Economic Dynamics and Information

ISBN-13: 9783540326946 / Angielski / Miękka / 2006 / 274 str.

Jaroslav Zajac

Opis

This book analyzes the existence of equilibria in economies having a measured space of agents and a continuum of agents and commodities. Excessive homogeneity with respect to agent productivity leads to instability and non-uniqueness of a given stationary state and the indeterminacy of the corresponding stationary state equilibrium. Sufficient heterogeneity leads to global saddle-path stability, uniqueness of a given stationary state and the global uniqueness of the corresponding equilibrium.

Spis treści

Rational Expectations of Efficiency and Incentive Schemes.- Dynamic Adjustment Processes and the Effect of the Economic System.- Optimal Incentive Schemes with a Measure Space and Decision.- Dynamics and Information.- Life Cycle and Risk-Sharing of Information Under Restriction.- Risk Choices, Heterogeneous Beliefs and Prediction Strategies in Allocation.- Design, Knowledge and Stabilization of Economy.- Decision Process, Assets and Information.- Endowments, Money, Debt and Risky Choice of Decision.- Market Mechanisms, Portfolios and Uncertainty of Decisions.- Stability of Markets, Uncertainty, and Strategic Behavior.- Market Making, Information, Beliefs, and Chaos.- Volatility, Information, and Return Distribution.- Shocks, Uncertainty, and Preferences Over Information.- Externalities, Market Information and Contracts.- Cycles, Chaos, Stabilization and Technological Innovation.- Information Cascades, Expectations, and Risky Choices.- Conclusion.