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Evolution, Reputation and Rationality

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ISBN-10: 383830523X

ISBN-13: 9783838305233

Edition: N/A

Authors: Dmitry Shapiro

List price: $42.00
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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…    
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Book details

List price: $42.00
Publisher: Lambert Academic Publishing
Binding: Paperback
Pages: 116
Size: 6.00" wide x 9.00" long x 0.28" tall
Weight: 0.396
Language: English