Incomplete Markets and Strategic Market Games

April 28-29, 2001

Organizers: Martin Shubik and John Geanakoplos

8:15 Light Breakfast
8:50 Very brief introduction (John Geanakoplos and Martin Shubik)
9:00 Michael Magill, “Demography and the Long-Run Predictability of the Stock Market” (with John Geanakoplos and Martine Quinzii)
  Rohit Rahi, “Efficiency Properties of Rational Expectations Equilibria with Asymmetric Information” (with Piero Gottardi)
  Martine Quinzii, “The Stock Market in the Overlapping Generations Model with Production” (with Michael Magill)
11:00 James Peck, “Equilibrium Bank Runs”
  Massimo Morelli, “Retrading in Market Games” (with Sayantan Ghosal)
  Ross Starr, “Why Is There Money? Endogenous Derivation of ‘Money’ as the Most Liquid Asset: A Class of Examples”
12:30 Buffet Lunch
1:30 Nobuhiro Kiyotaki, “Inside Money, Liquidity and Asset Price”
  Herakles Polemarchakis, “Financial Policy and the Price Level” (with T. Nakajima)
  Piero Gottardi, “When Are Asymmetric Information Economies Walrasian?” (with A. Bisin)
3:30 Lloyd Shapley, “Nonatomic Games in Strategic Form”
  Jean-François Mertens, Comments
  Pradeep Dubey, “Debt Seniority and Insurance Contracts” (with John Geanakoplos)
6:30 Cocktails and Dinner, Mory’s
8:15 Light Breakfast
9:00 William Sudderth, “The Inflationary Bias in a Simple Stochastic Exchange Economy”
  Kai Nagel, “Stability Conditions for a Dynamic Market Simulation Model” (with Martin Shubik)
  Per Bak, “The Dynamics of Money
11:00 John Geanakoplos, “Pareto Improving Taxes”
  Martin Shubik, “Merchant Bankers and the Central Bank”
  Dimitrios Tsomocos, “Equilibrium Analysis, Banking and Financial Instability”
  Nicolae Garleanu, “Valuation in Dynamic Bargaining Markets”
12:30 Buffet Lunch