![]() ![]() ![]() Among the problems of asymmetric information, the main research is the incentive problem: how does the boss make you work hard, how does the insurance company formulate a package, so that people with different physical conditions can choose a package that suits them. The focus of attention is generally asymmetric information: for example, you can choose to work hard or not, but the boss can’t see it, he can only see your results for example, when you buy insurance, the insurance company may not know your physical condition but You know it yourself. The "persons" here can be natural persons or enterprises or other institutions. Most of the microcosmic models only discuss the issue of a few "persons". ![]() As for the microcosm, it is much more interesting. It's just not so easy to solve after adding some randomness and incomplete market. And enterprises, consumers hold some assets and then maximize their own discounted utility each period, companies maximize profits, and if there is a government, add a balance of payments. They are basically deformations of a basic model, and they all talk about some consumers in a market. I feel that except for search and matching, other models look similar. In terms of theoretical research, I don't know much about the macro. For another example, in finance, generally speaking, corporate finance studies the relationship between investors and management, so it is a micro field asset pricing is macro finance. For another example, in international economics, international trade is a large-scale research, but in the study of international trade, we regard each country as an individual, so generally speaking, we think it is a microscopic field on the contrary, Research on international finance (such as interest rates and exchange rates) is relatively considered to be more macroscopic. Some more empirical fields involve both macro and micro: such as labor economics, if you study the return on education and income, such issues belong to the category of micro-econometrics if you study large-scale issues such as the unemployment rate, Then this kind of problem is a macro problem. For example, dynamic contract theory is a micro theory, but it is widely used in macro research Widely used, one if the value function counts. Of course, from the perspective of methodology, many micro methods are also widely used in macro. But their demarcation is not clear: for example, the general equilibrium theory is a micro theory, but it is basically used by macroeconomists now, because the general equilibrium theory is too difficult to solve after adding asymmetric information, so now do Micro theory rarely uses general equilibrium models macro basically studies macro phenomena, but if you only focus on macro phenomena, it is difficult to figure out the mechanism, and even two opposite conclusions make sense, so now General macro theories are based on individual consumers. In short, the macroscopic consideration is the overall phenomenon, while the microscopic focus is on the individual. ![]()
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