全球智库信息集成服务系统(G2TT): DP7264 Risk Matters: The Real Effects of Volatility Shocks

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP7264
	DP7264 Risk Matters: The Real Effects of Volatility Shocks
	Martín Uribe; Juan Francisco Rubio-Ramírez; Jesus Fernandez-Villaverde; Pablo A. Guerron-Quintana
发表日期	2009-04-12
出版年	2009
语种	英语
摘要	In aggregative games, each player's payoff depends on her own actions and an aggregate of the actions of all the players (for example, sum, product or some moment of the distribution of actions). Many common games in industrial organization, political economy, public economics, and macroeconomics can be cast as aggregative games. In most of these situations, the behavior of the aggregate is of interest both directly and also indirectly because the comparative statics of the actions of each player can be obtained as a function of the aggregate. In this paper, we provide a general and tractable framework for comparative static results in aggregative games. We focus on two classes of aggregative games: (1) aggregative of games with strategic substitutes and (2) "nice" aggregative games, where payoff functions are continuous and concave in own strategies. We provide simple sufficient conditions under which "positive shocks" to individual players increase their own actions and have monotone effects on the aggregate. We show how this framework can be applied to a variety of examples and how this enables more general and stronger comparative static results than typically obtained in the literature.
主题	Development Economics ; Financial Economics
关键词	Aggregative games Contests Oligopoly Robust comparative statics Strategic substitutes
URL	https://cepr.org/publications/dp7264
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/536101
推荐引用方式 GB/T 7714	Martín Uribe,Juan Francisco Rubio-Ramírez,Jesus Fernandez-Villaverde,et al. DP7264 Risk Matters: The Real Effects of Volatility Shocks. 2009.