In this paper we propose a composite Variational Inequality formulation for modeling multi-mode, multi-class and multi-criteria stochastic dynamic user equilibrium problem in recurrent congestion network with queues. The each mode of travelers is classified into two classes. One is the equipped traveler following stochastic dynamic user-equilibrium with less uncertainty of travel cost, another ...

In this paper we propose a composite Variational Inequality formulation for modeling multimode, multi-class stochastic dynamic user equilibrium problem in recurrent congestion networks with queues. The modes typically refer to different vehicle types such as passenger cars, trucks, and buses sharing the same road space. Each vehicle type has its own characteristics, such as free flow speed, veh...

Social capital plays a role in many desirable economic outcomes. We analyze how these beneficial effects translate into the performance of economies by developing dynamic stochastic general equilibrium (DSGE) model featuring social explaining Solow residual. then simulate and estimate with Bayesian techniques using Italian data. Our framework fits actual data better than standard DSGE model, su...

This paper studies the implications of model uncertainty under stochastic volatility model for equilibrium asset pricing. We derive the equilibrium equity premium and risk-free rate in a pureexchange economy with one representative agent who is averse not only to risk but also to model uncertainty. The results show that robustness increases the equilibrium equity premium while lowers the risk-f...

We explore the structural drivers of bank and nonbank credit cycles using a medium-scale dynamic stochastic general equilibrium (DSGE) model with two types financial intermediation. posit economywide sectoral disturbances in both macro sectors. estimate that shocks to balance sheets entrepreneurs are important for fluctuations growth at business cycle frequency. Economywide entrepreneurial risk...

This paper describes a novel approach to both learning and computing Nash equilibrium in continuous games that is especially useful for analyzing structural game theoretic models of imperfect competition and oligopoly. We depart from the methods and assumptions of the traditional “Calculus” approach to computing equilibrium. Instead, we use a new and natural interpretation of games as condition...