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Global Games
In economics and game theory, global games are games of incomplete information where players receive possibly-correlated signals of the underlying state of the world. Global games were originally defined by Carlsson and van Damme (1993). The most important practical application of global games has been the study of crises in financial markets such as bank runs, currency crises, and bubbles. However, they have other relevant applications such as investments with payoff complementarities, beauty contests, political riots and revolutions, and any other economic situation which displays strategic complementarity. Global games in models of currency crises Stephen Morris and Hyun Song Shin (1998) considered a stylized currency crises model, in which traders observe the relevant fundamentals with small noise, and show that this leads to the selection of a unique equilibrium. This result overturns the result in models of complete information, which feature multiple equilibria. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics
Economics () is the social science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interactions of Agent (economics), economic agents and how economy, economies work. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and market (economics), markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have impact on glossary of economics, these elements. Other broad distinctions within economics include those between positive economics, desc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Strategic Complementarity
In economics and game theory, the decisions of two or more players are called strategic complements if they mutually reinforce one another, and they are called strategic substitutes if they mutually offset one another. These terms were originally coined by Bulow, Geanakoplos, and Klemperer (1985). To see what is meant by 'reinforce' or 'offset', consider a situation in which the players all have similar choices to make, as in the paper of Bulow et al., where the players are all imperfectly competitive firms that must each decide how much to produce. Then the production decisions are strategic complements if an increase in the production of one firm increases the marginal revenues of the others, because that gives the others an incentive to produce more too. This tends to be the case if there are sufficiently strong aggregate increasing returns to scale and/or the demand curves for the firms' products have a sufficiently low own-price elasticity. On the other hand, the productio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Iván Werning
Iván Werning (born June 20, 1974) is an Argentine economist. He is a professor at the MIT Department of Economics. A native of Argentina, Werning earned his B.A. from Universidad de San Andrés and his M.A. from Universidad Torcuato di Tella, both in Buenos Aires. Werning earned his Ph.D. at the University of Chicago in 2002. In the article "International bright young things" on 30 October 2008, ''The Economist ''The Economist'' is a British weekly newspaper printed in demitab format and published digitally. It focuses on current affairs, international business, politics, technology, and culture. Based in London, the newspaper is owned by The Econo ...'' listed Werning as one of the top 8 young economists in the world. References External links Website at MIT 1974 births Living people 21st-century Argentine economists University of Chicago alumni MIT School of Humanities, Arts, and Social Sciences faculty Fellows of the Econometric Society Fellows of the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
George-Marios Angeletos
George-Marios Angeletos ( el, Γεώργιος-Μάριος Αγγελέτος; born in 1975, Athens, Greece) is a Greek economist who is a Professor of Economics at Northwestern University. He was previously a Professor of Economics at the Massachusetts Institute of Technology (MIT). Early life and education Angeletos was born in Athens, Greece. He earned his B.A. degree in Economics from Athens University of Economics and Business in 1996, and received his M.Sc. in Economics in 1997 from the same university. Angeletos earned his Ph.D in Economics in 2001 from Harvard. Angeletos received a scholarship from the Alexander S. Onassis Foundation to complete his doctorate. Academic career After graduating from Harvard, Angeletos became a member of the MIT faculty, and was awarded tenure there in 2007. In 2006, Angeletos received a Sloan Fellowship, awarded by the Alfred P. Sloan Foundation. Shortly after receiving tenure, Angeletos won the Bodossaki Foundation Prize in Social ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
MIT Press
The MIT Press is a university press affiliated with the Massachusetts Institute of Technology (MIT) in Cambridge, Massachusetts (United States). It was established in 1962. History The MIT Press traces its origins back to 1926 when MIT published under its own name a lecture series entitled ''Problems of Atomic Dynamics'' given by the visiting German physicist and later Nobel Prize winner, Max Born. Six years later, MIT's publishing operations were first formally instituted by the creation of an imprint called Technology Press in 1932. This imprint was founded by James R. Killian, Jr., at the time editor of MIT's alumni magazine and later to become MIT president. Technology Press published eight titles independently, then in 1937 entered into an arrangement with John Wiley & Sons in which Wiley took over marketing and editorial responsibilities. In 1962 the association with Wiley came to an end after a further 125 titles had been published. The press acquired its modern name af ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Bureau Of Economic Research
The National Bureau of Economic Research (NBER) is an American private nonprofit research organization "committed to undertaking and disseminating unbiased economic research among public policymakers, business professionals, and the academic community". The NBER is well known for providing start and end dates for recessions in the United States. Many chairpersons of the Council of Economic Advisers were previously NBER Research Associates, including the former NBER president and Harvard Professor, Martin Feldstein. The NBER's president and CEO is James M. Poterba of MIT. History The NBER was founded in 1920. Its first staff economist, director of research, and one of its founders was American economist Wesley Clair Mitchell. He was succeeded by Malcolm C. Rorty in 1922. The Russian American economist Simon Kuznets, a student of Mitchell, was working at the NBER when the U.S. government recruited him to oversee the production of the first official estimates of national in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Complete Information
In economics and game theory, complete information is an economic situation or game in which knowledge about other market participants or players is available to all participants. The utility functions (including risk aversion), payoffs, strategies and "types" of players are thus common knowledge. Complete information is the concept that each player in the game is aware of the sequence, strategies, and payoffs throughout gameplay. Given this information, the players have the ability to plan accordingly based on the information to maximize their own strategies and utility at the end of the game. Inversely, in a game with incomplete information, players do not possess full information about their opponents. Some players possess private information, a fact that the others should take into account when forming expectations about how those players will behave. A typical example is an auction: each player knows his own utility function (valuation for the item), but does not know the utili ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hyun Song Shin
Hyun Song Shin () is a South Korean economic theorist and financial economist who focuses on global games. He has been the Economic Adviser and Head of Research of the Bank for International Settlements (BIS) since May 1, 2014. Previously, he was the Hughes-Rogers Professor of Economics at Princeton University since 2006, though he took a leave in December 2009 to advise South Korean President Lee Myung-bak on the international economy as well as help set the agenda for the G-20 Seoul summit in November 2010. Education and career Shin obtained a B.A. in philosophy, politics and economics at Oxford University (Magdalen College) in 1985, an MPhil in economics from Oxford's Nuffield College in 1987, and a DPhil in economics from Oxford's Nuffield College in 1988. Shin became a research fellow in 1988 and tutorial fellow in 1990 at Magdalen College, Oxford. In 1994 he moved to the University of Southampton, where he became a professor of economics. He moved back to Oxford in 19 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stephen Morris (game Theorist)
Stephen Edward Morris is an economic theorist and game theorist especially known for his research in the field of global games. Since July 2019, he has been a Professor of Economics at the Massachusetts Institute of Technology. Prior to that he taught at Princeton, Yale, and the University of Pennsylvania. He was the editor of Econometrica for the period 2007–2011, and in 2019 served as president of the Econometric Society. Biography Stephen Morris was born in 1963 in a small town called Weybridge in England. Morris's father was the senior UK diplomat Sir Willie Morris, who served as the UK's Ambassador to several countries. His mother was Ghislaine Morris. Morris obtained a B.A. in mathematics and economics at Cambridge University in 1985. He worked as an economist for the government of Uganda for two years before choosing to continue his formal education at Yale University, and earned a Ph.D. in economics in 1991. He became an assistant professor at University of Pennsylv ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Revolutions
In political science, a revolution (Latin: ''revolutio'', "a turn around") is a fundamental and relatively sudden change in political power and political organization which occurs when the population revolts against the government, typically due to perceived oppression (political, social, economic) or political incompetence. Revolutions have occurred throughout human history and vary widely in terms of methods, duration, and motivating ideology. Their results include major changes in culture, economy, and socio-political institutions, usually in response to perceived overwhelming autocracy or plutocracy. Scholarly debates about what does and does not constitute a revolution center on several issues. Early studies of revolutions primarily analyzed events in European history from a psychological perspective, but more modern examinations include global events and incorporate perspectives from several social sciences, including sociology and political science. Several generations ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Game Theory
Game theory is the study of mathematical models of strategic interactions among rational agents. Myerson, Roger B. (1991). ''Game Theory: Analysis of Conflict,'' Harvard University Press, p.&nbs1 Chapter-preview links, ppvii–xi It has applications in all fields of social science, as well as in logic, systems science and computer science. Originally, it addressed two-person zero-sum games, in which each participant's gains or losses are exactly balanced by those of other participants. In the 21st century, game theory applies to a wide range of behavioral relations; it is now an umbrella term for the science of logical decision making in humans, animals, as well as computers. Modern game theory began with the idea of mixed-strategy equilibria in two-person zero-sum game and its proof by John von Neumann. Von Neumann's original proof used the Brouwer fixed-point theorem on continuous mappings into compact convex sets, which became a standard method in game theory and mathema ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Political Riots
Politics (from , ) is the set of activities that are associated with making decisions in groups, or other forms of power relations among individuals, such as the distribution of resources or status. The branch of social science that studies politics and government is referred to as political science. It may be used positively in the context of a "political solution" which is compromising and nonviolent, or descriptively as "the art or science of government", but also often carries a negative connotation.. The concept has been defined in various ways, and different approaches have fundamentally differing views on whether it should be used extensively or limitedly, empirically or normatively, and on whether conflict or co-operation is more essential to it. A variety of methods are deployed in politics, which include promoting one's own political views among people, negotiation with other political subjects, making laws, and exercising internal and external force, including wa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
