Investment Dynamics With Common And Private Values

Dan Levin; James Peck

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Investment Dynamics With Common And Private Values

机译：具有共同和私有价值的投资动态

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We study a dynamic investment game with two-dimensional signals, where each firm observes its continuously distributed idiosyncratic cost of investment and a discrete signal correlated with common investment returns. We demonstrate that the one-step property holds and provide an equilibrium existence/characterization result. "Reversals" are possible, where a large number of firms investing in a given round becomes bad news about investment returns. Welfare is compared to static and rigid-timing benchmarks, and computed for large economies.

机译：我们研究带有二维信号的动态投资博弈，其中每个公司都观察到其连续分布的特有投资成本以及与普通投资收益相关的离散信号。我们证明了单步性质成立并提供了一个均衡的存在/表征结果。 “逆转”是可能的，在这种情况下，在给定回合中进行大量投资的公司将成为有关投资回报的坏消息。将福利与静态和固定时间基准进行比较，并针对大型经济体进行计算。

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来源
《Journal of economic theory》 |2008年第1期|p.114-139|共26页
作者
Dan Levin; James Peck;
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作者单位

Department of Economics, The Ohio State University, 1945 N. High Street, Columbus, OH 43210, USA;

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原文格式 PDF
正文语种 eng
中图分类 f;
关键词
endogenous timing; herding; reversal; multi-dimensional signals;

机译：内源时序羊群反转多维信号;

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Investment Dynamics With Common And Private Values

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