DEFAULT PENALTY AS A DISCIPLINARY AND SELECTION MECHANISM IN违约金作为一种惩戒与选拔机制.pptVIP

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DEFAULT PENALTY AS A DISCIPLINARY AND SELECTION MECHANISM IN违约金作为一种惩戒与选拔机制.ppt

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* Treatment 2 These results of T2 and T2-R broadly confirm the results from T1—the introduction of a money allows convergence to the unique equilibrium that is defined by the value/default penalty associated with the money. * Treatment 3: Conjectures 6. In Treatment 3 the unique equilibrium defined by the default penalties μ1 and μ2 is approached. * * * * Treatment 3 The unique equilibrium defined by the chosen penalty is approached in Treatment 3. * Conclusions Attempt to explore the role of institutions (e.g., bankruptcy laws, accounting) in resolving multiplicity problems in closed economies Treatment 1 as a benchmark: Empirical support for theoretical indeterminacy. Treatment 2: Salvage value/default penalty of a fiat money can be chosen to achieve any of the competitive equilibria of the original economy. Treatment 3 as robustness check: Other penalties generate specific equilibrium outcomes (but not necessarily economize on use of money) Institutional arrangements in a society provide the means to resolve the possibility of multiple equilibria in an economy. Empirical support for the attitudes of macroeconomists who do not regard the non-uniqueness of competitive equilibria as a major applied problem. * Trading Screen without Fiat Money * Results Screen without Fiat Money * Payoff Tables * Trading Screen with Fiat Money * Results Screen with Fiat Money * Payoff Table with Fiat Money (T2c) Thank You. * * * * * * * * * * * * * * * HSS: Default Penalties DEFAULT PENALTY AS A DISCIPLINARY AND SELECTION MECHANISM IN PRESENCE OF MULTIPLE EQUILIBRIA Shyam Sunder, Yale University (Joint work of Juergen Huber, Martin Shubik and Shyam Sunder) Experimental Economics and Finance 2010 The Wang Yanan Institute for Studies in Economics (WISE) Xiamen University, Xiamen, China December 15-16, 2010 * A basic question and several solutions In the abstract general equilibrium theory of closed exchange and exchange-production economies, several equilibria may be present. Dy