2009 Conference
Transcription
2009 Conference
2 Dipartimento di Matematica e Statistica Università degli studi di Napoli Federico II Society for the Advancement of Economic Theory IX CONFERENCE OF THE SOCIETY FOR THE ADVANCEMENT OF ECONOMIC THEORY Associazione per lo Sviluppo di Teoria Economica, Matematica e Applicazioni International Scientific Committee: Local Scientific Committee: Scientific Program Organizing Committee: Of the IX Conference of the Society for the Advancement of Economic Theory Facoltà di Economia, Università degli Studi di Napoli Federico II Dipartimento di Matematica e Statistica, Università degli Studi di Napoli Federico II Society for the Advancement of Economic Theory Associazione per lo Sviluppo di Teoria Economica, Matematica e Applicazioni Scientifi c Program simil of the Castello Aragonese IX Conference of the Society for the Advancement of Economic Theory June 29 – July 5, 2009 Ischia Italy At hotel Continental Terme 3 IX CONFERENCE OF THE SOCIETY FOR THE ADVANCEMENT OF ECONOMIC THEORY International Scientific Committee: Local Scientific Committee: Organizing Committee: International scientific committee Local scientific committee C. D. Aliprantis (Purdue U, USA), Co-Chair B. Allen (U Minnesota, USA) A. Araujo (IMPA, BRAZIL) Y. Balasko (U York, UK) A. Basile(U Naples Federico II and CSEF, ITALY), Co-Chair G. Camera (U Iowa, USA) B. Cornet (U Kansas, USA and U Paris 1, FRANCE) P. Hammond (U Warwick, UK) C. Herves-Beloso (U Vigo, SPAIN) D. Kovenock (U Iowa, USA) J. Ledyard (Caltech, USA) D. Levine (Washington U, St. Louis, USA) E. Maskin (Princeton U, USA) C. Plott (Caltech, USA) K. Podczeck (U Vienna, AUSTRIA) E. Prescott (Arizona State U, USA) M. Quinzii (UC Davis, USA) K. Ritzberger (U Vienna, AUSTRIA) H. Sabourian (U Cambridge, UK) A. Villamil (U Illinois, USA and U Manchester, UK) S. Williamson (Washington U, St. Louis, USA) M. Wooders (Vanderbilt U, USA and U Warwick, UK) N. C. Yannelis (U Illinois, USA and U Manchester, UK) W. R. Zame (UCLA, USA) V. Aversa (U Naples Federico II, ITALY) P. de Lucia (U Naples Federico II, ITALY) M. G. Graziano(U Naples Federico II and CSEF, ITALY) T. Jappelli (U Naples Federico II and CSEF, ITALY) M. Marrelli (U Naples Federico II and CSEF, ITALY) M. Pagano (U Naples Federico II and CSEF, ITALY) G. Trombetti (U Naples Federico II, ITALY) Organizing committee V. Aversa (U Naples Federico II, ITALY) A. Basile (U Naples Federico II and CSEF, ITALY) A. De Simone (U Naples Federico II, ITALY) M. G. Graziano(U Naples Federico II and CSEF, ITALY) C. Tarantino (U Naples Federico II, ITALY) 5 6 IX CONFERENCE OF THE SOCIETY FOR THE ADVANCEMENT OF ECONOMIC THEORY IX CONFERENCE OF THE SOCIETY FOR THE ADVANCEMENT OF ECONOMIC THEORY International Scientific Committee: Dear colleagues, it is a pleasure to welcome you to the Island of Ischia for the 9th edition of the biennial conference of the Society for the Advancement of Economic Theory. Scientific Committee: For many of you this is a return after eight years and it will be Local difficult to avoid the memories of those days, and of the days in Greece, Spain, Turkey, when Roko Aliprantis animated previous conferences of the Society. However, just a couple of weeks before Roko left - in a phone call - placidly announcing me his absence in Ischia, he asked me to do everything exactly the same way he were here with Committee: us. And I will! So, with great Organizing joy I welcome you. I welcome you on behalf of the Faculty of Economics of University Federico II as well. The generous support of several institutions made this event financially viable. In particular, I express our deepest gratitude towards Banca d’Italia, Regione Campania, Università Federico II (Polo delle Scienze Umane e Sociali, Dipartimento di Matematica e Statistica, Dipartimento di Matematica e Applicazioni), CSEF, Istituto Banco di Napoli – Fondazione, Banco di Napoli, MPS Venture, Istituto Italiano per gli Studi Filosofici, Dipartimento di Scienze Economiche e Statistiche dell’Università degli Studi di Salerno, Dipartimento di Analisi dei Sistemi Economici e Sociali dell’Università degli Studi del Sannio, PRIN cofinanziato MURST “Preferences and Fairness in Sharing and Exchange Problems”, Springer – Verlag, AMASES, ASTEMA. My gratitude goes to the colleagues Vincenzo Aversa, Anna De Simone, Maria Gabriella Graziano and Ciro Tarantino. Without their invaluable teamwork, you may well imagine this conference would have been unrealizable. Thanks also to our Ph. D. student Marialaura Pesce for the help and for her enthusiasm in helping us. Finally, I wish to thank Shelley Corbin – of Purdue University - for her work as administrator of the web site of the Conference and the staff of the Dipartimento di Matematica e Statistica, Enrico Cafaro, Maria Rosaria Esposito, Claudio Tortora and Fulvio Vannini for the organizational support. In the following pages you will find the scientific program of the conference; first divided in sessions, then in a more detailed form. In the latter, we highlighted in bold the name of the presenting authors. The program is quite rich. Three hundred talks, the keynote lectures by Eric Maskin and James Mirrlees, the establishment of the Aliprantis Prize for fresh Ph. D. that will be announced by Charles Plott and Edward Prescott. My wish is that such a rich program will turn into a starting point for future academic research for the all of us - particularly for the young ones. The intense pace of academic work will ease to give way to a number of relaxing social events on several occasions. Sunday, the 28th of June, a welcome cocktail will be served at 7:30 PM in the Park of Hotel Continental Terme Wednesday, the 1st of July, is entirely reserved to a social excursion. We shall visit the Island of Capri through a boat tour. It will be possible to see Capri and Anacapri’s main points of interest as well as to have lunch in Anacapri. On Thursday, the 2nd of July, at 9:30 PM we shall have a jazz concert in the Park of Hotel Continental Terme. We are pleased to have with us the Orchestra Jazz dell’ Università di Salerno. On Friday, the 3rd of July, a social dinner will take place at Ristorante del Parco in the Hotel Continental Terme. A lyric concert by the barithon Gaetano Maschio will also take place. Pearls from the Neapolitan tradition and from the italian opera will be performed. Enjoy the Conference! Achille Basile 7 8 IX CONFERENCE OF THE SOCIETY FOR THE ADVANCEMENT OF ECONOMIC THEORY Scheduling of sessions 9 IX CONFERENCE OF THE SOCIETY FOR THE ADVANCEMENT OF ECONOMIC THEORY Monday, June 29, 2009 TIME SESSION 08:45 – 08:55 Presentation of the scheduling of the conference 09:00 – 11:00 Monetary Theory General Equilibrium Topics in Macroeconomics 11:00 – 11:30 Coffee break 11:30 – 12:15 Opening Remarks and Establishment of the Aliprantis Prize 12:15 – 13:15 Keynote lecture: Mirrlees 15:00 – 17:00 Markets with Frictions Reasoning and Beliefs in Games Mathematical Economics, Part I 17:00 – 17:30 Coffee break 17:30 – 19:30 Behavioral Economics and Applications Theoretical Topics in Industrial Economics Mathematical Economics, Part II Networks in Macroeconomics Tuesday, June 30, 2009 TIME SESSION 09:00 – 11:00 11:00 – 11:30 Williamson Balasko Fisher Camera Kets Sun Levine Martin Sun Ghiglino SESSION ORGANIZER Le Van Bonnisseau Krebs Coffee break Growth Models with Money, Credit Market and Uncertainty, Part II Bargaining Theory Issues in Macroeconomics and Policy Le Van 15:00 – 17:00 Strategic Information Transmission and Markets Auctions and Mechanism Design Liquidity and Asset Pricing Functional Analysis and Applications Gottardi Manelli Werner Avgerinos and Basile 17:00 – 17:30 Coffee break 17:30 – 19:30 Financial General Equilibrium Banking and Credit General Equilibrium and Ambiguity Auctions and non-competitive Equilibrium 11:30 – 13:30 10 Growth Models with Money, Credit Market and Uncertainty, Part I Exchange Processes Heterogeneous-agent Models SESSION ORGANIZER Herings Temzelides Magill and Quinzii Williamson Arujo and Faro Carvajal IX CONFERENCE OF THE SOCIETY FOR THE ADVANCEMENT OF ECONOMIC THEORY Thursday, July 2, 2009 TIME SESSION 09:00 – 11:00 Ambiguity Aversion and Asymmetric Information, Part I Higher Order Beliefs and Robustness to Incomplete Information Behavioral General Equilibrium Banking and Financial Stability SESSION ORGANIZER Yannelis Chassang and Takahashi Spear Tsomocos 11:00 – 11:30 Coffee break 11:30 – 13:30 Ambiguity Aversion and Asymmetric Information, Part II Market Games and Implementations Industrial Organization, Part I Yannelis Trockel Kovenock 15:00 – 17:00 Preferences and Fairness Topics in Financial Economics Matching Models and two-sided Markets Sequential Markets Li Calzi Villamil Echenique Martins da Rocha and Vailakis 17:00 – 17:30 Coffee break 17:30 – 19:30 Household Finance Equilibrium Theory Industrial Organization, Part II Multicriteria Games and Vector Equilibria Friday, July 3, 2009 TIME SESSION Jappelli and Padula Balasko Moreno Morgan SESSION ORGANIZER 09:00 – 11:00 Price Discovery in Competitive Markets, Part I Auctions International Trade, Part I Ledyard de Castro Filho Riezman 11:00 – 11:30 Coffee break 11:30 – 13:30 Price Discovery in Competitive Markets, Part II Topics in Uncertainty and Information International Trade, Part II Ledyard Allen Klimenko 15:00 – 17:00 Networks (Endogenous Networks and Network Dynamics) Equilibrium and Information in Games International Trade and Factor Mobility Dynamic Macro Models with Frictions or Imperfections Page Abdou Facchini Wang 17:00 – 17:20 Coffee break 17:20 – 18:15 Keynote lecture: Maskin 18:30 – 20:30 Leverage and Other Topics in Equilibrium Theory Behavioral Game Theory Networks (Networks and Markets) Foundations of Matching and Allocations Pascoa Wooders Babus Puzzello 11 IX CONFERENCE OF THE SOCIETY FOR THE ADVANCEMENT OF ECONOMIC THEORY Saturday, July 4, 2009 TIME SESSION 09:00 – 11:00 Political Economy Topics on Economic Growth and Development Economic Theory 11:00 – 11:30 Coffee break Squintani Cavalcanti Gozzi Economic Theory: Applications, Part I Dynamic Games Limited Cognitive-Inferential Abilities and their Behavioral Consequences Moreno Garcia Sabourian Kaneko 15:00 – 17:00 The Subprime Lending Crisis Economic Theory: Applications, Part II Networks (Networks, Externalities and Dependence) Consistency Problems in Decision Making Pagano Herves Beloso Rogers Squillante 17:00 – 17:30 Coffee break 17:30 – 19:30 Credit Markets Game Theory Networks (Diffusion and Pricing in Social Networks) 11:30 – 13:30 Sunday, July 5, 2009 TIME SESSION 09:00 – 11:00 Games and Decisions Non Exclusive Dealings in Financial Markets Topics in Equilibrium Theory 11:00 – 11:30 Coffee break Zame Ritzberger and Alós-Ferrer Corbo SESSION ORGANIZER Balder Bennardo and Piccolo Cornet Mechanism Design, Public Goods and Public Policies Games and Markets Stochastic Optimization and Games with Applications in Finance Florenzano and Graziano Koutsougeras Evstigneev 15:00 – 17:00 Computational Economics General Equilibrium with Public Goods Aggregative Games Kubler Graziano and Florenzano Hartley 17:00 – 17:30 Coffee break 17:30 – 19:30 Game Theory and Applications Set Functions and Applications Externalities and Public Choice 11:30 – 13:30 12 SESSION ORGANIZER Hammond de Lucia Iehlé and del Mercato IX CONFERENCE OF THE SOCIETY FOR THE ADVANCEMENT OF ECONOMIC THEORY IX CONFERENCE OF THE SOCIETY FOR THE ADVANCEMENT OF ECONOMIC THEORY Scheduling of talks Scheduling of talks 13 IX CONFERENCE OF THE SOCIETY FOR THE ADVANCEMENT OF ECONOMIC THEORY Room: Pitecusa 08:45 – 08:55 Room: Primavera Presentation of the scheduling of the conference Monetary Theory Chair: S.D. Williamson General Equilibrium Chair: Y. Balasko 09:00 – 09:25 L. Araujo and B. Camargo: Money versus memory A. D'Agata D'Agata: Exact and approximate equilibria in replica non convex economies 09:30 – 09:55 R. Lagos Lagos: Asset prices, liquidity, and monetary policy in an exchange economy E. Covarrubias: Covarrubias The number of equilibria of smooth infinite economies 10:00 – 10:25 P. Gomis-Porqueras and A. PeraltaAlva: Optimal taxation in a monetary search model with informal markets V.F. Martins-da-Rocha and Y. Vailakis: Collateral, default penalties and endogenous debt constraints 10:30 – 10:55 S. Shi and H. Sun: Monetary Theory with non-degenerate distributions H. Cres, M. Markeprand and Tvede: M. Tvede Incomplete financial markets and jumps in asset prices Opening remarks and establishment of the Aliprantis Prize Chair: A. Basile 11:30 – 11:50 11:55 – 12:10 G. Trombetti, N.C. Yannelis Yannelis: Opening Remarks C.R. Plott, E.C. Prescott Prescott: Establishment of the Aliprantis Prize Keynote Lecture Chair: M. Marrelli 12:15 – 13:10 14 Monday, June 29, 2009 J.A. Mirrlees Imperfect rationality and economic policy Monday, June 29, 2009 IX CONFERENCE OF THE SOCIETY FOR THE ADVANCEMENT OF ECONOMIC THEORY Room: Nitrodi A Topics in Macroeconomics Chair: W. Fisher 09:00 – 09:25 L.J. Dam and B.H. Heijdra: The Environmental and Macroeconomic Effects of Socially Responsible Investment 09:30 – 09:55 Roel M.W.J. Beetsma, A. Lans Bovemberg and W.E. Romp: Pensions, International and Intergenerational Risk Sharing in General Equilibrium 10:00 – 10:25 V. Cerra Cerra, S. Tekin and S.J. Turnovsky: Foreign Transfers and Real Exchange Adjustments in a Financially Constrained dependent Economy W.H. Fisher and B.H. Heijdra: Growth and the ageing joneses 10:30 – 10:55 15 IX CONFERENCE OF THE SOCIETY FOR THE ADVANCEMENT OF ECONOMIC THEORY Room: Pitecusa Room: Primavera Markets with Frictions Reasoning and Beliefs in Games Chair: W. Kets Chair: S. Shi 15:00 – 15:25 G. Menzio and S. Shi: Block Recursive Equilibria for Stochastic Models of Search on the Job 15:30 – 15:55 M. Galenianos Galenianos, P. Kircher and G. Virag: Market Power and Efficiency in a Search Model J. Albrecht Albrecht, P. Gautier and S. Vroman Vroman: Directed Search in the Housing Market 16:00 – 16:25 P. Battigalli , A. Di Tillio, E. Grillo and A. Penta: Interactive Epistemology and Solution Concepts for Games with Asymmetric Information P. Battigalli and A. Friedenberg: Context Dependent Forward Induction Reasoning T. Sadzik Sadzik: Beliefs Revealed in Bayesian-Nash Equilibrium M. Galenianos and P. Kircher: Game-theoretic Foundations of Competitive Search Equilibrium A. Heifetz, M. Meier and B.C. Schipper: Dynamic Unawareness and Rationalizable Behavior Behavioral Economics and Applications Chair: D. Levine Theoretical Topics in Industrial Economics Chair: S. Martin 17:30 – 17:55 A. Ludwig and A. Zimper: A Parsimonious Choquet Model of Subjective Life Expectancy D. Czarnitzki Czarnitzki, F. Etro and K. Kraft: The effect of entry on R&D investment of leaders: theory and empirical evidence 18:00 – 18:25 L. Alaoui Alaoui: The value of useless information 18:30 – 18:55 D. Fudenberg and D. Levine: Self Control, Risk Aversion, and the Allais Paradox J. Hinloopen and J. Vandekerckhove: Dynamic efficiency of Cournot and Bertrand competition with cooperative R&D G. De Fraja and P. Valbonesi: The design of the university system 16:30 – 16:55 19:00 – 19:25 16 Monday, June 29, 2009 Martin S. Martin: Microfoundations for the quadratic aggregate welfare function Monday, June 29, 2009 IX CONFERENCE OF THE SOCIETY FOR THE ADVANCEMENT OF ECONOMIC THEORY Room: Nitrodi A Room: Nitrodi B Mathematical Economics, Part I Chair: Y. Sun 15:00 – 15:25 M.A. Khan and K.P. Rath: The Dvoretsky-Wald-Wolfowitz theorem on F-algebras: An elementary treatment 15:30 – 15:55 Y.C. Chen and X. Luo: Belief operator in a universal space 16:00 – 16:25 F. Herzberg Herzberg: A representative individual from arrovian aggregation of parametric individual utilities 16:30 – 16:55 C.S. Liu and W.T. Juang: Behind veils of directed trees: Stochastic stability reinvestigation Mathematical Economics, Part II Networks in Macroeconomics Chair: Y. Sun Chair: C. Ghiglino 17:30 – 17:55 H.K. Koo and B.H. Lim: Oligopolistic market making and price volatility B. Sinclair Sinclair, M. McConnell and D.P. Green: Detecting Spillover in Social Networks: Design and Analysis of Multi-level Experiments 18:00 – 18:25 H.F. Fu Fu: Connecting Bayesian games with large games V.M. Carvalho Carvalho: Aggregate Fluctuations and The Network Structure of Intersectoral Trade 18:30 – 18:55 Z.X. Zhang Zhang: Blackwell's theorem with infinite states of nature M. Teteryatnikovay Teteryatnikovay: R&D in the Network of International Trade: Multilateral versus Regional Trade Agreements 19:00 – 19:25 G. Gerasimou Gerasimou: Consumer theory with bounded rational preferences A. Galeotti, C. Ghiglino and F. Squintani Squintani: Strategic information transmission in networks 17 IX CONFERENCE OF THE SOCIETY FOR THE ADVANCEMENT OF ECONOMIC THEORY Room: Pitecusa Room: Primavera Growth Models with Money, Credit Market and Uncertainty, Part I Chair: C. Le Van Exchange Processes 09:00 – 09:25 S. Bosi Bosi: Multiple equilibria in two-sector monetary economies: an interplay between preferences and the timing for money M.N. Fuentes Fuentes: General equilibrium in economies with externalities and nonconvex production sets in an infinite dimensional commodity space 09:30 – 09:55 J.P. Drugeon Drugeon: On sectoral supply functions with heterogeneous goods and the case for the Poincare-Hof bifurcation in competitive economies: a reconsideration T. Seegmuller Seegmuller: Credit market, collaterals and selffulling bubbles: on rational exhuberance A. Venditti Venditti: Expectation-driven business cycle fluctuations with non-separable preferences S.D. Flåm and Y. Ermoliev: On Repeated Bilateral Exchange 10:00 – 10:25 10:30 – 10:55 11:30 – 11:55 12:00 – 12:25 12:30 – 12:55 13:00 – 13:25 18 Tuesday, June 30, 2009 Chair: J.-M. Bonnisseau J.M. Bonnisseau and O. Nguenamadji: Discrete Walrasian Exchange Process Polyrakis: I. Polyrakis Maximal replicated submarkets Growth Models with Money, Credit Market and Uncertainty, Part II Bargaining Theory Chair: C. Le Van Chair: J.-J. Herings F. Dufourt, T. Lloyd-Braga and L. Modesto Modesto: Expected inflation changes, sunspots equilibria and persistent unemployment fluctuations T. Lloyd-Braga Lloyd-Braga, L. Modesto and T. Seegmuller: Market distortions and local indeterminacy: a general approach C. Loupias and B. Wigniolle: Population, land and growth H. Vartiainen Vartiainen: Higher order beliefs in bargaining E. Tanimura and S. Thoron: A new mechanism for resolving bargaining impasses between risk averse parties T. Miyakawa Miyakawa: On the Bilateral Contracting Process in Economies with Externalities A. Predtetchinski Predtetchinski: On the asymptotic uniqueness of bargaining equilibria Tuesday, June 30, 2009 IX CONFERENCE OF THE SOCIETY FOR THE ADVANCEMENT OF ECONOMIC THEORY Room: Nitrodi A Hetereogeneous-agent Models Chair: T. Krebs 09:00 – 09:25 L. Braido Braido: Ergodic Markov Equilibria with Incomplete Markets and Debt Constraints that Never Bind 09:30 – 09:55 K. Reffett and L. Wozny: Partial Ordering Approaches to Dynamic Equilibrium of Heterogeneous-Agent Economies 10:00 – 10:25 C. Ghiglino and A. Venditti: The Role of the Wealth Distribution on Output Volatility 10:30 – 10:55 P. Beker and E. Espino: Efficient Allocations under Limited Commitment and Heterogeneous Beliefs Issues in Macroeconomics and Policy Chair: T. Temzelides 11:30 – 11:55 Y. Chien Chien, H. Cole and H. Lustig: A multiplier approach to understanding the macro implications of household finance 12:00 – 12:25 D. Restuccia and G. Vandenbroucke Vandenbroucke: The evolution of education: a macroeconomic analysis P. Boel and G. Camera: Financial sophistication and the distribution of the welfare cost of inflation Z. Li: Productivity dispersion across plants, emission abatement and environmental policy 12:30 – 12:55 13:00 – 13:25 19 IX CONFERENCE OF THE SOCIETY FOR THE ADVANCEMENT OF ECONOMIC THEORY Room: Pitecusa Room: Primavera Strategic Information Transmission and Markets Chair: P. Gottardi Auctions and Mechanism Design Chair: A. Manelli 15:00 – 15:25 D. Gerardi and L. Maestri: A Principal-Agent Model of Sequential Testing S. Parlane and F. Rousseau: Optimal IPO Design with After-Market Trading 15:30 – 15:55 T. Calvo de Armengol, J. De Marti and A. Prat: Endogenous Communication in Complex Organizations T. Borgers, Á. Hernando-Veciana and D. Krahmer: When are Signals Complements or Substitutes? P. Gottardi and A. Cabrales: Markets for Information. Of Inefficient Firewalls and Efficient Monopolies Burguet, J.-J. Ganuza and E. Hauk: R. Burguet Limited Liability and Mechanism Design in Procurement 16:00 – 16:25 16:30 – 16:55 17:30 – 17:55 18:00 – 18:25 18:30 – 18:55 19:00 – 19:25 20 Tuesday, June 30, 2009 R. Deneckere and S. Severinov: Multi-Dimensional Screening with a One-Dimensional Allocation Space A. Manelli and D. Vincent: Information Policies for Sellers at Auction Financial General Equilibrium Chair: M. Magill and M. Quinzii Banking and Credit V. Britz, J.J. Herings and A. Predtetchinski: The Theory of the Firm: Bargaining and Competitive Equilibrium M. Magill and M. Quinzii: A Co-Moment Criterion for the Choice of Risky Investment by Firms. M. Hoelle Hoelle: A Simple Model of Bankruptcy in General Equilibrium G. Antinolfi and S. Prasad: Banks and markets: liquidity versus insurance M. Magill and M. Quinzii: Controlling expectations of inflation with the term structure of interest rates Chair: S.D. Williamson H. Ennis and J. Weinberg: A model of stigma in the fed funds market F. Mattesini, C. Monnet, and R. Wright: Banking: a mechanism design approach S. Williamson Williamson: Credit market distress and central bank lending Tuesday, June 30, 2009 IX CONFERENCE OF THE SOCIETY FOR THE ADVANCEMENT OF ECONOMIC THEORY Room: Nitrodi A Room: Nitrodi B Liquidity and Asset Pricing Functional Analysis and Applications Chair: E. Avgerinos and A. Basile Chair: J. Werner 15:30 – 15:55 A. Geumbel and O. Susman: Liquidity, Contagion and Financial Crisis N. Papanastassiou: Papanastassiou On p density topology 16:00 – 16:25 M. Rostek and M. Weretka: Dynamic Thin Markets X. Demetriou Demetriou: Ideal convergence in Riesz Spaces 16:30 – 16:55 J. Geanakoplos Geanakoplos: Leverage Cycles E.P. Avgerinos Avgerinos: On Periodic solutions for differential inclusions with nonconvex multifunction General Equilibrium and Ambiguity Chair: A. Araujo and J.H. Faro Auctions and non-competitive Equilibrium Chair: M. Weretka 17:30 – 17:55 J. Werner and T. Strzalecki: Efficient Allocations under Ambiguity 18:00 – 18:25 S. Condie and J. Ganguli: Ambiguity and Rational Expectations Equilibria A. Araujo, A. Chateauneuf and J.H. Faro: Revealing Incomplete Financial Markets M. Siniscalchi Siniscalchi: Applications of Vector Expected Utility M. Rostek and M. Weretka: Discriminatory or Uniform: Design of Divisible Good Auctions L. de Castro: Castro Equilibria Existence in Regular Discontinuous Games M. Rostek, M. Weretka and M. Pycia: Small double auctions 18:30 – 18:55 19:00 – 19:25 21 IX CONFERENCE OF THE SOCIETY FOR THE ADVANCEMENT OF ECONOMIC THEORY Room: Pitecusa Room: Primavera Ambiguity Aversion and Asymmetric Information, Part I Chair: N.C. Yannelis Higher Order Beliefs and Robustness to Incomplete Information Chair: S. Chassang and S. Takahashi 09:00 – 09:25 A. Chateauneuf, F. Maccheroni and H. Zank Zank: On the principle of consistency J. Steiner and C. Stewart: Communication can destroy common learning 09:30 – 09:55 T. Diasakos and P. Ghirardato: Decision-making under ambiguity: an axiomatic approach to bounded rationality M. Mariathasan: Mariathasan Subjective beliefs in monetary policy committees 10:00 – 10:25 J. H. Faro Faro: Variational Bewley preferences 10:30 – 10:55 L. de Castro and N.C. Yannelis: Ambiguity aversion and asymmetric information: the fear of being cheated. A. Penta Penta: Higher order beliefs in dynamic environments Oury M. Oury: Robustness and Noise Independent Selection in Global Games Ambiguity Aversion and Asymmetric Information, Part II Chair: N.C. Yannelis 11:30 – 11:55 L. de Boisdeffre Boisdeffre: The perfect foresights' assumption revisited (II): the existence of sequential equilibrium with price uncertainty T. Chudjakow and F. Riedel: The best choice problem under ambiguity Market Games and Implementations Chair: W. Trockel T. Inoue Inoue: Indivisible commodities and an equivalence theorem on the strong core 12:30 – 12:55 M. Pesce and N.C. Yannelis: Bayesian Walrasian Equilibria J.Flesch, R.Peeters, E. Pot, and D. Vermeulen: Dynamic duopolistic competition with market capturing opportunities S.Brangewitz: S.Brangewitz A Survey on Market Games 13:00 – 13:25 J. Correia da Silva Silva: Uncertain delivery in the market for lemons S.Brangewitz and J.-P. Gamp: Implementation of the Asymmetric Nash Bargaining solution by Markets 12:00 – 12:25 22 Thursday, July 2, 2009 Thursday, July 2, 2009 IX CONFERENCE OF THE SOCIETY FOR THE ADVANCEMENT OF ECONOMIC THEORY Room: Nitrodi A Room: Nitrodi B Behavioral General Equilibrium Banking and Financial Stability Chair: S. Spear Chair: D. Tsomocos 09:00 – 09:25 P.J. Healy and L. Mathevet: Designing stable mechanisms for economic environments U. Peiris and A. Vardoulakis: Reserve Requirements and Default 09:30 – 09:55 J. Duffy Duffy, A. Matros and T. Temzelides: Competitive behavior in market games: evidence and theory U. Peiris and D.P.Tsomocos: International Monetary Equilibrium with Default 10:00 – 10:25 S. Crockett and J. Duffy: Controlling bubbles in experimental macrofinance E. Asparouhova Asparouhova, P. Bossaerts, J. Eguia and W. Zame: Cognitive biases, ambiguity aversion and asset pricing in financial markets H. Gersbach and J. Wenzelburger: Sophistication in Risk Management, Interest Rates, and Banking Stability C.A.E. Goodhart, D.P. Tsomocos and Vardoulakis A. Vardoulakis: Modelling a Housing and Mortgage Crisis 10:30 – 10:55 Industrial Organization, Part I Chair: D. Kovenock 11:30 – 11:55 A. Saporiti and G. Coloma: Bertrand’s price competition in markets with fixed costs 12:00 – 12:25 A. Bobtcheff and T. Mariotti: Potential competitors in preemption games 12:30 – 12:55 C. Henry and C. Ponce: Waiting to copy: On the dynamics of licensing D. Moreno and J. Wooders: Auctions with heterogeneous entry costs 13:00 – 13:25 23 IX CONFERENCE OF THE SOCIETY FOR THE ADVANCEMENT OF ECONOMIC THEORY Room: Pitecusa Room: Primavera Preferences and Fairness Chair: M. Li Calzi Topics in Financial Economics Chair: A. Villamil 15:00 – 15:25 A. Collevecchio and M. Li Calzi: Preference-based categorizations for large spaces E. Espino and P. Beker: The Dynamics of Efficient Asset Trading with Heterogeneous Beliefs 15:30 – 15:55 F. Maccheroni Maccheroni, M. Marinacci and A. Rustichini: Social Decision Theory: Choosing within and between Groups M. Pesce and N.C. Yannelis: On the Equal Treatment of Value allocations M. Scarsini and T.Tomala: Repeated Congestion Games with Local Information G. Maretto: Maretto Contracts with Aftermarkets Household Finance Equilibrium Theory Chair: T. Jappelli and M. Padula Chair: Y. Balasko D. Christelis, D. Georgarakos and M. Haliassos Haliassos: Stockholding: From asset participation to asset location and to participation spillovers. S. Ball Ball: Household Consumption, Portfolio Choice and Expected Stock Market Returns P. Sodini Sodini: Risk Taking Behaviour by Individual Investors K. Koufopoulos: Koufopoulos Efficient (First-best) Nash Equilibria in Economies with Asymmetric Information G. Bertocchi, M. Brunetti and C. Torricelli Torricelli: Marriage and Other Risky Assets: A Portfolio Approach R. Bottazzi, T. Jappelli and M. Padula: Pension Reforms and the Allocation of Retirement Saving M. Faias Faias, E. Moreno-García and M. Páscoa: On Values of Markets with Commodity Differentiation 16:00 – 16:25 16:30 – 16:55 17:30 – 17:55 18:00 – 18:25 18:30 – 18:55 19:00 – 19:25 19:30 – 19:55 24 Thursday, July 2, 2009 S. Gjerstad and V. Smith: Monetary Policy, Credit Extension and Housing Bubbles: 2008 and 1929 S. Krasa, J. Shorish and A. Villamil: The Credit Crunch: An Evaluation of Alternative Policy Responses with HPC M. Faias, C. Hervés-Beloso and Moreno-García E. Moreno-García: Equilibrium Price Formation in Markets with Differentiated Informed Agents C. Hervés-Beloso and P.K. Monteiro: Strictly monotonic preferences on continuum of goods commodity spaces Thursday, July 2, 2009 IX CONFERENCE OF THE SOCIETY FOR THE ADVANCEMENT OF ECONOMIC THEORY Room: Nitrodi A Room: Nitrodi B Matching Models and twosided Markets Chair: F. Echenique Sequential Markets 15:00 – 15:25 T. Sönmez and U. Unver: Altruistic Kidney Exchange G. Impicciatore, L. Panaccione and Ruscitti F. Ruscitti: Walras theory of capital formation: an intertemporal equilibrium formulation 15:30 – 15:55 O. Kesten and U. Unver: A Theory of School Choice Lotteries: Why Ties Should Not Be Broken Randomly J. Garcia Garcia: Trading Objects Under Joint Endowments C. Chambers and F. Echenique: Core Matchings of Markets with Transfers Y. Balasko: Balasko On the stability of nonsunspot equilibria as a function of market participation Minelli E. Minelli: A Large Market Game with Private Information on Both Sides Polemarchakis H. Polemarchakis: The regulation of financial markets Industrial Organization, Part II Chair: D. Moreno Multicriteria Games and Vector Equilibria Chair: J. Morgan 17:30 – 17:55 C. Mezzetti Mezzetti: Manipulative disclosure J. Arifovic, H. Dawid, C. Deissenberg and O. Kostyshyna: Learning benevolent leadership in a heterogenous agents economy 18:00 – 18:25 M. Celentani Celentani, R. Loveira and P. RuizVerdú: Executive pay with observable decisions D. Balkenborg and M. Makris: Neutral optima in informed principal problems with common values G. De Marco and J. Morgan: Kalai-Smorodinsky bargaining solution equilibria for multicriteria games 16:00 – 16:25 16:30 – 16:55 18:30 – 18:55 19:00 – 19:30 D. Kovenock Kovenock, F. Morath and J. Münster: Information sharing in contests Chair: F. Martins da Rocha and Y. Vailakis M. B. Lignola and J. Morgan: From implicit variational problems to vector equilibria: bad and good properties F. Mignanego, L. Pusillo and S. Tijs: Improvement sets and approximate solutions in multicriteria situations 25 IX CONFERENCE OF THE SOCIETY FOR THE ADVANCEMENT OF ECONOMIC THEORY Room: Pitecusa Room: Primavera Price Discovery in Competitive Markets, Part I Chair: J. Ledyard Auctions 09:00 – 09:25 P. Bossaerts Bossaerts: Competition in the Smalls M. Angeles de Frutos and L. de Castro: Comparison of Procurement Procedures under Corruption 09:30 – 09:55 J. Dichhaut and B. Xin: Learning about field behavior using a laboratory based model M. Pagnozzi Pagnozzi: Should speculators be welcomed in auctions? 10:00 – 10:25 M. Alton and C. Plott: Filho L. I. de Castro Filho: Affiliation and Dependence in Economic Models Experiments on the Dynamics of Price Discovery in Rapidly Changing Markets Chair: L. de Castro Filho J. Ledyard Ledyard: Decentraliz Decentralized Price Discovery T. Gresik: Gresik The Effect of Statistically Dependent Valuations on Equilibrium Strategies in Bilateral k-Double Auctions Price Discovery in Competitive Markets, Part II Topics in Uncertainty and Information Chair: J. Ledyard Chair: B. Allen 11:30 – 11:55 S. Gjerstad Gjerstad: Price Dynamics in an Exchange Economy Y. Kannai, M. Kang and L. Selden: Disentangling certainty and risk preferences 12:00 – 12:25 S. Crockett, R. Oprea and C. Plott: Testing Market Stability in the Gale Model G. Gronnevet and J. D. Stecher: Credit markets, board size, and board composition 12:30 – 12:55 D. Porter and D. Tila: Group Prediction in Information Markets With and Without Trading Information and Price Manipulation Incentives T. Palfrey and S. W. Wang: Systematic Overpricing in Prediction Markets with Information Flows D. Di Caprio and F. J. Santos-Arteaga: Santos-Arteaga Homotopies on preferences under asymmetric information 10:30 – 10:55 13:00 – 13:25 26 Friday, July 3, 2009 B. Allen: Allen The value of information in networks Friday, July 3, 2009 IX CONFERENCE OF THE SOCIETY FOR THE ADVANCEMENT OF ECONOMIC THEORY Room: Nitrodi A International Trade, Part I Chair: R. Riezman 09:00 – 09:25 S. Bougheas and R. Riezman: Entrepreneurs and international trade 09:30 – 09:55 H. Egger Egger: Trade and welfare effects of mergers in space 10:00 – 10:25 C-H Lu, S-K Peng and P. Wang: The organization of production and trade 10:30 – 10:55 P. Conconi Conconi, G. Facchini, and M. Zanardi: Policy makers’ horizon and economic reforms International Trade, Part II Chair: M. Klimenko 11:30 – 11:55 12:00 – 12:25 P. Conconi, G. Facchini, M. Steinhardt, M. Zanardi: Migration and trade:Political substitutes? Evidence from US congressional roll call votes L. Zhao Zhao: Environmentalism, wind direction, and international outsourcing 12:30 – 12:55 L. Qiu and W. Zhou: Globalization, acquisitions and endogenous firm structure 13:00 – 13:25 L. De Benedictus and L. Tajoli: The world trade network 27 IX CONFERENCE OF THE SOCIETY FOR THE ADVANCEMENT OF ECONOMIC THEORY Friday, July 3, 2009 Room: Pitecusa Room: Primavera Networks (Endogenous Networks and Network Dynamics) Chair: F. Page Equilibrium and Information in Games 15:00 – 15:25 B. Buechel and T. Hellmann: Under-Connected and Over-Connected Networks P. Prokopovych Prokopovych: A Short Proof of Reny's Existence Theorem for Payoff Secure Games 15:30 – 15:55 G. Iyengar, W. Kets, R. Sethi and S. Bowles: Inequality and Network Structure H. Keiding: Keiding On constrained cores of NTU games 16:00 – 16:25 N. Kuschy and C. Ghiglino: Patent Citation Patterns Without Preferential Attachment F. Page and M. Wooders: Endogenous Network Dynamics S. Lovo: Lovo Preopening and equilibrium selection 16:30 – 16:55 Chair: J. Abdou J. Abdou Abdou: Rectangular game forms and Board game forms Keynote Lecture Chair: V. Aversa 17:20 – 18:15 18:30 – 18:55 19:00 – 19:25 19:30 – 19:55 20:00 – 20:30 28 E. Maskin and P. Dasgupta: Elections and strategic voting: Condorcet and Borda Leverage and Other Topics in Equilibrium Theory Chair: M. Pascoa Behavioral Game Theory R. A. Dana Dana, G. Carlier and A. Galichan: Pareto efficiency and equilibrium for incomplete preferences and multivariate comonotonicity J. Luque Luque, J.M. Bottazzi and M. Pascoa: Will you lend me to short? The role of the box in leverage and repo fails A. K. Seghir Seghir: The use of intellectual property as collateral A. Araujo, Mario Pascoa and Novinski: R. Novinski Knightian Bubbles in General Equilibrium E. Cartwright and A. Patel: Public goods, social norms and naive beliefs Chair: M. Wooders A. Dhillon and A. Herzog-Stein: Games of status and discriminatory contracts D. Ong: Ong Fishy gifts: Bribing with shame and guilt E. Cartwright and M. Wooders: Conformity and stereotyping in social groups Friday, July 3, 2009 IX CONFERENCE OF THE SOCIETY FOR THE ADVANCEMENT OF ECONOMIC THEORY Room: Nitrodi A Room: Nitrodi B International Trade and Factor Mobility Dynamic Macro Models with Frictions or Imperfections Chair: G. Facchini Chair: P. Wang 15:00 – 15:25 P. Conconi Conconi, P. Legros and A. F. Newman: Trade liberalization and organizational change D. Laing: Laing Frictions of the Mind: A Search Approach to Modeling Boundedly Rational Agents 15:30 – 15:55 J. E. Namini and E. Pennings: Horizontal multinational firms, vertical multinational firms and domestic investment S. Guriev and M. Klimenko: Duration and term structure of trade agreements reements A. Fernandes and H. Tang: The determinants of intrafirm trade in export processing: Evidence from China V. Li: Liquidity, Market Frictions, and the Business Cycle A.Litina and T. Palivos: The Behavior of the Saving Rate in Optimal Growth the Neoclassical O J. Chang and P. Wang: Search for a Theory of Organized Crime Networks (Networks and Markets) Chair: A. Babus Foundations of Matching and Allocations Chair: D. Puzzello 18:30 – 18:55 M. Elliott Elliott: Inefficiencies in Trade Networks D. Duffie and Y. Sun: Independent random matching 19:00 – 19:25 C. Lever Lever: Price Competition on a Buyer-Seller Network D. Goldberg Goldberg: The tax-foundation theory of fiat money 19:30 – 19:55 J. Hagenbach and F. Koessler: Strategic Communication Networks R. Dutu, B. Julien and I. King: Auctions, inflation, and welfare 20:00 – 20:30 A. Babus Babus: Strategic Relationships in Over-the-Counter Markets L. Araujo, R. Minetti and D. Puzzello: Financial crises and integration in a learning economy 16:00 – 16:25 16:30 – 16:55 29 IX CONFERENCE OF THE SOCIETY FOR THE ADVANCEMENT OF ECONOMIC THEORY Room: Pitecusa Room: Primavera Political Economy Topics on Economic Growth and Development Chair: T. Cavalcanti Chair: F. Squintani 09:00 – 09:25 J. Horner Horner, M. Morelli and F. Squintani: International Conflict Mediation A. Antunes and T. Cavalcanti: The Welfare Gains of Financial Liberalization: Capital Accumulation and Idiosyncratic Risks 09:30 – 09:55 M. Morelli and D. Rohner: Natural Resource Distribution and Multiple Forms of Civil War B. Herrendorf, J. A. Schmitz Jr. and Teixeira A. Teixeira: Transportation and Development: Insights from the U.S. 1840-1860 10:00 – 10:25 T. Palfrey and Marco Battaglini: Building Public Infrastructure 10:30 – 10:55 A. Sandroni Sandroni, T. Feddersen and S. Gailmard: Moral Bias in Large Elections E. Jaimovich Jaimovich: Sectoral Differentiation, Allocation of Talent, and Financial Development P. Dasgupta and Erik Maskin: Time preferences and Intergenerational Discounting 11:30 – 11:55 12:00 – 12:25 12:30 – 12:55 13:00 – 13:25 30 Saturday, July 4, 2009 Economic Theory: Applications, Part I Dynamic Games Chair: E. Moreno Garcia Chair: H. Sabourian J. Correia-da-Silva and J. Resende: Free daily newspapers business models: are there too many incentives to print? A.P. Borges Borges, D. Laussel and J. Correia-da-Silva: Regulating a monopolist with unknown bureaucratic tendencies E. Giménez and M. Pérez Nievas: Welfare improvement under financial constraints J. Deb Deb: Community Enforcement Beyond the Prisoner's Dilemma Conde-Ruiz, E. Giménez and Pérez-Nievas: M. Pérez-Nievas On the notion of efficiency with endogenous population growth M. Barlo, G. Carmona and H. Sabourian: Bounded Memory in Repeated Games J. Horner, Horner S. Lovo and T. Tomala: Belie-free Equilibria in games with inomplete Information: The n-player Case H. Sabourian, Sabourian J. Lee: Repeated implementation Saturday, July 4, 2009 IX CONFERENCE OF THE SOCIETY FOR THE ADVANCEMENT OF ECONOMIC THEORY Room: Nitrodi A Economic Theory Chair: F. Gozzi 09:00 – 09:25 S. Marchesi, L. Sabani and A. Dreher: Read my lips: the role of information transmission in multilateral reforms design 09:30 – 09:55 L. Balletta and G. Bimonte: Stability in economies with differential information 10:00 – 10:25 L. Bossi Bossi, P. Calcott and V. Petkov: Time-Consistent Taxation of Addictive Goods M. Bambi, G. Fabbri and F. Gozzi: Optimal policy and consumption smoothingeffects in the time-to-build AK model 10:30 – 10:55 Limited Cognitive-Inferential Abilities and their Behavioral Consequences Chair: M. Kaneko 11:30 – 11:55 12:00 – 12:25 12:30 – 12:55 M. Kaneko and N.-Y. Suzuki: Contentwise complexity of inferences: an evaluation of Arrow’s impossibility theorem J. J. Kline and A. Trandafira: Evaluation of the epistemic depth for resolving the muddy children puzzle N.-Y. Suzuki Suzuki: Semantics for intuitionistic epistemic logics of shallow depths for game theory 31 IX CONFERENCE OF THE SOCIETY FOR THE ADVANCEMENT OF ECONOMIC THEORY Room: Pitecusa Room: Primavera The Subprime Lending Crisis Economic Theory: Applications, PART II Chair: M. Pagano Chair: C. Herves Beloso 15:00 – 15:25 U. Rajan Rajan, A. Seru and V. Vig: The Failure of Models That Predict Failure: Distance, Incentives and Defaults 15:30 – 15:55 P. Bolton, X. Freixas and J. Shapiro Shapiro: The Credit Ratings Game J.C. R Alcantud and M.D. García-Sanz: Pareto-efficient and egalitarian evaluations of infinite utility streams: possibility and impossibility results. O. Gossner and E. Tsakas: A reasoning approach to knowledge 16:00 – 16:25 M. Pagano and P. Volpin: Securitization, Transparency and Liquidity V.F. Martins-Da-Rocha and Y. Vailakis: Vailakis Existence and Uniqueness of a fixedpoint for local contractions J.P. Rincón-Zapatero and M.S. Santos: Differentiability of the value function in continuous-time economic models with saturated constraints Credit Markets Game Theory Chair: W. Zame Chair: K. Ritzberger and C. Alós-Ferrer 17:30 – 17:55 S. Boyarchenko Boyarchenko: Credit Risk, Credit Crunch and Capital Structure 18:00 – 18:25 J. Krainer and S. LeRoy: Mortgage Default and Mortgage Valuation K. Gerardi, A. H. Shapiro and P.S. Willen Willen: Subprime Outcomes: Risky Mortgages, Homeownership Experiences, and Foreclosures D. Balkenborg, S. Demichelis, Vermeulen D. Vermeulen: Where Strategic and Evolutionary Stability Depart – A Study of Minimal Diversity Games W. Leininger: Leininger Evolutionarily Stable Preferences in Contests Demichelis J.-J. Herings and S. Demichelis, D. Vermeulen: Some Preliminary Remarks on the Relevance of Topological Essentiality in General Equilibrium Theory and Game Theory C. Alós-Ferrer and K. Ritzberger: Discrete Trees and Extensive Form Games 16:30 – 16:55 18:30 – 18:55 19:00 – 19:30 32 Saturday, July 4, 2009 Saturday, July 4, 2009 IX CONFERENCE OF THE SOCIETY FOR THE ADVANCEMENT OF ECONOMIC THEORY Room: Nitrodi A Room: Nitrodi B Networks (Networks, Externalities, and Dependence) Chair: B. Rogers Consistency Problems in Decision Making 15:00 – 15:25 C. Lang, M. Mihm and R. Toth: What Goes Around Comes Around: A theory of indirect reciprocity in networks S. Greco, B. Matarazzo and S. Slowinski: Interactive multiobjective optimization using dominance-based decision rules 15:30 – 15:55 R. Cavallo Cavallo: Strongly Budget-Balanced Auctions with Semi-Altruistic Agents B. Cavallo and L. D’Apuzzo: Pairwise comparisons: ordinal and cardinal preference representations 16:00 – 16:25 S. Currarini Currarini: Information-Sharing Neworks in Oligopolistic Settings 16:30 – 16:55 A. Galeotti and B. W. Rogers: Immunizations and Group-dependent Contact Structures A. Maturo Maturo, M. Squillante and A.G.S. Ventre: Consistency for decomposable measures M. Brunelli, L. Canal and M. Fedrizzi: The Agreement Evaluation of Consistency Indices in Pairwise Comparison Chair: M. Squillante Networks (Diffusion and Pricing in Social Networks) Chair: J. Corbo 17:30 – 17:55 R. Chuhay Chuhay: Maximizing Sales through Word of Mouth Communication in Multi-Type Network with Homophily 18:00 – 18:25 S. Aral Aral: Peer Influence Dynamics in Large Social Networks J. Corbo Corbo: When and How to Discriminate: ProfitMaximizing Pricing Strategies in Social Networks 18:30 – 18:55 33 IX CONFERENCE OF THE SOCIETY FOR THE ADVANCEMENT OF ECONOMIC THEORY Room: Pitecusa Room: Primavera Games and Decisions Non Exclusive Dealings in Financial Markets Chair: A. Bennardo and S. Piccolo Chair: E. Balder 09:00 – 09:25 L. Mallozzi, V. Scalzo and S. Tijs: Fuzzy interval cooperative games J. Cohn and U. Rajan: Corporate Governance and Managerial Reputational Concerns 09:30 – 09:55 A. Iho and M. Kitti: Tail-Payoff puzzle in dynamic pollution control A. Attar, Attar T. Mariotti and F. Salanie: Non Exclusive Competition in the Market for Lemons 10:00 – 10:25 M. Ferrara Ferrara, A. Stefanescu and M. V. Stefanescu: On a generalized equilibrium 10:30 – 10:55 E. Diamantoudi and E. Filippiadis: Environmental Kuznets Curves in a Multicountry Setting Chassagnon A.Attar, A. Chassagnon, C. Casamatta and J.P. Decamps: Credit Rationing with Competing Lenders A. Bennardo, Bennardo M. Pagano and S. Piccolo: Multiple-Bank Lending, Creditor Rights and Information Sharing Mechanism Design, Public Goods and Public Policies Games and Markets Chair: M. Florenzano and M.G. Graziano Chair: L. Koutsougeras 11:30 – 11:55 P. Norman Norman: Compromises O. Godal: Godal On the manipulability of exchange economies 12:00 – 12:25 T. Brechet and F. Prieur: Can education be good for both growth and the environment? O. Bos Bos: Charitable asymmetric bidders M. Krol Krol: The role of demand uncertainty in the two-stage Hotelling model K. G. Papadopoulos and L.C. Koutsougeras: A Strategic Market Game of Carry Trades and Equilibrium Profits E. Balder Balder: Bayesian Nash equilibria: a general perspective 12:30 – 12:55 13:00 – 13:25 34 Sunday, July 5, 2009 Sunday, July 5, 2009 IX CONFERENCE OF THE SOCIETY FOR THE ADVANCEMENT OF ECONOMIC THEORY Room: Nitrodi A Topics in equilibrium theory Chair: B. Cornet 09:00 – 09:25 D. C. Won Won: Dinamyc arbitrage pricing with returnrelated market frictions 09:30 – 09:55 C.Donnini M.Pesce and M.G.Graziano: C.Donnini, Fairness properties of constrained market equilibria 10:00 – 10:25 S. Roy and T. Sabarwal: Monotone Comparative Statics for Games With Strategic Substitutes 10:30 – 10:55 B. Cornet and R. Gopalan: Existence of financial equilibria with restricted participation Stochastic Optimization and Games with Applications in Finance Chair: I. Evstigneev 11:30 – 11:55 R. Amir Amir: Discounted supermodular stochastic games: Theory and applications 12:00 – 12:25 M. Dempster Dempster: Volatility, growth and arbitrage in stationary markets 12:30 – 12:55 I. Evstigneev Evstigneev: Asset market games of survival 13:00 – 13:25 S. Flåm Flåm: On adaptive behavior and stochastic approximation in asset markets 35 IX CONFERENCE OF THE SOCIETY FOR THE ADVANCEMENT OF ECONOMIC THEORY Room: Pitecusa Room: Primavera Computational Economics General Equilibrium with Public Goods Chair: M.G. Graziano and M. Florenzano Chair: F. Kubler 15:00 – 15:25 15:30 – 15:55 J.P. Dube, Jeremy T. Fox and C.L. Su: Improving the Numerical Performance of BLP Static and Dynamic Discrete Choice Random Coefficients Demand Estimation F. Kubler and K. Schmedders: Linear equilibria in infinite economies Starke: C. Starke Serving the many or serving the most needy? M.G. Graziano and M. Romaniello: The veto power of the grand coalition in economies with public projects 16:00 – 16:25 J. Brumm and M. Grill: Computing Equilibria in Dynamic Models with Trading Constraints Allouch: N. Allouch A Competitive Equilibrium for a Warm Glow Economy 16:30 – 16:55 F. Kubler Kubler: Verifying competitive equilibria in Dynamic Economies M. Florenzano and V. Iehlé: Equilibrium concepts for public goods provision under nonconvex production technolo technology Game Theory and Applications Chair: P. Hammond Set Functions and Applications Chair: P. de Lucia E. Athanasiou Athanasiou, S. Dey, and G. Valletta: On sharing the benefits of communication P.J. Hammond and G. Stergianopoulos Stergianopoulos: Refined continuum limits of games with many players K. Surekha and Rao K.P.S. Bhaskara Rao: May’s Theorem in an Infinite Setting 17:30 – 17:55 18:00 – 18:25 18:30 – 18:55 19:00 – 19:30 36 Sunday, July 5, 2009 N. Muto Muto, S. Galavotti and D. Oyama: On efficient partnership dissolution under ex-post individual rationality P. Ghirardato and M. Siniscalchi: A more robust definition of multiple priors A. Martellotti: Martellotti Finite additivity in equilibrium theory P. de Lucia Lucia: Nonadditive set functions Sunday, July 5, 2009 IX CONFERENCE OF THE SOCIETY FOR THE ADVANCEMENT OF ECONOMIC THEORY Room: Nitrodi A Aggregative Games Chair: R. Hartley 15:00 – 15:25 R. Cornes and R. Hartley: The scope of aggregative games 15:30 – 15:55 A. Dickson and R. Hartley: On the nature of Cournot competition 16:00 – 16:25 J-T. Jeng Jeng: The Relative Efficiency of Ad Valorem and Unit Taxes under Incomplete Information M.K. Jensen and D. Acemoglu: Aggregate Comparative Statics 16:30 – 16:55 Externalities and Public Choice Chair: V. Iehlé and E. del Mercato 17:30 – 17:55 M.A. El-Hodiri El-Hodiri: The truth about the invisible hand: What Adam Smith really said 18:00 – 18:25 M. Gori and A. Villanacci: A model of bargaining in general equilibrium 18:30 – 18:55 P. De Donder, M. Le Breton and E. Peluso Peluso: On the (sequential) majority choice of public good size and location E.L. del Mercato and M. Florenzano: Equilibrium with externalities 19:00 – 19:30 37 38 CSONFERENCE OF THE SOCIETY FOR ADVANCEMENT IX CONFERENCE OFIX THE OCIETY FOR THE ADVANCEMENT OF THE ECONOMIC THEORY OF ECONOMIC THEORY International Scientific Committee: Local Scientific Committee: Organizing Committee: LIST OF PARTICIPANTS 39 IX CONFERENCE OF THE SOCIETY FOR THE ADVANCEMENT OF ECONOMIC THEORY Abdou Alaoui Albrecht Alcantud Allen Allouch Alós-Ferrer Alton Amir Angeles de Frutos Antinolfi Aral Araujo Asparouhova Athanasiou Attar Aversa Avgerinos Babus Balasko Balder Balkenborg Ball Balletta Basile Basile Battigalli Beker Bennardo Bhaskara Rao Bimonte Bobtcheff Boel Bonnisseau Borges Bos Bosi Bossaerts Bossi Bougheas Boyarchenko J. L. J. J. C. R B. N. C. M. R. M. G. S. L. E. E. A. V. L. E. P. A. Y. E. D. S. L. A. L. P. P. A. K. P. S. G. C. P. J. M. A. P. O. S. P. L. S. S. U Paris 1 F [email protected] U Pennsylvania USA International Scientific Committee: [email protected] Georgetown U USA [email protected] U Salamanca E [email protected] Local Scientific Committee: U Minnesota USA [email protected] Queen Mary, U London UK [email protected] U Konstanz D [email protected] Organizing Committee: Caltech USA [email protected] Arizona U USA [email protected] U Carlos III E [email protected] Washington U in St. Louis USA [email protected] NYU USA [email protected] Michigan State U USA [email protected] U Utah USA [email protected] Catholic U Louvain B [email protected] U Tor Vergata and Toulouse School of Economics I [email protected] U Naples Federico II I [email protected] U Aegean GR [email protected] U Cambridge UK [email protected] U York UK [email protected] U Utrecht NL [email protected] U Carlos III UK [email protected] Federal Reserve Boston USA [email protected] Yale U and U Palermo I [email protected] U Naples Federico II and CSEF I [email protected] U Naples Federico II I [email protected] Bocconi U I [email protected] U Warwick UK [email protected] U Salerno and CSEF I [email protected] Indiana State U USA [email protected] U Salerno I [email protected] TSE F [email protected] Bowdoin College USA [email protected] PSE, Université Paris 1 F [email protected] Porto U P [email protected] PSE and Core B [email protected] U Lille F [email protected] EPFL and Caltech CH [email protected] U Miami USA [email protected] U Nottingham UK [email protected] U Texas USA [email protected] 41 IX CONFERENCE OF THE SOCIETY FOR THE ADVANCEMENT OF ECONOMIC THEORY Braido L. Getulio Vargas Foundation International Scientific Committee: Brangewitz S. U Bielefeld Brumm J. CDSE, U Mannheim Burguet R. Institut d'Anàlisi Econòmica CSIC Local Scientific Committee: Camera G. U Iowa Canal L. U Trento Canale A. U Salerno Organizing Committee: Cao M. York U Carmona G. Nova U Lisbon and U Cambridge Carosi L. U Pisa Cartwright E. U Kent Carvajal A. U Warwick Carvalho V. M. CREi and U Pompeu Fabra Cavalcanti T. U Cambridge Cavallo B. U Naples Federico II Cavallo R. Harvard U Celentani M. U Carlos III Centrone F. U Piemonte Orientale Cerra V. International Monetary Fund Chang J. Academia Sinica Chassagnon A. U Paris Dauphine and PSE Chassang S. Princeton U Chateauneuf A. U Paris 1 Chien Y. Purdue U Chudjakow T. U Bielefeld Chuhay R. U Alicante Conconi P. ECARES and U Libre de Bruxelles Corbo J. Wharton U Cornes R. Australian National U Cornet B. U Paris 1 and U Kansas Correia da Silva J. U Porto Covarrubias E. U Copenhagen Crockett S. CUNY NY Currarini S. U Ca’ Foscari Venezia Czarnitzki D. Katholieke U Leuven D'Agata A. U Catania Dana R. A. CEREMADE, U Paris IX Dauphine D'Aniello E. Seconda U Napoli Dasgupta P. U Cambridge De Angelis P. U Naples Parthenope de Boisdeffre L. U Paris 1 42 BR [email protected] D [email protected] D [email protected] E [email protected] USA [email protected] I [email protected] I [email protected] CDN [email protected] UK [email protected] I [email protected] UK [email protected] UK [email protected] E [email protected] UK [email protected] I [email protected] USA [email protected] E [email protected] I [email protected] USA [email protected] Taiwan [email protected] F [email protected] USA [email protected] F [email protected] USA [email protected] D [email protected] E [email protected] B [email protected] USA [email protected] AUS [email protected] F [email protected] P [email protected] DK [email protected] USA [email protected] I [email protected] B [email protected] I [email protected] F [email protected] I [email protected] UK [email protected] I [email protected] F [email protected] IX CONFERENCE OF THE SOCIETY FOR THE ADVANCEMENT OF ECONOMIC THEORY de Castro Filho de Lucia De Marco de Marti De Simone Deb Deissenberg del Mercato Demetriou Demichelis Dempster Dhillon Di Caprio Diamantoudi Diasakos Dichhaut Dickson Donnini Drugeon Duffy Dufourt Dziewulski Echenique Egger El-Hodiri Elliott Ennis Espino Evstigneev Facchini Faias Faro Fedrizzi Ferrara Fisher Flåm Florenzano Friedenberg Fu Fuentes Galenianos L. I. P. G. J. A. J. C. E. L. X. S. M. A. D. E. T. J. A. C. J. P. J. F. P. F. H. M. A. M. H. E. I. G. M. J. H. M. M. W. H. S. D. M. A. H. F. M. N. M. U Illinois USA [email protected] International ScientificICommittee: U Naples Federico II [email protected] U Naples Parthenope I [email protected] UPF E [email protected] Local Scientific Committee: U Naples Federico II I [email protected] New York U USA [email protected] Aix-Marseille II U and GREQAM L [email protected] Organizing Committee: U Paris 1 F [email protected] U Athens GR U Pavia I [email protected] U Cambridge UK [email protected] Warwick U UK [email protected] Free U Bozen-Bolzano I [email protected] Concordia U CDN [email protected] Collegio Carlo Alberto I [email protected] Chapman U USA [email protected] Strathclyde U UK [email protected] U Naples Parthenope I [email protected] CNRS and CES F [email protected] U Pittsburgh USA [email protected] U de Strasbourg F [email protected] Warsaw School of Economics PL [email protected] Caltech USA [email protected] U Bayreuth D [email protected] U Kansas USA [email protected] U Stanford USA [email protected] U Carlos III E [email protected] U Torcuato Di Tella RA [email protected] Manchester U UK [email protected] Erasmus U NL [email protected] Nova de Lisboa U P [email protected] UFMG BR [email protected] U Trento I [email protected] U Reggio Calabria I [email protected] IHS Vienna A [email protected] U Bergen N [email protected] U Paris1 F [email protected] Arizona State U USA [email protected] Nanyang Technological U SGP [email protected] U Nacional de San Martín, Buenos Aires RA [email protected] Pennsylvania State U USA [email protected] 43 IX CONFERENCE OF THE SOCIETY FOR THE ADVANCEMENT OF ECONOMIC THEORY Gamp J.-P. U Bielefeld International GanguliScientific Committee: J. U Cambridge Garcia J. Banco de Mexico Geanakoplos J. Yale U Local Scientific Committee: Gerardi D. Yale U Gerardi K. Federal Reserve Atlanta Gerasimou G. U Cambridge Organizing Committee: Geumbel A. U Toulouse Ghiglino C. U Essex Ghirardato P. DSMA and U Torino Giménez E. Vigo U Gjerstad S. Chapman U Godal O. U Bergen Goldberg D. Bar Ilan U Gori M. U di Firenze Gossner O. PSE Gottardi P. EUI Gozzi F. U Luiss Rome Graziano M. G. U Naples Federico II and CSEF Gresik T. U Notre Dame Grill M. CDSE, U Mannheim Guembel A. Toulouse School of Economics Hagenbach J. U Paris 1 Haliassos M. Goethe U Frankfurt Hammond P. U Warwick Hartley R. U Manchester Healy P. J. Ohio State U Heijdra B. H. U Groningen, NL and IHS Vienna Hellmann T. U Bielefeld Herings P. J.-J. Maastricht U Hernando-Veciana Á. U Carlos III Hervés-Beloso C. Vigo U Herzberg F. U Bielefeld and U of California at Berkeley Hinloopen J. U Amsterdam Hoelle M. Pennsylvania U Horner J. Yale U Iehlé V. U Paris-Dauphine Inoue T. U Bielefeld Jappelli T. U Naples Federico II and CSEF Jeng J.-T. Hsing Kuo U of Management Jensen M. K. U of Birmingham 44 D UK MEX USA USA USA UK F UK I E USA N IL I UK I I I USA D F F D UK UK USA NL D NL E E D NL CH USA F D I Taiwan UK [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] GG308@CAM:AC:UK [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] IX CONFERENCE OF THE SOCIETY FOR THE ADVANCEMENT OF ECONOMIC THEORY Juang Kaneko Keiding Kets King Kircher Kitti Kiyotaki Klimenko Kline Koo Koufopoulos Koutsougeras Kovenock Krainer Krebs Krol Kubler Kuschy Lagos Laing Le Van Ledyard Leininger Lever Levine Li Li Li Calzi Litina Lloyd-Braga Lovo Ludwig Luo Luque Maccheroni Magill Mallozzi Manelli Maretto Mariathasan W. T. M. H. W. I. P. M. F. M. J. J. H. K. K. L. D. J. T. M. F. N. R. D. C. J. W. C. D. V. Z. M. A. T. S. A. X. J. F. M. L. A. G. M. Academia Sinica U Tsukuba Copenhagen U Santa Fe Institute and Tilburg U Melbourne U Pennsylvania Helsinki School of Economics Kinki U Georgia IT Bond U Ajou U Suwon U Warwick U Manchester U Iowa FRB U Mannheim U Manchester ISB, U Zurich U Essex New York U Syracuse U U Paris1 Caltech TU Dortmund U Stanford U Washington U Villanova U Toronto U Venice U Macedonia U Catolica Portuguesa HEC Paris Mannheim U National U Singapore U Nova de Lisboa Bocconi U USC U Federico II Arizona State U Caltech EUI Taiwan [email protected] International ScientificJ Committee: [email protected] DK [email protected] USA [email protected] Local Scientific Committee: AUS [email protected] USA [email protected] FIN [email protected] Organizing Committee: J [email protected] USA [email protected] AUS [email protected] RKO [email protected] UK [email protected] UK [email protected] USA [email protected] USA [email protected] D [email protected] UK [email protected] CH [email protected] UK [email protected] USA [email protected] USA [email protected] F [email protected] USA [email protected] D [email protected] USA [email protected] USA [email protected] USA [email protected] CDN [email protected] I [email protected] GR [email protected] P [email protected] F [email protected] D [email protected] SGP [email protected] P [email protected] I [email protected] USA [email protected] I [email protected] USA [email protected] USA [email protected] I [email protected] 45 IX CONFERENCE OF THE SOCIETY FOR THE ADVANCEMENT OF ECONOMIC THEORY Marrelli M. U Naples Federico II and CSEF International Scientific Committee: Martellotti A. U Perugia Martin S. Purdue U Martina R. U Naples Federico II Local Scientific Committee: Martins-da-Rocha V. F. FGV-Rio Maskin E. Princeton Matarazzo B. U Catania Organizing Committee: Maturo A. U Chieti – Pescara Inst. Analisis Economico - CSIC and Inst. fuer Hohere Meier M. Studien Meo C. U Piemonte Orientale Mezzetti C. Warwick U Mihm M. Cornell U Minelli E. U Brescia Mirrlees J.A. Chinese U Hong Kong Miyakawa T. Osaka University of Economics Modesto L. U Catolica Portuguesa Monnet C. Federal Reserve Philadelphia Morelli M. Columbia U Moreno D. U Carlos III Moreno-García E. Salamanca U Morgan J. U Naples Federico II and CSEF Muto N. Hitotsubashi U Namini J. E. Erasmus U Norman P. UNC Chapel Hill Novinski R. IMPA Ong D. U California Oprea R. UC Santa Cruz Oury M. HEC Paris Padula M. U Venice and CSEF Pagano M. U Naples Federico II and CSEF Page F. Indiana U Pagnozzi M. U Naples Federico II Palfrey M. T. Caltech Palivos T. U Macedonia Panaccione L. U Tor Vergata Papadopoulos K. G. U Thessaloniki Papanastassiou N. U Athens Parlane S. U College Dublin Pascoa M. U Lisbon Peiris U. Said Business School Peluso E. U Verona 46 I I USA I BR USA I I [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] E-A [email protected] I UK USA I HK J P USA USA E E I J NL USA BR USA USA F I I USA I USA GR I GR GR IRL P UK I [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] IX CONFERENCE OF THE SOCIETY FOR THE ADVANCEMENT OF ECONOMIC THEORY Peng Penta Peralta-Alva Pérez-Nievas Pesce Piccolo Plott Polemarchakis Polyrakis Ponce Porter Pot Predtetchinski Prescott Prieur Prokopovych Pusillo Puzzello Qiu Quinzii Rajan Rath Reffett Resende Riezman Rincón-Zapaero Ritzberger Rogers Romaniello Romp Rostek Ruscitti Sabani Sabarwal Sabourian Sadzik Sandroni Saporiti Scalzo Scarsini Schmedders S-K. A. A. M. M. S. C.R. H. I. C. D. E. A. E.C. F. P. L. D. L. M. U. K. P. K. J. R. J. P. K. B. W. M. W. E. M. F. L. T. H. T. A. A. V. M. K. Academia Sinica U Pennsylvania Federal Reserve St. Louis Santiago de Compostela U U Naples Federico II U Naples Federico II and CSEF Caltech Warwick U NTU Athens U Carlos III Chapman U Maastricht U Maastricht U Arizona State U IREGE, Université de Savoie Kyiv School of Economics Genoa U U Illinois U Hong Kong UC Davis U Michigan Ann Arbor U Notre Dame Arizona State U Porto U U Iowa Carlos III U Institute for Advanced Studies Northwestern U Seconda U Napoli U Amsterdam Wisconsin-Madison, USA Yeshiva U U Florence U Kansas U Cambridge New York U Pennsylvania U U Manchester U Naples Federico II Luiss IOR, U Zurich and SFI Taiwan [email protected] International Scientific Committee: [email protected] USA USA [email protected] E Local Scientific Committee: [email protected] I [email protected] I [email protected] USA [email protected] Organizing Committee: UK [email protected] GR [email protected] E [email protected] USA [email protected] NL [email protected] NL [email protected] USA [email protected] F [email protected] UA [email protected] I [email protected] USA [email protected] HK [email protected] USA [email protected] USA [email protected] USA [email protected] USA [email protected] P [email protected] USA [email protected] E [email protected] A [email protected] USA [email protected] I [email protected] NL [email protected] USA [email protected] USA [email protected] I [email protected] USA [email protected] UK [email protected] USA [email protected] USA [email protected] UK [email protected] I [email protected] I [email protected] CH [email protected] 47 IX CONFERENCE OF THE SOCIETY FOR THE ADVANCEMENT OF ECONOMIC THEORY Seegmuller T. Paris School Economics and CNRS International Seghir Scientific Committee: A. K. American U in Cairo Selden L. Columbia U Severinov S. British Columbia U Local Scientific Committee: Shapiro J. U Pompeu Fabra Shi S. U Toronto Sinclair B. U Chicago Organizing Committee: Siniscalchi M. Northwestern U Sodini P. Stockholm School of Economics Sönmez T. Boston College Spear S. Carnegie Mellon U Squillante M. U Sannio Squintani F. U Essex Starke C. Otto-von-Guericke U Stecher J. D. Carnegie Mellon U Steiner J. U Edinburgh Stergianopoulos G. Warwick U Su C. L. Chicago GSB Sun Y. National U Singapore Surekha K. Indiana U Northwest Sussman O. U Oxford Suzuki N.-Y. Shizuoka U Tajoli L. Politecnico Milano Takahashi S. Princeton U Tang H. Hong Kong U of Science and Technology CNRS-Groupement de Recherche en Economie Tanimura E. Quantitative Aix-Marseille Tarantino C. U Naples Federico II Teixeira A. Capixaba Research Foundation Temzelides T. Rice U Teteryatnikovay M. EUI Torricelli C. U Modena e Reggio Emilia Trockel W. IMW Bielefeld U Trombetti G. U Naples Federico II Tsomocos D. Oxford U Tvede M. U Copenhagen Unver U. Politecnico Milano Vailakis Y. Exeter U Valbonesi P. U Padua Vandenbroucke G. U Iowa Vardoulakis A. Oxford U 48 F ET USA CDN E CDN USA USA S USA USA I UK D USA UK UK USA SGP USA UK J I USA HK [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] F [email protected] I BR USA I I D I UK DK USA UK I USA UK [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] IX CONFERENCE OF THE SOCIETY FOR THE ADVANCEMENT OF ECONOMIC THEORY Vartiainen H. Venditti Vermeulen Villamil Villanacci Vroman Wang Wenzelburger Weretka Werner Wigniolle Willen Williamson Won Wooders Wozny Yannelis Zame Zank Zhang Zhao Ziros A. D. A. A. S. P. J. M. J. B. P. S. S. D.C. M. L. N. C. W. R. H. Z. X. L. N. Turku School of Economics and Yrjö Jahnsson FIN [email protected] Foundation International Scientific Committee: CNRS-GREQAM F [email protected] U Maastricht NL [email protected] Local Scientific Committee: U Illinois and U of Manchester USA [email protected] U Florence I [email protected] Georgetown U USA [email protected] Washington U in St. Louis USA [email protected] Organizing Committee: Keele U UK [email protected] Wisconsin-Madison USA [email protected] U Minnesota USA [email protected] U Paris 1 F [email protected] Federal Reserve Boston USA [email protected] Washington U in St. Louis USA [email protected] Ajou U SK [email protected] Vanderbilt U USA [email protected] Warsaw School of Economics PL [email protected] U Manchester and UIUC USA [email protected] UCLA USA [email protected] U Manchester UK [email protected] Central U of Finance and Economics RC [email protected] Kobe U J [email protected] U Cyprus CY [email protected] 49