Equilibrium Market Volatility in Imperfect Competition of General Equilibrium
Social Science Research Network , 2019.
Levando D. V., Sakharov M.
We develop a theory of equilibrium market volatility in a general equilibrium duopoly with complete information. The resulting economic system possesses a property, which can be described as ‘natural volatility’ of markets, even if players have complete information. Economy is described as a strategic market game where every player has market power as a buyer and a seller. Players are uncertain about each other’s actions, and due to the properties of expected utility maximization there is no convergence of common beliefs of common knowledge to unique mixed strategies equilibrium, hence, rational expectations approach cannot be applied. Volatility at the market appears from a multiplicity of equilibrium mixed strategies; they cannot be computed precisely, but only approximated. We identify several Pareto-efficient strategies and study induced prices, allocations and payoffs, which are all volatile.
, , / SSRN. Series "Working Papers". 2018.
We develop a theory of market instability caused by strategic trade with complete information and without outside shocks. We focus on general equilibrium duopoly as a strategic market game with infinite strategies, and a pricing mechanism. First order conditions of the game are the 1-st kind integral equations of Fredholm, which have many solutions. A solution ...
Added: January 23, 2018
, , / University Ca' Foscari of Venice, Dept. of Economics. Series Research Paper Series No. 01/WP/. 2018.
We develop a theory of market fluctuations caused by strategic trade with complete information and without outside shocks. The constructed general equilibrium duopoly is a strategic market game with infinite strategies and multiple mixed strategies equilibria. First order conditions (FOC) of the game are the ill-posed problems (Hadamard, 1909), but every equilibrium mixed strategy can ...
Added: January 16, 2018
, , Прикладная эконометрика 2021 Т. 61 С. 62-88
The article is devoted to modeling the level of long term wages changes expectations of employees, depending on events in their life or in society (channels of wage mobility) which are caused the corresponding expectations. The shadow price of different wage mobility channels is calculated. Shadow price is considered as a cost for the state ...
Added: November 17, 2020
Интердискурсивность как часть когнитивного подхода к коммуникации (на примере победной речи Б.Обамы, 2008)
, Ярославский педагогический вестник 2014 № I (Гуманитарные науки) С. 140-144
It is known that discourse is not discussed without its concrete usage. Its participants’ social, political and cultural characteristics are reflected in it. At the same time various voices belonging to previous discourse practices can intermingle in it, which creates new senses of meaning. Thus, when analyzing the influence of discourse upon the audience, linguistic ...
Added: August 25, 2014
, , Frontiers in Psychology 2018 Vol. 8 P. 1-10
Confidence and overconfidence are essential aspects of human nature, but measuring (over)confidence is not easy. Our approach is to consider students' forecasts of their exam grades. Part of a student's grade expectation is based on the student's previous academic achievements; what remains can be interpreted as (over)confidence. Our results are based on a sample of ...
Added: January 12, 2018
, , , Труды Московского физико-технического института 2013 Т. 5 № 4 С. 62-78
In this paper, the general economic equilibrium model of the Republic of Kazakhstan is described. The model includes 8 macroagents. Optimization problems are formulated for 4 agents (household, producer, bank, owner). The behavior of other agents is determined by a scenario. The model is calibrated by quarter data from 2005 to 2010 and simulates trajectories of variables which characterize ...
Added: December 25, 2013
, , , Journal of Pragmatics 2022 Vol. 191 P. 55-66
In the literature on nominal tautologies, it is assumed that common knowledge is a crucial ingredient for their interpretation. This paper explores a different approach: we argue that invoking shared knowledge is at the same time too strict and too vague as a condition for the understanding of tautologies in context. More specifically, we claim ...
Added: February 8, 2022
, Logic Journal of the IGPL 2022
For the modal logic S4CI, we identify the class of completable S4IC-algebras and prove for them a Stone-type representation theorem. As a consequence, we obtain strong algebraic and topological completeness of the logic S4CI in the case of local semantic consequence relations. In addition, we consider an extension of the logic S4CI with certain infinitary derivations and establish ...
Added: November 30, 2022
Les “Hellènes” au regard des Moscovites (Maxime le Grec, Fiodor Karpov et le protopope Avvakoume face aux ”païens vertueux”)
, , in : La vertu des païens. : P. : Editions Kimé, 2019. P. 215-240.
Added: April 1, 2019
, , Synthese 2020
Joint attention customarily refers to the coordinated focus of attention between two or more individuals on a common object or event, where it is mutually “open” to all attenders that they are so engaged. We identify two broad approaches to analyse joint attention, one in terms of cognitive notions like common knowledge and common awareness, ...
Added: June 25, 2020
, , in : GSOM Emerging Markets Conference 2016: Business and Government Perspectives. St. Petersburg : Graduate School of Management, St. Petersburg University. : Graduate School of Management, St. Petersburg University, 2016. P. 184-187.
Overvaluation on financial markets, high price volatility and quite rapid reduction of emerging markets towards an investment behavior field in terms of predictive estimation and forecast of further market changes. Hereby decision-making basis is a personal investment understanding and, due to favorable business climate, could build up the growth of irrational exuberance and speculative bubbles ...
Added: July 19, 2018
, , Прикладная эконометрика 2020 Т. 60 С. 48-69
The dynamics of different maturity loans interest rates is studied. dentification strategy, that explicitly allows to introduce the impact of future interest rates expectations and to estimate their significance is used. It is shown that for Russian banking sector in 2010-2020 expectations about future interest rates path have significant but modest impact on current loan ...
Added: February 2, 2021
, , in : LATEUM 2015: Research and Practice in Multidisciplinary Discourse. Материалы XII международной конференции Лингвистической ассоциации преподавателей английского языка МГУ им М.В. Ломоносова. : M. : Moscow University book, 2015. P. 104-106.
As it follows from the idea of discourse, it is not discussed without its certain usage. Its participants’ social, political and cultural characteristics are reflected in it. At the same time various voices belonging to previous discourse practices can intermingle in it, which creates new senses of meaning. In relation to this the notion of ...
Added: November 6, 2017
, , / Social Science Research Network. Series SSRN Working Paper Series "SSRN Working Paper Series". 2019.
We are constructing an imperfect competition general equilibrium model, with non-consumable money and labor market; our toolkit is an equilibrium default model of Shubik-Wilson (1978). Our result has an ‘equilibrium volatility’ simultaneously occurring at all three markets: labor, goods, and credit market, with a fixed money supply from a bank. A worker and an entrepreneur strategically ...
Added: January 18, 2019
, , , Telecommunications Policy 2017
Germany was the first country in Europe that auctioned off spectrum in the valuable 700 MHz band for mobile telecommunication usage. The German regulator decided to sell this spectrum together with spectrum in the 900 MHz and 1800 MHz legacy bands. With only the three incumbent operators bidding in the auction and a relatively transparent ...
Added: March 18, 2017
, В кн. : Россия в современном мире: экономические, правовые и социальные аспекты развития : материалы научной конференции аспирантов СПбГЭУ. 25 апреля 2017 г. : СПб. : Издательство СПбГЭУ, 2017. С. 95-97.
The materials of the scientific conference present the results of research activities of SPbSUE postgraduate students in 2017. They summarize the theoretical and practical issues of social and economic development of Russia at the present stage. Particular attention is paid to the objectives in the field of innovative development of the country, international cooperation, budgetary and tax policy of ...
Added: February 8, 2019
, , / Tinbergen Institute. Series TI "Tinbergen Institute Discussion Paper". 2017. No. TI 2017-054/III.
Overconfidence seems to be an essential aspect of human nature, and one way to study overconfidence is to consider students’ forecasts of their exam grades. Part of a student’s grade expectation is based on the student’s previous academic achievements; what remains can be interpreted as (over)confidence. In this paper we study overconfidence using a sample ...
Added: June 25, 2017