On the diversity of equity markets

Article Abstract:

The diversity of the distribution of capital was examined in an equity market composed of stocks that are represented by continuous semimartingales. The results suggested that diversity in not a natural state for such a market. Moreover, mechanisms such as dividend payments were shown to be needed in maintaining such market. The compatibility of market diversity with capital market equilibrium was examined via the use of entropy, which was introduced as a measure of diversity.

Capital Management-Internal Funds NEC, Analysis, Economic aspects, Capital market, Capital markets, Entropy (Information theory), Equilibrium (Economics)

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A lower bound for the dimension of the message space of the decentralized mechanisms realizing a given goal

Article Abstract:

An algorithm for computing the lower bound for message space dimensions in two- agent economies with scalar allocation functions is presented. Certain differential properties of the allocation function are used to express the lower bound, which can also be expressed by the bordered Hessian rank of the allocation function. Computation of the lower bound can be done using computer programs. Results are indicators of informational efficiency of decentralized economic mechanisms.

Decentralization (Management)

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Odd man out: the proposal-making model

Article Abstract:

A proposal-making model is employed to the class of three-player/three-cake problems, characterizing an odd set of subgame perfect equilibria (SSPE) and the set of SPE payoffs. The unique SSPE is distinguished by a triple or reservation values in which each player accepts all offers at least equal to his reservation value. The model suggests one stationary SPE and this equilibrium is linked to a multilateral Nash solution.

Negotiation, Negotiations

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