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

本研究主要关注经济理论中的两个不同主题：交易时机和企业形成。虽然企业的形成也涉及合作和非合作博弈论的结合，但这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。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和连续交易或支付之间的间隔是如何内生地决定的。第二个主题涉及企业如何在经济中产生的问题，其中企业的概念包括独资企业、合伙企业和公司。经济理论无法解释购买商品和服务的时间，包括签订此类交易的合同的时间和付款的时间。然而，随着金融中介技术的变化，这些时机问题正变得越来越重要。同样，微观经济理论也不能解释企业的形成。很少有人考虑企业形成的原因，企业形成决策的过程，以及企业的实际创建。这项研究有望对这些问题提供重要的见解。这项power奖将为研究者提供一条全新的研究路线，涉及经济理论中不同的实质性问题和不同的技术。该研究员是国内顶尖的女性学术经济学家之一，她将学习新的技能和方法，这将使她的研究朝着新的方向发展。她提出的主题和她打算采取的方向在本质上是开创性的。这项研究的成功完成将使她在学术领导的道路上走得更远。

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.