Equilibrium transformation and the revenue equivalence theorem
Article Abstract:
The study develops a method that transforms an equilibrium strategy profile from one auction to another, which is constructive and does not require complicated computation. It explores an intuitive approach to the Revenue Equivalence Theorem, which is then generalized to establish revenue equivalence results in environments where these results cannot be easily established using standard techniques.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 2005
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Observable restrictions of general equilibrium models with financial markets
Article Abstract:
There are restrictions on the equilibrium which arise only because individual incomes are observable and that general equilibrium theory imposes few restrictions on aggregate quantities and price alone. However, there are no restrictions on the equilibrium set and equilibrium correspondence when individual incomes are not observable and when the number of agents is sufficiently large.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 2003
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Liquidity shocks and equilibrium liquidity premia
Article Abstract:
An equilibrium is studied in which agents face surprise liquidity shocks and invest in liquid and illiquid riskless assets. The equilibrium premium for risk depends on the constraint that agents face when borrowing against future income.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 2003
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