We propose two related equilibrium re…nements for voting and agenda-setting games, Sequentially Weakly Undominated Equilibrium (SWUE) and Markov Trembling Hand Perfect Equilibrium (MTHPE), and show how these equilibrium concepts eliminate non-intuitive equilibria that arise naturally in dynamic voting games and games in which random or deterministic sequences of agenda-setters make o¤ers to sev...

This paper, derived within a general equilibrium framework, demonstrates that housing price can be explicitly expressed as a combination of an exponential and linear function of housing ren tal. This model provid es an explanation as to why housing appreciatio n may not match in ̄ ation in the long-run steady state. We show that only under a very particu lar set of conditions, will housing price...

We present a dynamic model of the hospital industry in which nonprofit and for-profit hospitals coexist and compete and are differentiated by their objective functions, investment technologies, and taxation rates. In our model, patients differ by income and type of insurance coverage, and choose admission to their preferred hospital, while hospitals choose investment, entry, exit, and pricing s...

This paper studies competitive equilibrium over time of a one good model in which the agents are members of a population which grows at a constant rate. Each agent lives for n periods and in the i-th period of his life receives an endowment of ei units of goods. Goods can neither be produced nor stored. The model is thus the n-period generalization of the twoand three-period models studied by S...

Our analysis of macroeconomic fluctuations in the previous two chapters has developed two very incomplete pieces. In Chapter 5, we considered a full intertemporal macroeconomic model built from microeconomic foundations with explicit assumptions about the behavior of the underlying shocks. The model generated quantitative predictions about fluctuations, and is therefore an example of a quantita...

In an auction market where the price of each selling item is restricted to an admissible interval (price rigidities), a Walrasian equilibrium usually fails to exist. Dreze (1975) introduced a variant concept of Walrasian equilibrium based on rationing systems, named constrained Walrasian equilibrium, for modelling an economy with price rigidities. Talman and Yang (2008) further refined the conc...

This paper proposes several statistical tests for finite state Markov games to examine the null hypothesis that the data are generated from a single equilibrium. We formulate tests of (i) the conditional choice and state transition probabilities, (ii) the steady-state distribution, and (iii) the conditional state distribution given an initial state. In a Monte Carlo study we find that the test ...

I develop a dynamic general equilibrium model of exchange traded funds (ETFs) that accounts for the two-tier ETF market structure with both a centralized exchange (secondary market) and a creation/redemption mechanism (primary market) operating through marketmaking firms known as Authorized Participants (APs). The model is tractable and allows for any number of ETFs and basket securities. I sho...

The purpose of this study was to determine whether visual improvement of balance varies depending on the movement of the eye. Three movements were compared: static visual fixations, saccadic eye movements, and smooth pursuit eye movements. The subjects in this study were 35 healthy female volunteers. Balance was defined as the subjects' ability to maintain their equilibrium while keeping the un...

Various contributions to the recent literature on congestion pricing have demonstrated that when services at a congestible facility are provided by operators with market power, the case in point often being a few airlines jointly using a congested airport, optimal congestion pricing rules deviate from the familiar Pigouvian rule that tolls be equal to the marginal external costs. The reason is ...