Large market games with demand uncertainity
Article Abstract:
Consumers strictly prefer to be on one side of the market and the best responses are unique and a Nash equilibrium to the sell-all game is typically not a Nash equilibrium to the original game, when facing price uncertainty. A stochastic market game with a continuum of consumers and nature selecting the set of active consumers who make bids and offer on (l - 1) spot market trading posts are given also including the proof of existence of type-symmetric Nash equilibrium.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 2003
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Quality undersupply and oversupply
Article Abstract:
A market in which a price-taking buyer buys variable-quality good from a population of sellers, contrasting the case where quality is a seller's private information to that where it is public information, is analyzed. Considering this the terms quality undersupply and oversupply are described.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 2003
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When to fire a CEO: Optimal termination in dynamic contracts
Article Abstract:
The study introduces optimal termination in dynamic contracts. It notifies the standard dynamic agency model to include an external labor market, which, upon the dissolution of the contract, allows the firm to return to the labor market to seek a new match.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 2005
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