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来源类型Discussion paper
规范类型论文
来源IDDP6518
DP6518 Stock Market Volatility and Learning
Albert Marcet; Juan Pablo Nicolini; Klaus Adam
发表日期2007-10-12
出版年2007
语种英语
摘要We explore how optimal information choices change the predictions of strategic models. When a large number of agents play a game with strategic complementarity, information choices exhibit complementarity as well: If an agent wants to do what others do, they want to know what others know. This makes heterogeneous beliefs difficult to sustain and may generate multiple equilibria. In models with substitutability, agents prefer to differentiate their information choices. We use these theoretical results to determine the role of information choice in recent price-setting models and to propose modeling techniques that ensure equilibrium uniqueness.
主题International Macroeconomics
关键词Costly information acquisition Price-setting Strategic complementarities
URLhttps://cepr.org/publications/dp6518
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/535357
推荐引用方式
GB/T 7714
Albert Marcet,Juan Pablo Nicolini,Klaus Adam. DP6518 Stock Market Volatility and Learning. 2007.
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