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Notes on the constrained suboptimality result by J.D. Geanakoplos and H.M. Polemarchakis (1986)
(Centro de Investigación y Docencia Económicas, División de Economía, 2009)
J. D. Geanakoplos and H. M. Polemarchakis (1986) prove the generic constrained suboptimality of equilibrium allocations in two period economies with incomplete markets. In these notes we provide a complete and detailed ...
Strategic information acquisition in networked groups with "informational spillovers"
(Centro de Investigación y Docencia Económicas, División de Economía, 2009)
This paper develops a model of costly information acquisition by agents who are connected through a network. For a exogenously given network, each agent decides first on information acquisition from his neighbors and then, ...