In this paper we consider Anonymous Sequential Games with Aggregate Uncertainty. We prove existence of equilibrium when there is a general state space representing aggregate uncertainty. When the economy is stationary and ...
In this paper we consider Anonymous Sequential Games with Aggregate Uncertainty. We prove existence of equilibrium when there is a general state space representing aggregate uncertainty. When the economy is stationary and ...
This paper extends the results of Jovanovic and Rosenthal (1988) on the existence of equilibrium in anonymous sequential games. They prove existence in the case where the aggregate distribution of agents' characteristics ...
In this paper we extend a result of Jovanovic and Rosenthal (Anonymous sequential games, Journal of Mathematical Economics 17, 1988) on the existence of equilibrium in Anonymous Sequential Games. Jovanovic and Rosenthal ...
In this paper we consider Anonymous Sequential Games with Aggregate Uncertainty. We prove existence of equilibrium when there is a general state space representing aggregate uncertainty. when the economy is stationary and ...
This paper develops a dynamic evolutionary model in which agents make choices on the basis of relative performance criteria. We distinguish two classes of learned behavior: imitative dynamics and a new class of dynamics, ...
We study economic environments in which agents make choices on the basis of relative performance criteria and call the associated class of dynamic adjustment rules comparative dynamics. We distinguish two classes of learning ...
This paper characterizes long-run outcomes for broad classes of symmetric games, when players select actions on the basis of average historical performance. Received wisdom is that when agent’s interests are partially ...
We develop a theoretical model of the dynamics of an industry over the business cycle. In the economy, both aggregate demand and the productivity of a firm's technology evolve stochastically. Each period, firms must choose ...
We study the dynamics of an industry subject to aggregate demand shocks where the productivity of a firm’s technology evolves stochastically over time. Each period, each firm, given the aggregate demand shock, the productivity ...
We study the dynamics of an industry subject to aggregate demand shocks where the productivity of a firm’s technology evolves stochastically over time. To characterize the intertemporal evolution
of the distribution of ...
We study repeated interaction over time and explore long-run behavior when individuals imitate successful past performers, selecting actions that yielded better average historical performance. For a class of environments ...