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A Stability Analysis of a Multiple Denomination Equilibrium
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Huang, Pidong | - |
dc.date.accessioned | 2015-12-04T05:00:39Z | - |
dc.date.available | 2015-12-04T05:00:39Z | - |
dc.date.issued | 2015-10 | - |
dc.identifier.citation | Seoul Journal of Economics, Vol.28 No.4, pp. 389-414 | - |
dc.identifier.issn | 1225-0279 | - |
dc.identifier.uri | https://hdl.handle.net/10371/94688 | - |
dc.description.abstract | We consider existence and stability in a simple version of Lee et al. (2005). For a sufficiently large discount factor, a steady state of full ― support wealth distribution and pure strategy exists, whereas for an intermediate discount factor, a steady state of mixed strategy exists. Both steady states are locally stable and determinate. All denominations are circulated in the mixed-strategy steady state, whereas larger denominations are not held in the other steady state. We also show that nonfull-support steady states exist, and are stable and indeterminate. This finding is in sharp contrast to that of Huang, and Igarashi (2014), which show instability of nonfull-support steady states in Lee et al. (2005) | - |
dc.language.iso | en | - |
dc.publisher | Institute of Economic Research, Seoul National University | - |
dc.subject | Random matching model | - |
dc.subject | Carrying cost | - |
dc.subject | Denomination | - |
dc.subject | Instability | - |
dc.subject | Determinacy | - |
dc.title | A Stability Analysis of a Multiple Denomination Equilibrium | - |
dc.type | SNU Journal | - |
dc.citation.journaltitle | Seoul Journal of Economics | - |
dc.citation.endpage | 414 | - |
dc.citation.number | 4 | - |
dc.citation.pages | 389-414 | - |
dc.citation.startpage | 389 | - |
dc.citation.volume | 28 | - |
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