John Geanakoplos

TL;DR: A firm's actions in one market can change competitors' strategies in a second market by affecting its own marginal costs in that other market as mentioned in this paper, and whether the action provides costs or benefits in the second market depends on whether it increases or decreases marginal costs.

TL;DR: In this article, the authors argue that this leverage cycle can be damaging to the economy and should be regulated, and that equilibrium determines leverage, not just interest rates, causing fluctuations in asset prices.

TL;DR: In this article, it was shown that although backward induction cannot be applied, and perfect psychological equilibria may not exist, subgame perfect and sequential equilibrium always do exist, and that the payoff to each player depends not only on what every player does but also on what he thinks every player believes, and on what they think they believe others believe.

TL;DR: In this article, it was shown that although backward induction cannot be applied, and perfect psychological equilibria may not exist, subgame perfect and sequential equilibrium always do exist, and that the payoff to each player depends not only on what every player does but also on what he thinks every player believes, and on what they think they believe others believe.

TL;DR: In this paper, the authors present a theory of asset pricing that will shed light on the problems of emerging assets (like emerging markets) that are not yet mature enough to be attractive to the general public, and argue that the periodic problems faced by emerging asset classes are sometimes symptoms of what we call a global anxious economy rather than of their own fundamental weaknesses.