강의노트(Lecture Notes)

Course:(게임이론)ECON 4424 - Game Theory...... 번역의뢰하기
Professor:Robert P. Gilles
Econ 4424 This course offers an introduction to game theory. Formal ways to describe interactive decision situations, or "games," are introduced and the individually optimal behavior, or "strategies," for all participating decision-makers, or "players," is derived. If all players play their individually optimal strategy, then we arrive at an equilibrium in the game. In many games, the resulting equilibria lead to surprising insights: the "cold war" can be identified as an equilibrium between competing world powers, the over-exploitation of natural resources and the resulting environmental disasters are identified as equilibria in situations where firms compete over these natural resources, and for presidential candidates in an election it is optimal to choose their policies as close to each other as possible. It is clear that game theory has many applications to economics and hands economists the tools to analyze difficult economic decision processes in which interaction among economic subjects is vital. The objective of this course is to provide you with an introduction to this exciting field and discuss applications to several economic issues. Besides discussing a textbook, the course is also conducted through classroom simulations of games, which offers the students first hand experience with this type of decision situations and their consequences.

Chapter 4.

Course:(게임이론) E51-063 - Game Theory (Fall 2001)...... 번역의뢰하기
Professor:Paul Milgrom(paul@milgrom.net) , Muhamet Yildiz (myildiz@mit.edu)
-NO1.syllabus(38 KB)
-NO2.Choice theory(167 KB)
-NO3.Game theory is evolving(583 KB)
-NO4.The core(175 KB)
-NO5.Bargaining(188 KB)
-NO6.Nash Bargaining and Alternating Offers(154 KB)
-NO7.5 Noncooperative solutions(283 KB)
-NO8.Price Theory Encompassing(583 KB)

기출문제(Final and Mid-term)

Course:ECON 4424 - Game Theory...... 번역의뢰하기
Professor:Robert P. Gilles
Final theory exam: November 29, 2001
Final Exam of November 18, 1999.
MidTerm Exam of October 10, 2000
Final Exam of November 16, 2000

논문, 페이퍼

분야 및 자료 분류:(거시경제,노동경제) C
Professor:Emek Basker
Competition, Efficiency, and Employment: Labor-Market Effects of Wal-Mart Expansion (653KB)
Abstract or Contents
The phenomenal expansion of Wal-Mart provides a clean case study for the labor-market effects of increased efficiency in the retail sector. I estimate the effect of Wal-Mart entry on retail employment at the county level. Using an instrumental-variables approach to correct for both measurement error in entry dates and possible endogeneity of the timing of entry, I find that Wal-Mart entry increases retail employment by 100 jobs in the year of entry. Half of this gain disappears over the next five years, leaving a statistically significant net gain of 50 jobs at the five-year horizon. The decline in retail employment in the years immediately following entry is associated with the closing of both small and large retail establishments. No effect on neighboring counties can be detected...... 번역의뢰하기

분야 및 자료 분류:(노동경제) C
Professor:Roberto Benelli
The Design of Financial Contracts and Capital Requirements (471KB)
Abstract or Contents
Financial incentives and termination threats coexist as incentive devices in many private contracts in financial markets, as well as in the regulation of financial institutions. This paper addresses the optimal balance between financial incentives and termination threats in a contract between a borrower and a lender. Financial incentives are provided by requiring the borrower to finance a sufficiently large share of her investment project. Based on information about the borrower's performance, the borrower-lender relationship can be terminated by liquidating a fraction of the project at a price that depends on the aggregate volume of liquidation...... 번역의뢰하기

분야 및 자료 분류:(금융,거시경제) C
Professor:Robert P. Gilles
Market Participation and Liquidity Risk(360KB)
Abstract or Contents
I study an overlapping generations model of a risky asset market in which some agents face a participation cost. The participation decision generates a positive and a negative externality. Participation, by improving the allocative efficiency of the price system, reduces the dividend risk. However, it also raises the liquidity risk borne by short-horizon agents by increasing the responsiveness of the asset price to the arrival of information. The interaction between the two externalities can give rise to multiple equilibria in participation. When there are multiple equilibria in participation, the stochastic process that selects participation has to be correlated over time...... 번역의뢰하기

분야 및 자료 분류:(금융,거시경제) C
Professor:Daniel Bergstresser
Market Concentration and Loan Portfolios in Commercial Banking(284KB)
Abstract or Contents
This paper estimates the relationship between market concentration in commercial banking and the riskiness of bank loan portfolios. I use the unprecedented changes in the degree of competition in local banking markets that occurred between 1980 and 1994 to estimate the impact of market competition on the risk profile of commercial bank lending. I find evidence that increasing concentration has been associated with reductions in the flow of bank capital to construction and land development loans, which are the highest-risk category of commercial bank loans. The magnitude of this effect is large; an increase in concentration from the 25th to the 75th percentile is associated with a 20 percent drop in the share of bank lending going to construction loans. Robustness to a variety of control and instrumental variables strategies supports a causal interpretation of this empirical relationship...... 번역의뢰하기

분야 및 자료 분류:(금융,거시경제) C
Professor:Daniel Bergstresser
Banking Market Concentration and Consumer Credit Constraints: Evidence from the Survey of Consumer Finances(213KB)
Abstract or Contents
Credit helps households improve the timing of consumption expenditures, allowing the purchase of durable and other goods regardless of financial assets on hand. In 2000 consumer debt amounted to over $1.5 trillion, an amount equal to over 15 percent of GDP. More than $500 billion of this total was extended by the commercial banking sector. Still, many households report being credit constrained, with requests for credit rejected or discouraged by potential lenders. Stiglitz and Weiss (1981) formalize models where credit rationing is an equilibrium feature, and Petersen and Rajan (1995) extend these types of models to banking markets of varying degrees of competition. This paper uses data from the 1983 Survey of Consumer Finances to test empirically the relationship between banking market concentration and households' self-reported measures of credit rationing and constraint...... 번역의뢰하기

분야 및 자료 분류:(금융,거시경제) C
Professor:Daniel Bergstresser
Do After-Tax Returns Affect Mutual Fund Inflows? (209KB)
Abstract or Contents
This paper explores the relationship between the after-tax returns that taxable investors earn on equity mutual funds and the subsequent cash inflows to these funds. Previous studies have documented that funds with high pretax returns attract greater inflows. This paper investigates the relative predictive power of pre-tax and after-tax returns for explaining annual fund inflows. The empirical results, based on a large sample of equity mutual funds over the period 1993-1998, suggest that after-tax returns have more explanatory power than pretax returns in explaining inflows...... 번역의뢰하기

분야 및 자료 분류:(금융,거시경제) C
Professor:Daniel Bergstresser
Asset Allocation and Asset Location Decisions: Evidence from the Survey of Consumer Finances (127KB)
Abstract or Contents
The rapid growth of self-directed tax-deferred investing has generated a new set of financial decisions for many households. In addition to deciding which assets to hold, households with substantial assets in both taxable and tax-deferred accounts must decide which assets to locate inside each type of account. This paper uses data from the 1989 and 1998 Surveys of Consumer Finances to assess how many households have enough assets in both taxable and tax-deferred accounts to face significant choices regarding asset location. As of 1998, 45 percent of households had at least some assets in a tax-deferred account, and more than ten million households had at least $25,000 both in their taxable and in their tax-deferred accounts...... 번역의뢰하기

분야 및 자료 분류:(공공경제,산업조직론) C
Professor:Leemore S. Dafny
How Do Hospitals Respond to Price Changes? (366KB)
Abstract or Contents
This paper investigates whether hospitals respond in profit-maximizing ways to changes in diagnosis-specific prices, as determined by Medicare's Prospective Payment System and other cost-conscious insurers. Previous studies have been unable to isolate this response because changes in reimbursement amounts (prices) are typically endogenous: they are adjusted to reflect changes in hospital costs. I exploit an exogenous 1988 policy change that generated a relative price increase of 8 percent (around $300) for 43 percent of all Medicare admissions. Using the unaffected admissions as a control group, I find that hospitals did not increase the intensity of care provided to affected admissions, where intensity is measured by total costs, length of stay, number of surgical procedures, number of intensive-care-unit days, and in-hospital death rate...... 번역의뢰하기

분야 및 자료 분류:(공공경제,산업조직론) C
Professor:Leemore S. Dafny
Entry Deterrence in Surgical Procedure Markets: A Simple Model of Learning by Doing(570KB)
Abstract or Contents
In the wake of managed care and Medicare's Prospective Payment System, hospitals have begun to compete more intensely for patients. This paper examines the strategic behavior of hospitals in one of their primary output markets: inpatient surgical procedures. High levels of learning by doing in several surgical fields may act as a barrier to entry. I investigate whether incumbent hospitals threatened by entry in a profitable procedure-market manipulate their procedure volume to take advantage of this effect. By focusing on incumbent behavior following a positive shock to the profitability of a procedure, and comparing this behavior across markets with different levels of entry-deterrence incentives (e.g., markets where only one major potential provider exists vs. those where multiple hospitals possess several key prerequisites for entry into the given surgical procedure market), I am able to detect evidence consistent with entry-deterring behavior in three preliminary case studies: liver transplants, electrophysiological studies, and prostatectomies. These findings suggest that competitive motivations may play a role in treatment decisions....... 번역의뢰하기

분야 및 자료 분류:(공공경제,산업조직론) C
Professor:Leemore S. Dafny
Does Public Insurance Improve the Efficiency of Medical Care? Medicaid Expansions and Child Hospitalizations(485KB)
Abstract or Contents
Advocates for expanded public health insurance frequently claim that increased coverage will increase the efficiency of medical care delivery, but this claim has little rigorous empirical support. We provide such support by assessing the impact of the Medicaid expansions over the 1983-1996 period on the incidence of avoidable hospitalizations. We find that expanded public insurance eligibility leads to a significant decline in avoidable hospitalization: over this period, Medicaid eligibility expansions are associated with a 22 percent decline in avoidable hospitalization. But...... 번역의뢰하기

분야 및 자료 분류:(공공금융,산업조직,도시경제) C
Professor:Thomas Davidoff
Labor Income, Housing Prices and Homeownership (250KB)
Abstract or Contents
For most US households, labor income is the most important source of wealth and housing is the most important risky asset. A natural intuition is thus that households whose incomes covary relatively strongly with housing prices should own relatively little housing. Under standard, but restrictive assumptions on preferences, this result holds theoretically. More generally, the result is highly plausible, but does not follow from first principles. Empirically, I find a significant effect: among US households, a one standard deviation increase in income-price covariance is associated with a decrease of approximately $25,000 in the value of owner occupied housing...... 번역의뢰하기

분야 및 자료 분류:(공공금융,산업조직,도시경제) C
Professor:Thomas Davidoff
Annuities and Individual Welfare (190KB)
Abstract or Contents
No Abstarct Available...... 번역의뢰하기

분야 및 자료 분류:(공공금융,산업조직,도시경제) C
Professor:Thomas Davidoff
Income Sorting: Measurement and Decomposition (101KB)
Abstract or Contents
This paper addresses the measurement of income sorting and the attribution of observed sorting to different causes. In terms of measurement, I show that a standard decomposition of variance of household income into within jurisdiction and between jurisdiction components understates sorting in the presence of measurement error. Using 1990 US Census data, I find that adjusting for this error approximately doubles the estimated extent of sorting. On average, across all US metropolitan areas (MSAs) I find that approximately ten percent of the variation in household income can be explained by differences across jurisdictions...... 번역의뢰하기

분야 및 자료 분류:(계량경제,개발경제) C
Professor:Melissa Schettini Kearney
State Lotteries and Consumer Behavior (1.763MB)
Abstract or Contents
State lotteries have become one of the largest operations of state governments. Despite enormous controversy surrounding the use of state lotteries as a means of public finance, we know very little about the consumer consequences. This project investigates two central questions about lotteries. First, how do state lotteries impact household expenditures? My investigation finds that households respond to the introduction of a state lottery with increased gambling. Furthermore...... 번역의뢰하기

분야 및 자료 분류:(계량경제,개발경제) C
Professor:Melissa Schettini Kearney
Is There an Effect of Incremental Welfare Benefits on Fertility Behavior? A Look at the Family Cap
Abstract or Contents
A number of states have recently instituted family cap policies, under which women who conceive a child while receiving cash assistance are not entitled to additional cash benefits upon the birth of the child. This paper takes advantage of the variation across states in the timing of the policy's implementation to determine if family cap policies are discouraging women from having additional births...... 번역의뢰하기

분야 및 자료 분류:(경영전략,혁신경제학) C
Professor:Robert P. Gilles
Competition, Innovation, and Product Exit (210.2KB)
Abstract or Contents
This paper integrates rationales for product exit from a number of different literatures and compares the statistical and substantive effect of these explanations. We use a novel dataset covering every product introduced into the desktop laser printer industry since its inception. Using hedonic models, hazard rate models, and count models, this study generates three main findings. First, managers do not appear to pull products off the market when they innovate. Rather they seem to keep the incumbent products on the market and add newer, more innovative products to the marketplace that have longer expected lives. Second, competition has a large impact on driving products out of markets. That is...... 번역의뢰하기

분야 및 자료 분류:(미시경제) C
Professor:Michael D. Noel
Edgeworth Price Cycles, Cost-based Pricing and Sticky Pricing in Retail Gasoline Markets (Main Job Market Paper - November 2001)
Abstract or Contents
This paper examines dynamic pricing behavior in retail gasoline markets for 19 Canadian cities over 574 weeks. I find three distinct retail pricing patterns: 1. standard cost-based pricing, 2. sticky pricing, and 3. steep, asymmetric retail price cycles that mirror those of Maskin & Tirole [1988]. I use a Markov switching regression to estimate the prevalence of the regimes, the pattern of markup in each, and the structural characteristics of the price cycles themselves. Retail price cycles prevail in over 40% of the sample...... 번역의뢰하기

분야 및 자료 분류:(미시경제) C
Professor:Michael D. Noel
Edgeworth Price Cycles: Firm Interaction in the Toronto Retail Gasoline Market (November 2001)
Abstract or Contents
This paper exploits a new station-level micro-dataset to examine in detail the dynamic pricing behavior of retail gasoline firms in the Toronto market. The Toronto market experiences strong retail price cycles similar to the Edgeworth Cycles of Maskin & Tirole [1988]. Using a Markov switching regression, I show that when the margins are sufficiently low, large firms are most likely to be first to reset the cycle by significantly raising prices. The average one-time price increase for a firm is 5.6 cents per liter, or 170% of the average margin. The magnitude of the increase is decreasing in the current markup and increasing in expected future wholesale prices...... 번역의뢰하기