Avviso di seminario

[Alberto Roverato <roverato@ecoalpha.unimo.it>]

                   Universita' di Modena
             Dipartimento di Economia Politica
           Viale J. Berengario 51 - 41100 Modena


-------------------------------------------------------------------
                   AVVISO DI SEMINARIO
-------------------------------------------------------------------



                      William Sudderth
                    School of Statistics
                   University of Minnesota


         A Strategic Market Game with Active Bankruptcy
         -----------------------------------------------



               Martedi' 17 settembre, h. 14.30
                   aula Seminari, ala Ovest



Abstract:

    To model a simple market economy, we consider a noncooperative
game with one nondurable commodity, fiat money, borrowing and lending
through a central bank or a money market, and continuum of agents.
The agents receive random endowments during each period and must decide
how much to spend on consumption and how much to save for the future.
Agents are allowed to borrow and lend (or deposit) money each period.
Unfortunate borrowers may be unable to pay back their loans.
    We are interested in the dynamics of the model and the existence
of a stationary Markov equilibrium. In particular, do there exist
interest rates for borrowing and lending and a distribution of wealth
such that the price of the commodity stays fixed?
    The seminar is based on work done jointly with J. Geanakoplos,
I. Karatzas, and M. Shubik.


Per informazioni rivolgersi a:

                    Prof. Lane David  email: lane@unimo.it