Inequity Aversion, Financial Markets, and Output Fluctuations
利用参考依赖效用理论，将金融市场建模为多重均衡的协调博弈，说明资产估值通过再协调内生变化，引发产出波动，且这种波动在数量上显著且无效率。
Drawing on recent advances in the study of reference dependent utility we model financial markets as a coordination game with multiple equilibria. Asset valuations may change endogenously through re-coordination which induces fluctuations in output. These fluctuations are shown to be quantitatively relevant and inefficient.