Imperfect recognizability and coexistence of money and higher-return assets
2010/08/17
研討會日期 : 2010-08-17
時間 : 14:30
主講人 : Professor Tai-Wei Hu
地點 : C103
演講者簡介 : Tai-Wei Hu got his Ph.D. in Economics, The Pennsylvania State University. He is currently serving as Senior Lecturer at the Managerial Economics & Decision Sciences, Kellogg School of Management, Northwestern University. His research field is in Decision theory, Game theory, Monetary economics.
演講摘要 : Existing solutions to the problem of coexistence of money and higher-return substitutes that rely on imperfect recognizability of the substitutes adopt extreme assumptions: they either have a zero cost of counterfeiting the substitutes or omit plausible refinements that would rule out pooling equilibria. Here coexistence is obtained with a general distribution of positive counterfeiting costs within a signalling-game framework in which the intuitive criterion is invoked. Moreover, if the cost of counterfeiting is small, then any monetary equilibrium that satisfies the intuitive criterion necessarily exhibits coexistence. A continuity assumption on off-equilibrium beliefs is also considered. It is satisfied by equilibria with small use of substitutes, but not by cash-in-advance equilibria.
