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You searched for +publisher:"Cornell University" +contributor:("Mitra, Tapan"). Showing records 1 – 3 of 3 total matches.

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Cornell University

1. Ozbek, Mahmut Kemal. Essays On Economic Decision Making.

Degree: PhD, Economics, 2014, Cornell University

This dissertation consists of three chapters with the common ground of economic decision making, a subject which is at the heart of Economics. In the first chapter, entitled "Decision Making with Rational Inattention", I and Maximilian Mihm study an axiomatic model of decision making with costly information processing. In this regard, we first provide a set of intuitive axioms for a decision maker's preferences over menus of acts from which she eventually makes a choice of an act. We then show that these preferences can be represented by a novel information acquisition model where choices of acts can be improved by using costly information. Our focus on preferences over menus allows us to uniquely identify the parameter's of the model from choice data: a utility function, a prior belief and an information cost function. The cost function, in particular, is compatible with the Blackwell order. Moreover, the model establishes an axiomatic foundation for the models of rational inattention which are widely applied in the literature. In the second chapter, entitled "On Representation of Monotonic Preference Orders", I and Tapan Mitra investigate the relation between scalar continuity and representability of monotone preference orders in a sequence space. Scalar continuity is shown to be sufficient for representability of a monotone preference order and easy to verify in concrete examples. Generalizing this result, we show that a condition, which restricts the extent of scalar discontinuity of a monotone preference order, ensures representability. We also relate this condition to the well-known order dense property, which is both necessary and sufficient for representability. In the third chapter, entitled "Rational Inattention and Choice of Optimal Information", I study the choice problem of a rationally inattentive decision maker modeled according to the first chapter of this dissertation. In this work, I give a characterization for optimal information choices when the cost function is linear. In addition, the characterization result is applied on a simple buyer-seller model where the buyer is rationally inattentive to the riskiness of the seller. It is found that the optimal price should be non-monotonic in the degree of the buyer's attentiveness. Advisors/Committee Members: Blume, Lawrence Edward (chair), Mitra, Tapan (coChair), Stoye, Joerg (committee member), Bodoh-Creed, Aaron (committee member).

Subjects/Keywords: rational inattention; scalar continuity; linear cost

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APA (6th Edition):

Ozbek, M. K. (2014). Essays On Economic Decision Making. (Doctoral Dissertation). Cornell University. Retrieved from http://hdl.handle.net/1813/36131

Chicago Manual of Style (16th Edition):

Ozbek, Mahmut Kemal. “Essays On Economic Decision Making.” 2014. Doctoral Dissertation, Cornell University. Accessed September 21, 2020. http://hdl.handle.net/1813/36131.

MLA Handbook (7th Edition):

Ozbek, Mahmut Kemal. “Essays On Economic Decision Making.” 2014. Web. 21 Sep 2020.

Vancouver:

Ozbek MK. Essays On Economic Decision Making. [Internet] [Doctoral dissertation]. Cornell University; 2014. [cited 2020 Sep 21]. Available from: http://hdl.handle.net/1813/36131.

Council of Science Editors:

Ozbek MK. Essays On Economic Decision Making. [Doctoral Dissertation]. Cornell University; 2014. Available from: http://hdl.handle.net/1813/36131


Cornell University

2. Kang, Min-Wook. Price Level Volatility And Incomplete Financial Markets.

Degree: PhD, Economics, 2013, Cornell University

Money is one of the most important elements in the modern economy, but it has a critical disadvantage; it is vulnerable to in‡ ation and in‡ ation uncertainty, mainly due to unstable monetary policies or market psychology (sunspots). The main focus of this dissertation is to investigate the impact of …nancial innovation or …scal policies on welfare and asset prices when the economy is contaminated by in‡ ation volatility. This dissertation consists of four essays. The …rst essay investigates an economy with incomplete …nancial markets as described by Cass (1989), where there is typically a continuum of equilibria driven by sunspots. In this essay, I de…ne price volatility in a natural way and take it as a parameter of a derived economy. I show that for each level of price volatility, there is a unique regular sunspot-economy. Typically, there is no Pareto ranking among the di¤erent sunspot economies. However, I consider a compensation test based on balanced lump-sum tax-transfer plans that are implemented in period 0 and denominated in money or commodities. This test reveals that lower volatility economies are generically Kaldor-Hicks superior to higher volatility economies. The …ndings imply that Kaldor-Hicks e¢ ciency is achieved through sunspot-stabilizing policies. The second essay introduces a sunspots-economy where both money and in‡ ation-indexed bond markets are active. The model of the economy is exactly the same as Cass'(1989) GEI model with the addition of the indexed bonds. MasColell (1992) and Goenka and Prechac (2006) have shown that …nancial markets can be immune to sunspots by introducing real securities such as in‡ ation-indexed bonds. However, the introduction of these real securities results in a complete shutdown of nominal …nancial markets. To resolve this unrealistic outcome, I assume that a transaction cost in intermediating indexed bonds exists. This paper shows that the market for money is always active with the transaction costs of indexed bonds. I also show that these bonds have a greater opportunity to be actively traded as the market has higher in‡ ation volatility. The third essay introduces a two-period monetary general equilibrium model with proportional transaction costs on nominal and in‡ ation-indexed bonds. The main focus of this essay is to investigate the impact of introducing in‡ ation-indexed bonds on nominal interest rates and the welfare of savers and borrowers. I demonstrate that this …nancial innovation on indexed bonds causes equilibrium interest rates of nominal securities to increase when agents have precautionary saving motives. This result implies that ignoring precautionary motives would underestimate savers'welfare gain and overestimates borrowers'welfare gain from innovation on indexed bonds. I show the main results of this paper by incorporating …nancial transaction costs and unstable monetary policies in the GE model and provide the rigorous proofs for existence and uniqueness of the equilibrium. I also provide the comparative statics of bond trading volume with… Advisors/Committee Members: Shell, Karl (chair), Mitra, Tapan (committee member), Tsyrennikov, Viktor (committee member).

Subjects/Keywords: Price level volatility; Financial innovation; Incomplete financial markets

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6th Edition):

Kang, M. (2013). Price Level Volatility And Incomplete Financial Markets. (Doctoral Dissertation). Cornell University. Retrieved from http://hdl.handle.net/1813/34051

Chicago Manual of Style (16th Edition):

Kang, Min-Wook. “Price Level Volatility And Incomplete Financial Markets.” 2013. Doctoral Dissertation, Cornell University. Accessed September 21, 2020. http://hdl.handle.net/1813/34051.

MLA Handbook (7th Edition):

Kang, Min-Wook. “Price Level Volatility And Incomplete Financial Markets.” 2013. Web. 21 Sep 2020.

Vancouver:

Kang M. Price Level Volatility And Incomplete Financial Markets. [Internet] [Doctoral dissertation]. Cornell University; 2013. [cited 2020 Sep 21]. Available from: http://hdl.handle.net/1813/34051.

Council of Science Editors:

Kang M. Price Level Volatility And Incomplete Financial Markets. [Doctoral Dissertation]. Cornell University; 2013. Available from: http://hdl.handle.net/1813/34051


Cornell University

3. Wang, Yankun. Essays On Financial Frictions And Business Cycles.

Degree: PhD, Economics, 2011, Cornell University

In this dissertation I explore the relationship between the frictions in a country's financial market and its business cycle movements. It is well known that the financial market is far from perfect, and shocks originating in such market could have sizable impact on the real economy. On the other hand, evolvement in the financial market could also be a reflection of the real economy. For example, economic downturn often leads to high borrowing cost for a country in the international financial market. The essays in this dissertation present an analysis of this two-way relationship, both qualitatively and quantitatively. The first essay studies the link between country credit spreads - defined as the difference between a home country's cost of borrowing from the international credit market and the world riskless interest rate - and the domestic business cycle fluctuations. By combining both empirical and theoretical analysis, this essay shows that deteriorating credit markets are both reflections of a declining economy and a major factor that depresses economic activity. This study uses a quarterly dataset over the period 1972Q1 to 2010Q1 for South Korea. The second essay probes the importance of financial shocks in creating business cycles in the United States. It starts from a theoretical dynamic stochastic generating equilibrium model, which identifies positive financial shocks as those that drag down the corporate net worth while raising domestic output. An empirical analysis later uses this property to identify financial shocks and study their importance in creating business cycle movement for the U.S. in the past fifty years. This property is in stark contrast to technological shocks, which raise both corporate net worth and total output. Advisors/Committee Members: Razin, Assaf (chair), Prasad, Eswar Shanker (committee member), Mitra, Tapan (committee member), Shell, Karl (committee member).

Subjects/Keywords: Business Cycles; Macro-Finance Linkage

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6th Edition):

Wang, Y. (2011). Essays On Financial Frictions And Business Cycles. (Doctoral Dissertation). Cornell University. Retrieved from http://hdl.handle.net/1813/30743

Chicago Manual of Style (16th Edition):

Wang, Yankun. “Essays On Financial Frictions And Business Cycles.” 2011. Doctoral Dissertation, Cornell University. Accessed September 21, 2020. http://hdl.handle.net/1813/30743.

MLA Handbook (7th Edition):

Wang, Yankun. “Essays On Financial Frictions And Business Cycles.” 2011. Web. 21 Sep 2020.

Vancouver:

Wang Y. Essays On Financial Frictions And Business Cycles. [Internet] [Doctoral dissertation]. Cornell University; 2011. [cited 2020 Sep 21]. Available from: http://hdl.handle.net/1813/30743.

Council of Science Editors:

Wang Y. Essays On Financial Frictions And Business Cycles. [Doctoral Dissertation]. Cornell University; 2011. Available from: http://hdl.handle.net/1813/30743

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