1,721,115 research outputs found
Black's consol rate conjecture
No full textDuffie, Darrell; Ma, Jin; Yong, Jiongmin. (1993). Black's consol rate conjecture. Retrieved from the University Digital Conservancy, https://hdl.handle.net/11299/2459
Information Percolation With Equilibrium Search Dynamics
No full textWe solve for the equilibrium dynamics of information sharing in a large population. Each agent is endowed with signals regarding the likely outcome of a random variable of common concern. Individuals choose the effort with which they search for others from whom they can gather additional information. When two agents meet, they share their information. The information gathered is further shared at subsequent meetings, and so on. Equilibria exist in which agents search maximally until they acquire sufficient information precision and then search minimally. A tax whose proceeds are used to subsidize the costs of search improves information sharing and can, in some cases, increase welfare. On the other hand, endowing agents with public signals reduces information sharing and can, in some cases, decrease welfare
Equilibrium and the role of the firm in incomplete markets
No full textDigitised version produced by the EUI Library and made available online in 2020
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Challenges to a Policy Treatment of Speculative Trading Motivated by Differences in Beliefs
No full textThis paper discusses some of the challenges faced by a policy treatment of speculative trading that is motivated by differences in beliefs. The first challenge is philosophical. Suppose two investors prefer to speculate with each other, under the common knowledge that they are motivated to trade purely by a difference in beliefs (unconditional probability assessments). In the absence of third-party costs, are there conditions under which society should try to prevent them from doing so? The second challenge is the existence of a rationale for a policy based on beliefs, as distinct from other determinants of risk preferences. The third challenge is the ability of enforcement agencies to monitor the distinction between belief-motivated trade and trade motivated by more obvious welfare-enhancing activities, such as hedging, liquidity provision, or acquiring payoff-relevant information
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