Existence of an Equilibrium for Lower Semicontinuous Information Acquisition Functions
Joint Authors
Haguet, Eléonore
Turinici, Gabriel
Bialecki, Agnès
Source
Journal of Applied Mathematics
Issue
Vol. 2014, Issue 2014 (31 Dec. 2014), pp.1-11, 11 p.
Publisher
Hindawi Publishing Corporation
Publication Date
2014-04-20
Country of Publication
Egypt
No. of Pages
11
Main Subjects
Abstract EN
We consider a two-period model in which a continuum of agents trade in a context of costly information acquisition and systematic heterogeneous expectations biases.
Because of systematic biases agents are supposed not to learn from others' decisions.
In a previous work under somehow strong technical assumptions a market equilibrium was proved to exist and the supply and demand functions were proved to be strictly monotonic with respect to the price.
Here we extend these results under very weak technical assumptions.
We also prove that the equilibrium price maximizes the trading volume and further additional properties (such as the antimonotonicity of the trading volume with respect to the marginal information price).
American Psychological Association (APA)
Bialecki, Agnès& Haguet, Eléonore& Turinici, Gabriel. 2014. Existence of an Equilibrium for Lower Semicontinuous Information Acquisition Functions. Journal of Applied Mathematics،Vol. 2014, no. 2014, pp.1-11.
https://search.emarefa.net/detail/BIM-458916
Modern Language Association (MLA)
Bialecki, Agnès…[et al.]. Existence of an Equilibrium for Lower Semicontinuous Information Acquisition Functions. Journal of Applied Mathematics No. 2014 (2014), pp.1-11.
https://search.emarefa.net/detail/BIM-458916
American Medical Association (AMA)
Bialecki, Agnès& Haguet, Eléonore& Turinici, Gabriel. Existence of an Equilibrium for Lower Semicontinuous Information Acquisition Functions. Journal of Applied Mathematics. 2014. Vol. 2014, no. 2014, pp.1-11.
https://search.emarefa.net/detail/BIM-458916
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references
Record ID
BIM-458916