Now showing items 1-4 of 4

    • Fast equilibrium selection by rational players living in a changing world 

      Burdzy, Krzysztof; Frankel, David M.; Pauzner, Ady (The Econometric Society, 2001-01)
      We study a coordination game with randomly changing payoffs and small frictions in changing actions. Using only backwards induction, we find that players must coordinate on the risk-dominant equilibrium. More precisely, a ...
    • On the time and direction of stochastic bifurcation 

      Burdzy, Krzysztof; Frankel, David M.; Pauzner, Ady (Elsevier, 1998)
      This paper is a mathematical companion to an article introducing a new economics model, by Burdzy, Frankel and Pauzner (1997). The motivation of this paper is applied, but the results may have some mathematical interest ...
    • Shocks and Business Cycles 

      Frankel, David M.; Burdzy, Krzysztof (2005)
      A popular theory of business cycles is that they are driven by animal spirits: shifts in expectations brought on by sunspots. A prominent example is Howitt and McAfee (AER, 1992). We show that this model has a unique ...
    • Shocks and business cycles 

      Burdzy, Krzysztof; Frankel, David M. (Berkeley Electronic Press, 2005)
      A popular theory of business cycles is that they are driven by animal spirits: shifts in expectations brought on by sunspots. A prominent example is Howitt and McAfee (AER, 1992). We show that this model has a unique ...