行为金融学 讲座6.pdf

14.127 Lecture 6 Xavier Gabaix March 11, 2004 0.0.1 Shrouded attributes. A continuation • Rational guys � Ui = q − p + max (V − p, V − e) + σεi � = q − p + V − min (p , e) + σεi = Ui + σεi • Rational demand for good 1 � � D1 = P U1 max Ui i=2,...,n � � = P U1 + σε1 max Ui i=2,...,n � ∗ �∗ • We look for symmetric equilibrium with (p , p ) = (p , p ) for i = 2, ..., n. i i • Profits � � � π1 = D1 p + p 1 p ≤e � � • Assume c = 0 and c = 0 • Call α — fraction of rational guys. • Then π = α � � � � � � ∗ p + p 1 D (A) + (1 − α) p + p 1 D (−p + p ) p�≤e p ≤V � � ∗ �∗ where A = −p − min (p, e) + p + min (p , e) • The slope of profit � � � ∂π � ′ � = αD (A) − α p + p 1 D (A) + (1 − α) D (A) − (1