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Intertemporal coordination in two-period markets
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Ghosal, Sayantan (2006) Intertemporal coordination in two-period markets. JOURNAL OF MATHEMATICAL ECONOMICS, 43 (1). pp. 11-35. doi:10.1016/j.jmateco.2006.07.003 ISSN 0304-4068.
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Official URL: http://dx.doi.org/10.1016/j.jmateco.2006.07.003
Abstract
This paper studies the stability of the intertemporal coordination dynamics when the common knowledge of individual expectations of future prices is perturbed in a neighborhood of a perfect foresight equilibrium. The main forces that affect stability are: (i) the effect of a change in asset demand on second period spot market prices, and (ii) the effect on asset demand of a small change in second period prices. In an intertemporal market game whose interior Markov perfect equilibria correspond to perfect foresight equilibria, it is shown that though M-rationalizability implies the stability of the intertemporal dynamics, the converse is not always true. (c) 2006 Elsevier B.V. All rights reserved.
Item Type: | Journal Article | ||||
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Subjects: | H Social Sciences > HC Economic History and Conditions Q Science > QA Mathematics H Social Sciences |
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Journal or Publication Title: | JOURNAL OF MATHEMATICAL ECONOMICS | ||||
Publisher: | ELSEVIER SCIENCE SA | ||||
ISSN: | 0304-4068 | ||||
Official Date: | December 2006 | ||||
Dates: |
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Volume: | 43 | ||||
Number: | 1 | ||||
Number of Pages: | 25 | ||||
Page Range: | pp. 11-35 | ||||
DOI: | 10.1016/j.jmateco.2006.07.003 | ||||
Publication Status: | Published |
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