Approximate equilibrium in pure strategies for a two-stage game of asset creation
Approximate equilibrium in pure strategies for a two-stage game of asset creation
复制标题
资产创造两阶段博弈纯策略的近似均衡
DOI：
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发表时间：
2008
期刊：
影响因子：
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通讯作者：
M. Faias
中科院分区：
文献类型：
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作者：
M. Faias
本文研究了一个两阶段经济，其中消费者首先选择资产结构，然后在标准的一般均衡框架中使用它来跨时间和自然状态转移财富。财务结构的选择是通过最大化间接效用函数，使用从第二阶段均衡对应的连续随机选择。我们背离了Bisin (J economics Theory 82:19-45, 1998)，他使用了内生信念方法，将资产创造留给了金融中介机构。此外，我们的方法使我们能够超越混合策略的结果，因为我们在关于未来禀赋的不完全信息的经济中获得了纯策略的近似均衡。
The paper studies a two-stage economy where consumers choose first the asset structure and then use it in a standard general equilibrium framework to transfer wealth across time and states of nature. The financial structure is chosen by maximizing indirect utility functions, using continuous random selections from the second-stage equilibrium correspondence. We depart from Bisin (J Econ Theory 82:19–45, 1998) where an endogenous beliefs approach was used and the asset creation was left to financial intermediaries. Moreover, our approach allows us to go beyond a mixed strategies result as we obtain an approximate equilibrium in pure strategies for the economy with incomplete information about future endowments.