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Statements

Subject Item
n2:RIV%2F00216208%3A11640%2F13%3A00420864%21RIV14-GA0-11640___
rdf:type
skos:Concept n6:Vysledek
dcterms:description
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.
dcterms:title
Tractable dynamic global games and applications Tractable dynamic global games and applications
skos:prefLabel
Tractable dynamic global games and applications Tractable dynamic global games and applications
skos:notation
RIV/00216208:11640/13:00420864!RIV14-GA0-11640___
n6:predkladatel
n7:orjk%3A11640
n3:aktivita
n5:P n5:I
n3:aktivity
I, P(GA13-34759S)
n3:cisloPeriodika
6
n3:dodaniDat
n4:2014
n3:domaciTvurceVysledku
n12:6092314
n3:druhVysledku
n20:J
n3:duvernostUdaju
n17:S
n3:entitaPredkladatele
n15:predkladatel
n3:idSjednocenehoVysledku
111468
n3:idVysledku
RIV/00216208:11640/13:00420864
n3:jazykVysledku
n10:eng
n3:klicovaSlova
global games; dynamic game; coordination
n3:klicoveSlovo
n11:global%20games n11:dynamic%20game n11:coordination
n3:kodStatuVydavatele
US - Spojené státy americké
n3:kontrolniKodProRIV
[C56EDDCB12F1]
n3:nazevZdroje
Journal of Economic Theory
n3:obor
n19:AH
n3:pocetDomacichTvurcuVysledku
1
n3:pocetTvurcuVysledku
2
n3:projekt
n18:GA13-34759S
n3:rokUplatneniVysledku
n4:2013
n3:svazekPeriodika
148
n3:tvurceVysledku
Steiner, Jakub Mathevet, L.
n3:wos
000329886700013
s:issn
0022-0531
s:numberOfPages
37
n16:doi
10.1016/j.jet.2013.07.015
n14:organizacniJednotka
11640