英文标题：
《An Equilibrium Model with Computationally Constrained Agents》
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作者：
Wolfgang Kuhle
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最新提交年份：
2016
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英文摘要：
We study a large economy in which firms cannot compute exact solutions to the non-linear equations that characterize the equilibrium price at which they can sell future output. Instead, firms use polynomial expansions to approximate prices. The precision with which they can compute prices is endogenous and depends on the overall level of supply. At the same time, firms\' individual supplies, and thus aggregate supply, depend on the precision with which they approximate prices. This interrelation between supply and price forecast induces multiple equilibria, with inefficiently low output, in economies that otherwise have a unique, efficient equilibrium. Moreover, exogenous parameter changes, which would increase output were there no computational frictions, can diminish agents\' ability to approximate future prices, and reduce output. Our model therefore accommodates the intuition that interventions, such as unprecedented quantitative easing, can put agents into \"uncharted territory\".
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中文摘要：
我们研究的是一个大型经济体，在这个经济体中，企业无法计算非线性方程的精确解，而非线性方程是企业出售未来产出的均衡价格的特征。相反，公司使用多项式展开来近似价格。他们计算价格的精度是内生的，取决于总体供应水平。与此同时，企业的个别供应量，以及由此产生的总供应量，取决于其近似价格的精度。供应和价格预测之间的这种相互关系导致了经济体的多重均衡，而这些经济体在其他方面具有唯一、有效的均衡，产出低得可怜。此外，在没有计算摩擦的情况下，外部参数变化会增加产出，这会削弱代理人估计未来价格的能力，并减少产出。因此，我们的模型符合这样一种直觉，即干预措施，如前所未有的量化宽松，可以将代理人置于“未知领域”。
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分类信息：

一级分类：Quantitative Finance 数量金融学
二级分类：Economics 经济学
分类描述：q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学，包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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一级分类：Quantitative Finance 数量金融学
二级分类：General Finance 一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
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