2012- Visiting Overseas Fellow, St. John's College, Cambridge, 1987-88 Louis Berkman Professor of Economics, Harvard, 1997-2000 Visiting Professor of Economics, M.I.T., 1999-2000 Visiting Lecturer in Economics, Princeton University, 2000-2012 Albert O. Hirschman Professor of Social Science, Institute for Advanced Study, Princeton, 2000-2011 SK Visiting Professor, Yonsei University, Seoul, 2009-10, 2015 Visiting Professor, I.A.S., Hong Kong University of Science and Technology, 2010-2017 Director, Jerusalem Summer School in Economic Theory, 2008- Associate, Center of Mathematical Sciences and Applications, Harvard, 2012- Professor of Mathematics, Harvard University, 2016- Adams University Professor, Harvard
    [Show full text]
  • Economists' Papers Archive
    Economists’ Papers Archive Since beginning its program to preserve the papers of distinguished economists in the 1980s, Duke’s Rubenstein Library has received the personal and professional papers of more than seventy significant economists, including twelve Nobel laureates. These collections offer an essential resource to researchers in the history of economic thought, and are frequently consulted by scholars from around the globe. Together with Duke’s Center for the History of Political Economy—and developed in cooperation with faculty there—the Archive has become a locus for exciting collaborations and discoveries, furthering our understanding of the development of the economic policies and principles that influence contemporary life. The collections contain a wealth of unique research material on virtually every area of modern economics, from the notebooks of the founder of the Austrian school of economic thought, Carl Menger, to the correspondence files of Paul Samuelson, one of the past century’s most influential intellectuals. Topics covered in particular depth include game theory, in the papers of Leonid Hurwicz, Oskar Morgenstern, Martin Shubik, Vernon Smith, and others; public policy, including the papers of Kenneth Arrow, Arthur Burns, Juanita Kreps, Robert Lucas, and Franco Modigliani; and macroeconomic topics, including the papers of Robert Solow, Edward Prescott, and many others. The library is actively acquiring new collections as well as organizing and cataloging existing papers. In addition to the papers of individual economists, the library also holds the records of several organizations and journals important for the history of economic thought. Chief among these are the records of the American Economic Association, founded in 1885.
    [Show full text]
  • Rational Expectations and General Equilibrium: a Theoretical Review
    Rational Expectations and General Equilibrium: A Theoretical Review Yan Liu Department of Finance, Wuhan University First version: November 27, 2011 This version: September 19, 2017 1 INTRODUCTION This year is the fiftieth anniversary of the publication of Muth’s (1961) seminal paper on rational expectations. Being almost neglected in its first decade, the profound perception and spectacular vision of this paper revolutionized the whole discipline of economics from the beginning of the second decade of its birth, and ever since. Given the central role played by expectations in all branches of economic dealing with dynamic problems, one can hardly imagine nowadays that how could a theory being built up, a hypothesis being tested and a meaningful insight being drawn, without explicit or implicit resorting to rational expectations—or, to the opposite, deviating from rational expectations while putting it as the benchmark. However, to properly understand above assertions upon the influence of rational expectations, one has to get rid of the naive impression of thinking about rational expectations as simply positing the conditional expectations operator at several places of some equations in a model. Quite to the contrary, the profound implications of rational expectations can only be fully appreciated within a complete dynamic structure, though the structure itself could be as simple as the cobweb model initially employed by Muth. This structure, of course, is part of a more broader theory upon which the investigation of dynamic economic phenomena is based. The core principle established by Muth, summarized in the term rational expectations, is drasti- cally straightforward: Whatever are expectations hold by those forward-looking agents, must they This paper was originally submitted to the Department of Economics, SUNY at Stony Brook as the author’s second year paper in the PhD program.
    [Show full text]
  • Economics News
    Economics News NEWSLETTER OF THE DEPARTMENT OF ECONOMICS SPRING 2015 A letter from the Chair Dear Students, Parents, Alumni, Colleagues, and Friends, It’s been another busy year with a lot of new developments in the BU Department of Economics. We have been particularly active in recruiting new lecturers and faculty, and the work is still not complete. We hired two outstanding new assistant professors. Martin Fiszbein, an empirical development economist with interests in economic history, is a local already, as he has been living in Boston while completing his PhD at Brown University. Macroeconomist Stephen Terry, on the other hand, comes to us from warmer climates. No doubt he is gearing up for Boston winters as he finishes his PhD at Stanford University. We were especially pleased about hiring two such excellent new faculty given the handicap imposed on us by the four blizzards that hit Boston in the midst of the already hectic economics job market season. I’m also pleased to announce that we have filled the Slater Family Chair in Behavioral Economics with the remarkable Ray Fisman, previously on the faculty at Columbia Business School. Ray has written fascinating papers on decision making for charitable contributions, speed dating, parking tickets accrued by UN diplomats, and political corruption, among other topics. He is also a regular contributor to Slate. We thank Ken Slater and family for their generous donations that have made this position possible. We also welcomed a new Lecturer, Jessica Simon, and will welcome three more in the fall: Andre Switala, Geoffrey Carliner, and Benjamin Koskinen.
    [Show full text]
  • Social Value of Public Information Author(S): Stephen Morris and Hyun Song Shin Source: the American Economic Review, Vol
    American Economic Association Social Value of Public Information Author(s): Stephen Morris and Hyun Song Shin Source: The American Economic Review, Vol. 92, No. 5 (Dec., 2002), pp. 1521-1534 Published by: American Economic Association Stable URL: http://www.jstor.org/stable/3083261 Accessed: 31/03/2010 11:50 Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use, available at http://www.jstor.org/page/info/about/policies/terms.jsp. JSTOR's Terms and Conditions of Use provides, in part, that unless you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content in the JSTOR archive only for your personal, non-commercial use. Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained at http://www.jstor.org/action/showPublisher?publisherCode=aea. Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed page of such transmission. JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact [email protected]. American Economic Association is collaborating with JSTOR to digitize, preserve and extend access to The American Economic Review. http://www.jstor.org Social Valueof Public Information By STEPHENMORRIS AND HYUN SONG SHIN* What are the welfare effects of enhanced dissemination of public information through the media and disclosures by marketparticipants with high public visibil- ity? We examine the impact of public informationin a setting where agents take actions appropriate to the underlyingfundamentals, but they also have a coordi- nation motive arising from a strategic complementarityin their actions.
    [Show full text]
  • The ET Interview: Professor L. R. Klein
    Econometric Theory, 3, 1987, 409-460. Printed in the United States of America. THE ET INTERVIEW: PROFESSOR L.R. KLEIN Interviewedby Roberto S. Mariano LawrenceR. Klein LawrenceR. Klein, 1980Nobel Laureatein Economics"for the creationof econometricmodels and theirapplication to the analysisof economicfluc- tuationsand economicpolicies,"' has playeda significantrole in the devel- opmentof econometricmethodology and practiceover the past forty years. Long recognizedas a leaderin economicmodel-building, Lawrence R. Kleinhas alwaysunderscored the integrationof economictheory, statisti-. cal methods,and practicaleconomic analysis in his researchactivities. His pioneeringand continuingwork in large-scalemodeling has served as a trainingground in appliedeconometrics for manyacademicians, corporate executives,and governmentofficials from all over the world. His lasting worldwideinfluence in the econometricsprofession is a tributenot only to the intellectualprowess of his researchbut also to his willingnessto give generouslyof himself in interactingwith studentsand colleagues. There are earlierpublished materials on LawrenceR. Kleinwhich con- tamna more detaileddiscussion of his researchcontributions: ?1987 Cambridge University Press 0266-4666/87 $5.00 + .00 409 410 ROBERTOS. MARIANO 1. Breit, W. & R.W. Spencer (eds.). Lives of the Laureates-Seven Nobel Economists. Cambridge, MA: The M.I.T. Press, 1986. 2. Ball, R.J. Lawrence R. Klein's contributions to economics. Scandina- vian Journal of Economics 83 (1981): 81-103. 3. Klein, L.R. Autobiography in Les Prix Nobel 1980, pp. 269-272. Alm- quist and Wiksell International, Stockholm, 1981. 4. Marquez, J. (ed.). Lawrence Klein -Economic Theory and Economet- rics. Philadelphia: University of Pennsylvania Press, 1985. 5. Wold, H. The Prize for Economic Science in Memory of Alfred Nobel in Les Prix Nobel 1980, pp. 263-265. Almquist and Wiksell Interna- tional, 1981.
    [Show full text]
  • Joel Sobel Spring 2015 Economics 201 Description
    Joel Sobel Spring 2015 Economics 201 Description: Econ 201 is a topics class. Normally this means that different instructors pick different topics. I will modify this approach and bundle several loosely related topics together. \Information" is a unifying theme. Objectives: I want the class to organize some ideas that have been on my mind and provide research topics to interested students. Organization: The class meets on Mondays and Wednesdays at noon. Requirements: The formal requirements are subject to negotiation, but I propose three things: class participation, solutions to problem, and a paper. Class participation comes in two forms: being active and engaged when I talk and actually leading discussions on particular papers. I probably will not create formal problem sets, but I plan to raise questions in class. Some of these questions may represent details that I do not wish to present in class and others may be novel problems. The class will be a success if someone gets a solid start on a research paper. Requiring a research paper is a way to push you in that direction. Outline This outline is tentative. I will start at the beginning, but I will make changes based on how things are going. 1. Communication in Organizations The issue is how to organize decision making in groups when different group members have different information. What makes an organization good? Who should make decisions? Will larger firms be less able to adapt to new opportunities? From a modeling perspective, there are two forces that make the problem difficult: conflicts of interest and costs of communication.
    [Show full text]