Strategic Information Manipulation as a Model of Assets and Aggregate Fluctuations

作为资产和总体波动模型的战略信息操纵

• 批准号: 9213145
• 负责人: Bart Taub
• 金额: $ 5.29万
• 依托单位: University of Illinois at Urbana-Champaign
• 依托单位国家: 美国
• 项目类别: Standard Grant
• 财政年份: 1992
• 资助国家: 美国
• 起止时间: 1992-11-01 至 1995-04-30
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=9213145&HistoricalAwards=false
• 关键词: Strategic; Information; Manipulation; Model; Assets

Economy-wide fluctuations of employment investment and output can occur because of the way information flows in the economy, and the incentives individuals have to restrict those flows. This phenomenon is studied by bringing together mathematical building blocks developed separately in the investigator's earlier work. The first building block uses contract theory to show how information flows in asset markets. The second building block uses contract theory to show how feedback of information about economy-wide fluctuations of output flows to individuals. The novel element in this research is that a theory of assets is embedded in a rational expectations based model of aggregate fluctuations. This permits the investigator to study long standing questions about the relationship between asset behavior and business cycle fluctuations. Joining the two building blocks causes spillover effects in the form of economy-wide fluctuations-the business cycle-that cause asset markets to function less efficiently than they would in the absence of the fluctuations. Despite their adverse effect on asset markets, the fluctuations might nevertheless be desirable, and it might also be desirable that the fluctuations be long lasting, because they improve the flow of information.

就业、投资和产出在整个经济中的波动， 由于信息在经济中流动的方式而发生， 个人限制这些流动的动机。 这 现象是通过将数学建筑 在研究者的早期工作中单独开发的块。 第一个构建模块使用契约理论来说明如何 资产市场的信息流。 第二构建单元 用契约理论来说明信息反馈是如何 整个经济的产出波动流向个人。 这项研究的新颖之处在于，资产理论是 基于理性预期的总体模型 波动 这使得研究者可以长时间地研究 关于资产行为与 商业周期波动。 连接两个构件 造成溢出效应， 波动-商业周期-导致资产市场 功能效率低于缺乏 波动 尽管它们对资产市场产生了不利影响， 然而，波动可能是可取的，它也可能 希望波动是持久的，因为它们 改善信息流通。