Καθολικά παίγνια και εφαρμογές στα χρηματοοικονομικά
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Keywords
Καθολικά παίγνια ; Επιλογή ισορροπίας ; Πληροφόρηση ; Θόρυβος ; Νομισματικές επιθέσεις ; Τιμολόγηση χρέους ; Μαζικές τραπεζικές αναλήψεις ; Global games ; Equilibrium selection ; Information ; Noise ; Currency attacks ; Debt pricing and bank runsAbstract
Many economic problems are naturally modelled as a game of incomplete information, where a player's payoff depends on his own action, the actions of others, and some unknown economic fundamentals. Other players' actions in such situations are motivated by their beliefs about economic fundamentals. But players' actions also depend on beliefs of higher order. These problems of incomplete information can be approached and solved by Global Games.
Global Games are games of incomplete information whose type space is determined by the players each observing a noisy signal of the underlying state. They have particular practi-cal interest because economists after John Nash stopped thinking exclusively about unrealistic models of competitive markets and started focus on cases that economic agents take into consideration other’s agents’ actions.
In this thesis, we focus exclusively on financial applications such as currency attacks, bank runs and liquidity crises. On previous cases, players' uncertainty plays central role as far as other players' actions are concerned. Despite the uncertainty, using a specific methodology we have a unique dominance solvable equilibrium.
Postgraduate Studies Programme
Χρηματοοικονομική και Τραπεζική με κατεύθυνση στην Χρηματοοικονομική Ανάλυση για ΣτελέχηDepartment
Σχολή Χρηματοοικονομικής και Στατιστικής. Τμήμα Χρηματοοικονομικής και Τραπεζικής ΔιοικητικήςNumber of pages
111Language
Greek
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Attribution-NonCommercial-NoDerivatives 4.0 Διεθνές
Attribution-NonCommercial-NoDerivatives 4.0 Διεθνές