General Equilibrium and Endogenous Creation of Asset Markets
Autor(a) principal: | |
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Data de Publicação: | 2004 |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10362/83474 |
Resumo: | This paper studies a class of general equilibrium economies in which asset markets arise as choice of financial intermediaries. The economy is modeled as a two stage game as in Bisin[8]. In the first stage intermediaries set up the financial structure according to the expectation that they have for the second stage outcome. In the second stage, consumers behave as price takers in the commodity market and in the previously created assets market. We consider that intermediaries form their expectations using continuous random selections from the second stage equilibrium correspondence (differently from Bisin [8] where an endogenous beliefs expectation was used). We establish the existence of equilibria in mixed strategies and moreover, we obtain an approximate equilibria in pure strategies by modeling explicitly the incomplete information that each intermediary has about others intermediaries fixed cost functions. |
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General Equilibrium and Endogenous Creation of Asset MarketsEndogenous asset creationAsset design gameStrategic intermediariesContinuous random selectionsPurification of equilibriaThis paper studies a class of general equilibrium economies in which asset markets arise as choice of financial intermediaries. The economy is modeled as a two stage game as in Bisin[8]. In the first stage intermediaries set up the financial structure according to the expectation that they have for the second stage outcome. In the second stage, consumers behave as price takers in the commodity market and in the previously created assets market. We consider that intermediaries form their expectations using continuous random selections from the second stage equilibrium correspondence (differently from Bisin [8] where an endogenous beliefs expectation was used). We establish the existence of equilibria in mixed strategies and moreover, we obtain an approximate equilibria in pure strategies by modeling explicitly the incomplete information that each intermediary has about others intermediaries fixed cost functions.Nova SBERUNFaias, Marta2019-10-07T09:25:03Z20042004-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10362/83474engFaias, Marta, General Equilibrium and Endogenous Creation of Asset Markets (2004). FEUNL Working Paper Series No. 454info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-03-11T04:37:10Zoai:run.unl.pt:10362/83474Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T03:36:18.690831Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
General Equilibrium and Endogenous Creation of Asset Markets |
title |
General Equilibrium and Endogenous Creation of Asset Markets |
spellingShingle |
General Equilibrium and Endogenous Creation of Asset Markets Faias, Marta Endogenous asset creation Asset design game Strategic intermediaries Continuous random selections Purification of equilibria |
title_short |
General Equilibrium and Endogenous Creation of Asset Markets |
title_full |
General Equilibrium and Endogenous Creation of Asset Markets |
title_fullStr |
General Equilibrium and Endogenous Creation of Asset Markets |
title_full_unstemmed |
General Equilibrium and Endogenous Creation of Asset Markets |
title_sort |
General Equilibrium and Endogenous Creation of Asset Markets |
author |
Faias, Marta |
author_facet |
Faias, Marta |
author_role |
author |
dc.contributor.none.fl_str_mv |
RUN |
dc.contributor.author.fl_str_mv |
Faias, Marta |
dc.subject.por.fl_str_mv |
Endogenous asset creation Asset design game Strategic intermediaries Continuous random selections Purification of equilibria |
topic |
Endogenous asset creation Asset design game Strategic intermediaries Continuous random selections Purification of equilibria |
description |
This paper studies a class of general equilibrium economies in which asset markets arise as choice of financial intermediaries. The economy is modeled as a two stage game as in Bisin[8]. In the first stage intermediaries set up the financial structure according to the expectation that they have for the second stage outcome. In the second stage, consumers behave as price takers in the commodity market and in the previously created assets market. We consider that intermediaries form their expectations using continuous random selections from the second stage equilibrium correspondence (differently from Bisin [8] where an endogenous beliefs expectation was used). We establish the existence of equilibria in mixed strategies and moreover, we obtain an approximate equilibria in pure strategies by modeling explicitly the incomplete information that each intermediary has about others intermediaries fixed cost functions. |
publishDate |
2004 |
dc.date.none.fl_str_mv |
2004 2004-01-01T00:00:00Z 2019-10-07T09:25:03Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10362/83474 |
url |
http://hdl.handle.net/10362/83474 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
Faias, Marta, General Equilibrium and Endogenous Creation of Asset Markets (2004). FEUNL Working Paper Series No. 454 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Nova SBE |
publisher.none.fl_str_mv |
Nova SBE |
dc.source.none.fl_str_mv |
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instname_str |
Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository.name.fl_str_mv |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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1799137982260707328 |