POWRE: Topics in Economic Theory: The Timing of Transactions and Firm Formation

本研究集中于经济理论中的两个不同主题：交易时机和企业形成。 两者都将在理论上进行探讨，主要使用一般竞争均衡的框架，虽然企业的形成也涉及合作和非合作博弈论的结合。 对于第一个主题，经济问题是在一个一致的和完全指定的模型中解释交易或支付的精确时间以及连续交易或支付之间的间隔是如何内生地确定的。 第二个主题涉及企业如何在一个经济体中产生的问题，其中企业的概念包括独资企业，合伙企业和公司。 经济理论缺乏对商品和服务购买时间的解释，包括承诺此类交易的合同何时签署以及付款何时发生。 然而，随着金融中介技术的变化，这些时机问题变得越来越重要。 同样，微观经济理论也无法解释企业的形成。 很少有人考虑企业为什么形成，形成决策的过程，以及企业的实际创建。 这项研究有望对这些问题有重要的见解。 这个POWRE奖将支持一个全新的研究路线的调查涉及不同的实质性问题的经济理论和不同的技术。 这位研究员是该国顶尖的女性学术经济学家之一，她将学习新的技能和方法，使她能够将研究推向新的方向。 她提出的专题和打算采取的方向具有开创性。 这项研究的成功完成将使她在学术领导的道路上进一步沿着。

This research focuses on two distinct topics in economic theory: the timing of transactions and firm formation. Both will be approached theoretically, primarily using the framework of general competitive equilibrium, although the formation of firms also involves the combination of cooperative and noncooperative game theory. For the first topic, the economic question is to explain, in a consistent and fully specified model, how both the precise times of transactions or payments and the intervals between successive transactions or payments are determined endogenously. The second topic addresses the question of how firms arise in an economy, where the concept of firm includes sole proprietorships, partnerships, and corporations. Economic theory lacks an explanation of when purchases of goods and services are made, including when contracts committing to such transactions are signed and when payments occur. Yet these timing issues are becoming increasingly important as our financial intermediation technology changes. Likewise, microeconomic theory does not explain the formation of firms. Little consideration has been given to the question of why firms form, the process by which formation decisions are made, and the actual creation of the firm. This research promises significant insights regarding these questions. This POWRE award will support a completely new line of research for the investigator involving different substantive questions in economic theory and different techniques. The investigator, who is one of the top female academic economists in the country, will learn new skills and methods which will enable her to move her research in a new direction. The topics proposed and the directions she intends to take are path-breaking in nature. Successful completion of this research will move her further along the path to academic leadership.