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  • We present a family of tractable dynamic global games and its applications. Agents privately learn about a fixed fundamental, and repeatedly adjust their investments while facing frictions. The game exhibits many externalities: payoffs may depend on the volume of investment, on its volatility, and on its concentration. The solution is driven by an invariance result: aggregate investment is (in a pivotal contingency) invariant to a large family of frictions. We use the invariance result to examine how frictions, including those similar to the Tobin tax, affect equilibrium. We identify conditions under which frictions discourage harmful behavior without compromising investment volume.
  • We present a family of tractable dynamic global games and its applications. Agents privately learn about a fixed fundamental, and repeatedly adjust their investments while facing frictions. The game exhibits many externalities: payoffs may depend on the volume of investment, on its volatility, and on its concentration. The solution is driven by an invariance result: aggregate investment is (in a pivotal contingency) invariant to a large family of frictions. We use the invariance result to examine how frictions, including those similar to the Tobin tax, affect equilibrium. We identify conditions under which frictions discourage harmful behavior without compromising investment volume. (en)
Title
  • Tractable dynamic global games and applications
  • Tractable dynamic global games and applications (en)
skos:prefLabel
  • Tractable dynamic global games and applications
  • Tractable dynamic global games and applications (en)
skos:notation
  • RIV/00216208:11640/13:00420864!RIV14-GA0-11640___
http://linked.open...avai/riv/aktivita
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  • I, P(GA13-34759S)
http://linked.open...iv/cisloPeriodika
  • 6
http://linked.open...vai/riv/dodaniDat
http://linked.open...aciTvurceVysledku
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  • 111468
http://linked.open...ai/riv/idVysledku
  • RIV/00216208:11640/13:00420864
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  • global games; dynamic game; coordination (en)
http://linked.open.../riv/klicoveSlovo
http://linked.open...odStatuVydavatele
  • US - Spojené státy americké
http://linked.open...ontrolniKodProRIV
  • [C56EDDCB12F1]
http://linked.open...i/riv/nazevZdroje
  • Journal of Economic Theory
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http://linked.open...ichTvurcuVysledku
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http://linked.open...vavai/riv/projekt
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  • 148
http://linked.open...iv/tvurceVysledku
  • Steiner, Jakub
  • Mathevet, L.
http://linked.open...ain/vavai/riv/wos
  • 000329886700013
issn
  • 0022-0531
number of pages
http://bibframe.org/vocab/doi
  • 10.1016/j.jet.2013.07.015
http://localhost/t...ganizacniJednotka
  • 11640
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