Zobrazeno 1 - 10
of 17
pro vyhledávání: '"Ricardo Serrano-Padial"'
Autor:
Ricardo Serrano-Padial
Publikováno v:
SSRN Electronic Journal.
We study large games played by heterogeneous agents whose payoffs depend on the aggregate action and provide novel equilibrium selection and comparative statics results. We prove the equivalence between the global games selection and potential maximi
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_________::beca7707d5da50d522603260d5264de7
https://doi.org/10.2139/ssrn.3541957
https://doi.org/10.2139/ssrn.3541957
Publikováno v:
Journal of Economic Theory. 178:153-189
Financial markets crucially rely on the development of an infrastructure dedicated to the enforcement of contracts. Here we study the eects of limited enforcement capacity on nancial contracting by proposing a new theory of costly state verication.
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_________::7c8c833592e661d9fd8cf3ba0e87421b
https://doi.org/10.1016/j.jet.2018.09.002
https://doi.org/10.1016/j.jet.2018.09.002
Publikováno v:
American Economic Review. 107:897-930
We investigate the role of information technology (IT) in the collection of delinquent consumer debt. We argue that the widespread adoption of IT by the debt collection industry in the 1990s contributed to the observed expansion of unsecured risky le
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_________::7419e3356b024f991ac9166f0fb90c7f
https://doi.org/10.1257/aer.20131029
https://doi.org/10.1257/aer.20131029
Publikováno v:
Working paper (Federal Reserve Bank of Philadelphia).
Contract enforceability in financial markets often depends on the aggregate actions of agents. For example, high default rates in credit markets can delay legal enforcement or reduce the value of collateral, incentivizing even more defaults and poten
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_________::135f9efb8916ff306dd5ab2078b08085
https://doi.org/10.21799/frbp.wp.2018.21
https://doi.org/10.21799/frbp.wp.2018.21
Autor:
Ricardo Serrano-Padial
Publikováno v:
SSRN Electronic Journal.
This paper studies equilibrium selection in large coordination games played by heterogeneous agents, such as models of bank runs, currency attacks or technology adoption. Player payoffs are affected by the average action and the player’s type, as w
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_________::25737861349eeffbb5933ccb8862bec5
https://doi.org/10.2139/ssrn.3272840
https://doi.org/10.2139/ssrn.3272840
Autor:
Amit Gandhi, Ricardo Serrano-Padial
Publikováno v:
The Review of Economic Studies. 82:156-186
This paper studies belief heterogeneity in a benchmark competitive asset market: a market for Arrow-Debreu securities. We show that dierences in agents’ beliefs lead to a systematic pricing pattern, the favorite longshot bias (FLB): securities with
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_dedup___::5d5bcfa5781193458d8fd542423a7a75
https://doi.org/10.1093/restud/rdu017
https://doi.org/10.1093/restud/rdu017
Autor:
Lukasz Drozd, Ricardo Serrano-Padial
Publikováno v:
Working paper (Federal Reserve Bank of Philadelphia).
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_________::3774fd8beac2f6f8fc09a2ecfb1414dd
https://doi.org/10.21799/frbp.wp.2017.27
https://doi.org/10.21799/frbp.wp.2017.27
Autor:
Lukasz Drozd, Ricardo Serrano-Padial
Publikováno v:
Working paper (Federal Reserve Bank of Philadelphia).
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_________::b4b4602754dd58e577caccdfb13a8803
https://doi.org/10.21799/frbp.wp.2017.02
https://doi.org/10.21799/frbp.wp.2017.02
Autor:
Ricardo Serrano-Padial
Publikováno v:
Journal of Economic Theory. 147:1882-1912
This paper studies pricing patterns in a speculative market with asymmetric information populated by both sophisticated and naive traders. Three pricing regimes arise in equilibrium: perfect pricing, with prices equalling asset values, partial mispri
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_________::82ed671b2468640665148fb302eafa8e
https://doi.org/10.1016/j.jet.2012.05.020
https://doi.org/10.1016/j.jet.2012.05.020