## Assets, Beliefs, and Equilibria in Economic Dynamics: Essays in Honor of Mordecai KurzA collection of papers dealing with a broad range of topics in mathematical economics, game theory and economic dynamics. The contributions present both theoretical and applied research. The volume is dedicated to Mordecai Kurz. The papers were presented in a special symposium co-hosted by the Stanford University Department of Economics and by the Stanford Institute of Economic Policy Research in August 2002. |

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### Contents

Foreword to the Symposium in Honor of Mordecai Kurz | 1 |

The genuine savings criterion and the value of population | 3 |

Macro foundations of microeconomics | 13 |

Risk aversion in the Talmud | 19 |

Annuities and retirement | 27 |

Claims problems and weighted generalizations of the Talmud rule | 55 |

Speculative trading with rational beliefs and endogenous uncertainty | 77 |

the role of endogenous uncertainty | 107 |

The cheapest hedge | 387 |

The informational efficiency of finite price mechanisms | 413 |

Information at equilibrium | 461 |

Nash and Walras equilibrium via Brouwer | 473 |

an analysis of the discrepancy between WTP and WTA based on survey data | 493 |

Similarity of endowments and the factor price equalization condition | 507 |

Domestic and international strategic interactions in environment policy formation | 515 |

Firm reputation with hidden information | 537 |

Endogenous uncertainty and the nonneutrality of money | 131 |

Inside and outside fiat money gains to trade and ISLM | 161 |

imperfect private credit markets | 213 |

Speculative trade asset prices and investment levels | 237 |

Indeterminacy of equilibrium in stochastic OLG models | 249 |

natural monopoly in the most liquid asset | 269 |

Is assortative matching efficient? | 303 |

On extensive form implementation of contracts in differential information economies | 323 |

Vickrey auctions with reserve pricing | 355 |

the core | 369 |

The rule not the exception | 555 |

Effect of credible quality investment with Bertrand and Cournot competition | 579 |

an axiomatic characterization | 599 |

Closedloop equilibrium in a multistage innovation race | 619 |

Modelling exchange of probabilistic opinions | 643 |

Effects of asset market structure on welfare and trading volume | 675 |

Estimating the stationary distribution of a Markov chain | 695 |

the symmetric case | 709 |

A more reasonable model of insurance demand | 733 |

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### Common terms and phrases

agents analysis approximations asset assume assumption auction bidders coalition coincidence of wants commodity competition concave condition consider constraints consumer consumption continuum mechanism converges convex Cournot competition defined definition denote distribution Economic Theory efficient emission tax rate endogenous uncertainty endowment endowment effect equal equation equilibrium price example exists exogenous fiat money finite firm given Hence holds households implies incentive compatible increasing individual investors Journal of Economic Kurz Lemma Markov matrix measure medium of exchange message space monetary equilibrium Nash equilibrium optimal paper payoff player positive probability probability space Proof Proposition Radner equilibrium random variable rational beliefs rational expectations risk aversion rule satisfies scale economies Section sequence solution stationary stochastic strategies strongly stationary structure Theorem trading posts transaction costs unique utility function vector Vickrey auction volatility Walrasian mechanism Yannelis zero