Evolution, Reputation and Rationality : Three Essays

Language: English

Published by LAP LAMBERT Academic Publishing, 2010

383830523X / 9783838305233

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Seller: AHA-BUCH GmbH, Einbeck, GermanyAHA-BUCH GmbH

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nach der Bestellung gedruckt Neuware - Printed after ordering - The book consists of three parts. The first part analyzes the stock market dynamic under the presence of agents with heterogeneous beliefs and connects it to commonly observed asset overvaluation. Its two main results are that the long-run equilibrium price is the risk-neutral fundamental price even though all agents are risk-averse and that heterogeneity of beliefs persists. The second chapter describes the interactions between a borrower and creditors, where the borrower has private information, and the loan sizes are determined endogenously by the competitive credit market. It is shown that without behaviorally honest types all equilibria but one are inefficient and result in the country's eventual default. The result helps to explain why developing countries often fail to establish a good reputation in order to attract potential investors. The third chapter experimentally analyzes the importance of utility and action interdependence in subjects' reasoning. The results show that such recent theories as fairness, altruism, reciprocation, etc. have a rather modest effect and explain less than half of subjects' deviation from payoff-maximizing behavior.

Seller Inventory # 9783838305233

Title
Evolution, Reputation and Rationality : Three Essays
Author
Dmitry Shapiro
Publisher
LAP LAMBERT Academic Publishing
Publication year
2010
Condition
Neu
Binding
Taschenbuch
Language
English
ISBN 10
383830523X
ISBN 13
9783838305233
Item weight
191 grams
Dimensions
220x150x7 mm

AHA-BUCH GmbH

Einbeck, Germany

5-star seller

AbeBooks seller since August 14, 2006

Shipping rates from Germany to U.S.A.

Item30 to 40 business days7 to 14 business days
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