multiple equilibria
Multiple equilibria in theory and practice
... In theory one can design the optimal mechanism for the sale o f multiple objects. By the Revelation Principle the designer can restrict attention to direct, incentive-compatible mechanisms. The problem o f ...
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Human Capital Formation and Patterns of Growth with Multiple Equilibria
... with multiple converging paths may present a useful analytical framework to consider various growth patterns among the countries that have similar economic ...with multiple equilibria for describing ...
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Multiple equilibria and chaos in a discrete tâtonnement process
... The purpose of this note is to demonstrate a sufficient condition for a discrete tâtonnement process to lead to chaos in a general equilibrium model with multiple commodities. The result indicates that as the ...
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Market structure and multiple equilibria in airline markets
... unique equilibria, then the answer would be ...With multiple equilibria, the analysis of the marginal effects has to take into account that we estimate lower and upper bounds for the probability of ...
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New economic geography: Multiple equilibria, welfare and political economy
... 00001t tif NEW ECONOMIC GEOGRAPHY MULTIPLE EQUILIBRIA, WELFARE, AND POLITICAL ECONOMY Frederic L Robert Nicoud The London School of Economics and Political Science A thesis submitted for the Ph D degr[.] ...
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Transaction Costs, Multiple Equilibria, and the Mundell Proposition
... the multiple equilibria in the market and the unsolvable low-employment equilibrium in the economic ...generates multiple equilibria and makes the economic system stay in the low-employment ...
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Borrowing Constraints, Multiple Equilibria and Monetary Policy
... The appealing feature of Kiyotaki and Moore’s Financial Accelera- tor model (Kiyotaki and Moore, 1997, 2002) is the linkage of asset price changes and borrowing constraints. This framework therefore is the nat- ural ...
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Social capital, trust, and multiple equilibria in economic performance
... Secondly and even more importantly, heterogeneity in itself is a powerful source for generating multiple equilibria as well. In the current model, their existence is a con- sequence of the non-convexity in ...
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ECONOMIC GROWTH CONVERGENCE: TRANSITIONAL DYNAMICS AND MULTIPLE EQUILIBRIA
... The Multiple equilibria and transition dynamics are considered as the central elements in ...of multiple equilibrium trajectories is related to the introduction of capital ...of multiple ...
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A Method for Implementing Counterfactual Experiments in Models with Multiple Equilibria
... This paper proposes a method for implementing counterfactual experiments in es- timated models that have multiple equilibria. The method assumes that the researcher does not know the equilibrium selection ...
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Transaction Costs, Multiple Equilibria, and Currency Devaluation
... model to discuss the unemployment problem. In Diamond (1982) model, he denied the existence of Walrasian auctioneer and claimed that the trader can only find his trading partners through searching procedure (the ...
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Multiple Equilibria and Deterrence in Airline Markets
... We model the interaction among airlines as a repeated static entry game, where we allow for very general forms of heterogeneity, which lead to multiple equilibria. In the same spirit as Kadiyali [1996], we ...
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Multiple equilibria and oscillatory modes in a mid-latitude ocean-forced atmospheric model
... Based on the results summarized above, we conclude that there is substantial similarity in the organization of the mid- latitudes’ oceanic and atmospheric circulation into multiple equilibria and ...
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Multiple Equilibria in Tullock Contests
... Under symmetric equilibrium, both players expend equal efforts 𝑥 𝑖 ∗ = 𝑥 𝑗 ∗ = 𝑊/(4 − 𝛽 1 + 𝛽 2 ) . Figure 2 displays the BRFs and the resulting equilibria for different values of 𝛽 1 and 𝛽 2 . When spillover gain ...
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Multiple Equilibria in the Urban Spatial Structure: Evidence from the Hanshin Earthquake
... on multiple equilibria in Germany’s urban system, that is, urban system does not return to its initial distribution after a major shock from World War ...to multiple steady states, their conclusion ...
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Entropy production and multiple equilibria: the case of the ice-albedo feedback
... to multiple equilibria in the case of the ice- albedo feedback has a fundamentally radiative nature, and has nothing to do with transport properties of the ...
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Nonlinear Policy Behavior, Multiple Equilibria and Debt Deflation Attractors
... desirable equilibria that ensure local stability and uniqueness? We shall show below that avoiding multiple debt-deflation spirals and, at the same time, guaranteeing global and local determinacy centered ...
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Discretionary Policy and Multiple Equilibria in LQ RE Models
... III: The Four Policy Regimes in Post−war History of the US as shown in Figure 5 in Davig and Leeper 2006 1... I: POINT−IN−TIME EQUILIBRIA FOR GIVEN ιk.[r] ...
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Multiple equilibria in the citizen candidate model of representative democracy : a comment
... In their example, requiring voting strategies to be iteratively undominated eliminates all but one equilibrium where the Condorcet winner wins.. This result raises the question of whethe[r] ...
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Multiple equilibria in asymmetric first price auctions
... For an example in the opposite direction, consider the symmetric auction where both buyers have values drawn uniformly on [0; 1] and bid half their value. This is an equilibrium when the minimum bid is 0 and when the ...
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