Cheating for the common good in a macroeconomic policy game
| dc.contributor.author | Álvarez González, Francisco | |
| dc.contributor.author | Deissenberg, Christophe | |
| dc.date.accessioned | 2023-06-21T01:44:35Z | |
| dc.date.available | 2023-06-21T01:44:35Z | |
| dc.date.issued | 2001 | |
| dc.description | JEL classification: C69, C79, E5 | |
| dc.description.abstract | Se presenta un juego repetido que modeliza la interacción entre un gobierno optimizador y el sector privado, representado por un continuo de agentes heterogéneos y atomísticos. Abstract: This paper presents a simple repeated-game model of interaction between an optimizing government and the private sector. Two polar cases are considered: (a) the private sector is represented by a single agent; and (b) there is a continuum of heterogenous atomistic private agents. In both cases, the government starts each repetition by making a non-binding announcement about its future actions. The players have complete and perfect information, with one exception: the private agents do not know whether or not the government will act as announced. Thus, each private agent i either behaves with probability πi as if it trusted the announcement, or plays with probability 1 − πi as a Stackelberg leader. After observing the reaction of the private sector, the government | |
| dc.description.faculty | Fac. de Ciencias Económicas y Empresariales | |
| dc.description.faculty | Instituto Complutense de Análisis Económico (ICAE) | |
| dc.description.refereed | TRUE | |
| dc.description.status | pub | |
| dc.eprint.id | https://eprints.ucm.es/id/eprint/6788 | |
| dc.identifier.doi | b19839662 | |
| dc.identifier.relatedurl | https://www.ucm.es/icae | |
| dc.identifier.uri | https://hdl.handle.net/20.500.14352/64463 | |
| dc.issue.number | 04 | |
| dc.language.iso | eng | |
| dc.page.total | 43 | |
| dc.publication.place | Madrid | |
| dc.publisher | Instituto Complutense de Análisis Económico. Universidad Complutense de Madrid | |
| dc.relation.ispartofseries | Documentos de trabajo del Instituto Complutense de Análisis Económico (ICAE) | |
| dc.rights.accessRights | open access | |
| dc.subject.keyword | Macroeconomía | |
| dc.subject.keyword | Gobierno optimizador | |
| dc.subject.keyword | Sector privado | |
| dc.title | Cheating for the common good in a macroeconomic policy game | |
| dc.type | technical report | |
| dc.volume.number | 2001 | |
| dcterms.references | Backus, D. and J. Driffill, 1985, Inflation and Reputation, American Economic Review, 75, 530-538. Basar, T., 1989, Time Inconsistency and Robustness of Equilibria in Non-Cooperative Dynamic Games, in F. van der Ploeg and A.J. de Zeeuw, eds., Dynamic Policy Games in Economics, (North-Holland, Amsterdam). Börgers, T. and R. Sarin, 1997, Learning Through Reinforcement and Replicator Dynamics, Journal of Economic Theory 77, 1-14. Brenner, T., 1999, Modelling Learning in Economics (Edward Elgar, Cheltenham). Fudenberg, D. and K. Levine, 1998, The Theory of Learning in Games, MIT Press (Cambridge, MA). Hämäläinen, R., 1981, On the cheating problem in Stackelberg games, International Journal of Systems Science 12, 753-770. Hall, S. and S. Henry, 1989, Macroeconomic Modelling (North Holland, Amsterdam). Kydland, F. and E. Prescott, 1977, Rules Rather than Discretion: the Inconsistency of Optimal Plans, Journal of Political Economy. 85, 473-491. McCallum, B., 1997, Crucial issues concerning central bank independence, Journal of Monetary Economics 39, 99-112. Miller, M. and M. Salmon, 1982, Policy coordination and the time inconsistency of optimal policy in open economies, Economic Journal, 7, 124-137. Personn, T. and G. Tabelinni, 1993, Designing Institutions for Monetary Stability, Carnegie-Rochester Conference Series on Public Policy, 39, 53-84. Rogoff, K., 1985, The Optimal Degree of Commitment to an Intermediate Monetary Target, Quarterly Journal of Economics, 100, 1169-1189. Rogoff, K., 1987, Reputational Constraints on Monetary Policy, Carnegie-Rochester Conference Series on Public Policy, 26, 141-182. Sargent, T.J., 1999, The Conquest of American Inflation, (Princeton University Press, Princeton, N.J.). Stokey, N.L., 1989, Reputation and Time Inconsistency, American Economic Review, Papers and Proceedings, 79, 134-139. Stokey, N.L., 1990, Credible Public Policy, Journal of Economic Dynamics and Control 15, 627-656. Vallée, Th. and Ch. Deissenberg, 1998, Pareto efficient cheating in dynamic reversed Linear-Quadratic Stackelberg games: the open-loop linear-quadratic case, in S. Holly et S. Greenblatt, eds., Issues in Computational Economics, (Elsevier, New York). Vallée, Th., Ch. Deissenberg, and T. Basar, 1999, Optimal open loop cheating in dynamic reversed Linear-Quadratic Stackelberg games, Annals of Operations Research 88, 247-266. | |
| dspace.entity.type | Publication | |
| relation.isAuthorOfPublication | 5c6d1bab-3a96-455e-96d4-556c4c6c23da | |
| relation.isAuthorOfPublication.latestForDiscovery | 5c6d1bab-3a96-455e-96d4-556c4c6c23da |
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