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WELCOMEOn behalf of the Society for the Advancement of Economic Theory, we are pleased towelcome you in Rio de Janeiro on the occasion of the 16th SAET Conference.We wish to express gratitude to the various institutions that made this conferencepossible: first and foremost, to Instituto Nacional de Matemática Pura e Aplicada (IMPA)for their wonderful hospitality, Conselho Nacional de Desenvolvimento Científico eTecnológico (CNPq), Coordenação de Aperfeiçoamento de Pessoal de Nível Superior(CAPES), Fundação Carlos Chagas Filho de Amparo à Pesquisa do Estado do Rio de Janeiro(FAPERJ), the University of Iowa, Itaú Bank and Bradesco Bank.Many thanks to the people who generously contributed to the success of this event,in particular, the members of the local organizing committee, the session organizers,the program committee and the help team. Special thanks to Suely Lima, Ana PaulaRodrigues, Leticia Ribas, Jurandira Ribas, Marcelo Viana, Michele Leite, Paula Dugin,Pedro Faro and Sonia Alves for their invaluable help along the progress, your help hasbeen invaluable.We hope you enjoy the conference and we wish you a pleasant stay in Rio de Janeiro.Aloisio Araujo, José Heleno Faro, Juan Pablo Gama Torres,Susan Schommer and Nicholas Yannelis,Organizing Committee
Executive CommitteeBernard Cornet (President/Secretary)Robert Townsend (Second Vice-President)Nicholas Yannelis (Treasurer/Editor)Aloisio Araujo (Past President)David Levine (Member at Large)Charles Plott (Member at Large)Edward Prescott (Member at Large)Organizing and Scientific CommitteeAloisio Araujo - IMPAJose Heleno Faro - INSPERSusan Schommer - UERJNicholas Yannelis - University of IowaJuan Pablo Gama Torres - IMPAProgram CommitteeBeth Allen (University of Minnesota, USA)Nizar Allouch (Queen Mary, University of London, UK)Costas Arkolakis (Yale University, USA)Yves Balasko (University of York, UK)Bernard Cornet (PSE-University of Paris I & University of Kansas, France & USA)Roger Guesnerie (Collège de France, France)Hugo Hopenhayn (University of California, USA)Johannes Horner (Yale University, USA)Timothy Kehoe (Univ. of Minnesota / Federal Reserve Bank of Minneapolis, USA)Fuhito Kojima (Stanford University, USA)Dan Kovenock (Chapman University, USA)David Levine (Washington University-St. Louis, USA)Edward Prescott (Federal Reserve Bank-Richmond, USA)Philip Reny (University of Chicago, USA)Alvaro Sandroni (Kellogg, USA)Chris Shannon (University of California-Berkeley, USA)Anne Villamil (University of Iowa, USA)
From behind the scene, our invaluable staffWithout these persons, organizing this conference would not have been possible.From the Scientific Activities Division (DAC): Sônia Alves, Paula Dugin, Pedro Faro(head), Renata Maiato, Letícia Ribas, Jurandira Ribas, Ana Paula Rodrigues;From the Scientiic Information Division (DDIC): Maria Celano (head);IMPA Graphic designer: Sérgio R. VazSuely Lima;Michele Leite from MMX, for her tireless good will and negotiation skills.About SAETOur purpose is to advance knowledge in theoretical economics and to facilitatecommunication among researchers in economics, mathematics, game theory, or anyother field which is potentially useful to economic theory.Sponsors
Overview of EventsGroup PicturesIt will be taken some group photos among the congress (all days beforelunch). Don't forget to be part of them, to help us immortalizing the 16thSAET Conference!Social ProgramFriday July 8th: Gala dinner (not for students). The oficial 16th SAET dinner atEspaço Marimbas (Address: Praça Cel. Eugênio Franco, 2 - Copacabana, Riode Janeiro - RJ, 22070-020) with a wonderful view of Copacabana beach)
Saturday 9th: Most part of this day will be in honor of Professor AloisioAraujo with special lectures:- Morning and afternoon: Special Plenaries of some Aloisio’s co-authors andfriends.- Late afternoon: Special Plenaries of Aloisio current research.Sunday 10th: Touristic tour among the Rio de Janeiro historical centre andlunch in one of the most well-known and traditional restaurant in the city.Practical InformationBadgeConference participants are required to carry the 16th SAET badge during theconference at IMPA.Bulletin boardA message board will be set up in the conference hall; please check theannouncements from time to time as we will communicate changes to theposted schedule, and other messages using this board.Practical mattersWe suggest that participants purchase a travel health insurance.The voltage in the state of Rio de Janeiro is 110V. Electrical outlets are notuniversal, you can buy adaptors in Rio (or better bring them with you, ofcourse).We advise against drinking tap water – prefer bottled mineral water oriltered water.
Conference VenueIMPA is located in the South Zone of Rio de Janeiro, near the Tijuca Forestand the Botanical Gardens, 20 minutes from major hotels of Leblon andIpanema. You can find our address and some practical information abouthow to get to the institution below.AddressEstrada Dona Castorina, 110Jardim BotânicoZip Code 22460-320Rio de Janeiro, RJ - BrazilPhone number: 55 21 2529-5000Fax: 55 21 2512-4115e-mail: eventos@impa.brHow to get to IMPAFrom the airportOn leaving the airport we suggest that you take a taxi. There are severalcompanies that have booths located inside the airport facilities, on the wayout. A ride to South Zone costs around R 120 to R 150 and takes about 50minutes. There are also special buses leaving from Terminals 1 and 2.BusesThere are three bus lines running near the Institute:508 - Horto - Botafogo (via Jardim Botânico)416 - Tijuca - Horto (via Túnel Rebouças)509 - Horto - Ipanema (via Leblon)The passenger must pay as they enter, using the front door to get on the busand the rear door to get off the bus. The bus fare is R 3,80 and themaximum change given is for a R 20,00 bill.
Should you prefer to use a taxi, we suggest the following companies:JB TáxiCootramoCoopertramoEasy Taxi (Free App)WifiFor those who need, IMPA has a wifi connection accessible to all visitorsthroughout the whole building. The ESSID of the network is impa-wl and thepassword is impacastorina.The participants can also use the computers on the Hall of the 2nd floor.
Wednesday, July 6th, 5LocationAuditorium 1SessionFirm Dynamics and Social Choice andthe Macroeconomy Cooperative GameTheoryTimothy KehoeYoungsub ChunOrganizer/ChairLocation: Ricardo Mañé AuditoriumAuditorium 2Room 224Room 232Room 236Room 347Matching marketsand InsuranceDefault, Bankruptcyand �s Carvajal &Eduardo AzevedoMauricio VillalbaCarolina ParraAndres NeumeyerRoom 349Chair11:15-11:30Coffee Break11:30-12:30Special Lecture in honor of Aloisio Araujo: Yves Balasko (York University)Location: Ricardo Mañé AuditoriumChair:12:30-12:45Coffee Break12:45-13:30Special Lecture in honor of Aloisio Araujo: Paulo Klinger Monteiro (FGV-EPGE)Location: Ricardo Mañé AuditoriumChair:13:30-14:45Lunch Break14:45-16:45LocationAuditorium 1SessionOrganizer/ChairAuditorium 2Room 224Room 232Room 236Household Behavior Topics Game Theory Repo andand theIntermediationMacroeconomyEconomic Theory IITimothy KehoeYi-Chun Chen & Xiao Piero GottardiLuoJean-Marc BonnisseauThe IndustrialOrganization ofFinancial ServiceProviders inDevelopingCountriesRobert TownsendRoom 347Room 349Room 349Chair16:45-17:00Coffee Break17:00-19:00LocationAuditorium 1Auditorium 2Room 224Room 232Room 236Room 347SessionInformation,Aggregation andWelfareXavier VivesMonetaryeconomicsDynamic Gameswith IncompleteInformationRichard McLeanQuantitativeMacroeconomics IDynamicProgrammingContests andApplicationsSelahattin ImrohorogluJuan Pablo RincónZapateroBrian RobersonOrganizer/ChairChairDaniela PuzzelloDan Kovenock
16th SAET Conference on Current Trends in EconomicsIMPA, Rio de Janeiro, July 6 - 9, 2016Wednesday, July 6th, 5LocationAuditorium 1SessionFirm Dynamics and Social Choice andthe Macroeconomy Cooperative GameTheoryTimothy KehoeYoungsub ChunOrganizer/ChairLocation: Ricardo Mañé AuditoriumAuditorium 2Room 224Room 228Room 232Room 236Room 347Matching marketsand InsuranceFinance andDecisionDefault, Bankruptcyand �s Carvajal &Eduardo AzevedoAlain Chateauneuf & Mauricio VillalbaBernard CornetCarolina ParraAndres NeumeyerRoom 349Chair11:15-11:30Coffee Break11:30-12:30Special Lecture in honor of Aloisio Araujo: Yves Balasko (York University)Location: Ricardo Mañé AuditoriumChair:12:30-12:45Coffee Break12:45-13:30Special Lecture in honor of Aloisio Araujo: Paulo Klinger Monteiro (FGV-EPGE)Location: Ricardo Mañé AuditoriumChair:13:30-14:45Lunch Break14:45-16:45LocationAuditorium 1SessionOrganizer/ChairAuditorium 2Room 224Room 228Room 232Room 236Household Behavior Topics Game Theory Repo andand theIntermediationMacroeconomySearch andSequential-ServiceFrictions in Modelsof Money andBankingEconomic Theory IITimothy KehoeYi-Chun Chen & Xiao Piero GottardiLuoRicardo CavalcantiJean-Marc BonnisseauThe IndustrialOrganization ofFinancial ServiceProviders inDevelopingCountriesRobert TownsendRoom 347Room 349Room 349Chair16:45-17:00Coffee Break17:00-19:00LocationAuditorium 1Auditorium 2Room 224Room 228Room 232Room 236Room 347SessionInformation,Aggregation andWelfareXavier VivesMonetaryeconomicsDynamic Gameswith IncompleteInformationRichard McLeanTopics in EconomicGrowth andDevelopmentTiago CavalcanteQuantitativeMacroeconomics IDynamicProgrammingContests andApplicationsSelahattin ImrohorogluJuan Pablo RincónZapateroBrian RobersonOrganizer/ChairChairDaniela PuzzelloDan Kovenock
16th SAET Conference on Current Trends in EconomicsIMPA, Rio de Janeiro, July 6 - 9, 2016Thursday, July 7th, ium 1Auditorium 2SessionInternationalCapital FlowsTimothy KehoeCoalition andDecision underNetwork Formation UncertaintyArmando GomesSimone CerreiaVioglioOrganizer/ChairRoom 224Room 232Room 236Political Economy ITopics in EconomicTheoryTom KrebsAlejandro SaporitiRoom 347Room 349Room 347Room 349Chair11:30-12:00Coffee Break12:00-13:00Sir John Hicks Lecture: Timothy Kehoe (Univ. of Minnesota &Federal Reserve Bank of Minneapolis)Location: Ricardo Mañé AuditoriumChair:13:00-14:30Lunch Break14:30-16:30LocationAuditorium 1Auditorium 2Room 224Room 232SessionFinancial andmonetary equilibriacontributions byformer IMPAstudentsMario PascoaEconomics oflearning andinformationMonotone MethodsMacro Perspectives QuantitativeMacroeconomics IIHu, Tai-WeiTarun SabarwalKyle HerkenhoffSelahattin Imrohoroglu José FajardoJosé Heleno FaroAuditorium 2Room 224Room 232Room 236Room 349New Methods forTopics in EconomicDynamic Economies TheoryIKevin Reffet &Svetlana BoyarchenkoLucasz WoznyOrganizer/ChairChair16:30-17:00Coffee Break17:00-19:00LocationAuditorium 1SessionInternational Trade Asset Bubbles andEconomic GrowthCoordinstion GamesOrganizer/ChairTimothy KehoeJack StecherChairCuong Le VanRoom 236Security Design and Multiple PriorsDerivative PricingModelsRoom 347Information andDecisionsJosé ÁlvaroRodrigues-Neto
16th SAET Conference on Current Trends in EconomicsIMPA, Rio de Janeiro, July 6 - 9, 2016Thursday, July 7th, ium 1Auditorium 2Room 224Room 228SessionInternationalCapital FlowsTimothy KehoeCoalition andNetwork FormationArmando GomesDecision underUncertaintySimone CerreiaVioglioTemporalPolitical Economy IPreferencesJean-Pierre Drugeon Alejandro SaporitiOrganizer/ChairRoom 232Room 236Room 347Room 349Room 347Room 349Topics in EconomicTheoryTom KrebsChair11:30-12:00Coffee Break12:00-13:00Location: Ricardo Mañé AuditoriumChair:13:00-14:30Lunch Break14:30-16:30LocationAuditorium 1Auditorium 2SessionFinancial andmonetary equilibriacontributions byformer IMPAstudentsMario PascoaEconomics oflearning andinformationHu, Tai-WeiTarun SabarwalTakashi Kamihigashi Kyle HerkenhoffSelahattin Imrohoroglu José FajardoJosé Heleno FaroAuditorium 2Room 224Room 228Room 232Room 236Room 349Expectations andLearningNew Methods forTopics in EconomicDynamic Economies TheoryIKevin Reffet &Svetlana BoyarchenkoLucasz WoznyOrganizer/ChairChair16:30-17:00Coffee Break17:00-19:00LocationAuditorium 1SessionInternational Trade Asset Bubbles andEconomic GrowthOrganizer/ChairTimothy KehoeChairCuong Le VanRoom 224Room 228Room 232Room 236Development/Envir Macro Perspectives Quantitativeonment DynamicsMacroeconomics IIand UnemploymentJack StecherRoger GuesnerieSecurity Design and Multiple PriorsDerivative PricingModelsRoom 347Information andDecisionsJosé ÁlvaroRodrigues-Neto
Friday, July 8th, ium 1Auditorium 2Room 224Room 232SessionDebt and Default:Fluctuations andTrendsIgor LivshitsDecision TheoryDynamic GamesJack StecherJohannes HornerNew Methods forNash Program andDynamic Economies ImplementationIIKevin Reffet &Walter TrockelLucasz WoznyRoom 224Organizer/ChairRoom 236Room 347Room 349Room 347Room 349Chair11:00-11:30Coffee Break11:30-13:30LocationAuditorium 1Auditorium 2SessionContest IOrganizer/ChairDan KovenockTopics on economic Economic Theory Igrowth anddevelopmentTiago CavalcantiNicholas YannelisRoom 232Room 236NetworksEconomic Dynamics EconometricMethodsFrancis BlochWilfredo Maldonado Sergio Pinheiro Firpo& Alberto PintoChair13:30-14:30Lunch Break14:30-15:30David Cass Lecture: Robert E. Lucas, JR (University of Chicago)Location: Ricardo Mañé AuditoriumChair:15:30-16:00Coffee Break16:00-18:00LocationAuditorium 1Auditorium 2Room 224Room 232Room 236Room 347SessionIn honor of AloisioAraujo: Theoreticaland empiricalassessments toassist the CentralBank decisionsRicardo SantosContest IIStrategic behaviorin Markets andAuctionsStochastic Choiceand BehavioralOptimizationTBATopics in Marketwith AdverseSelectionDan KovenockMarean RostekPaulo NatenzonHugo HopenhaynHumberto MoreiraOrganizer/ChairChair19:00-22:00Conference DinnerRoom 349
16th SAET Conference on Current Trends in EconomicsIMPA, Rio de Janeiro, July 6 - 9, 2016Friday, July 8th, ium 1Auditorium 2Room 224Room 228SessionDebt and Default:Fluctuations andTrendsIgor LivshitsDecision TheoryDynamic GamesJack StecherJohannes HornerGeneral Equilibrium New Methods forNash Program andDynamic Economies ImplementationIIYves BalaskoKevin Reffet &Walter TrockelLucasz WoznyRoom 224Organizer/ChairRoom 232Room 236Room 347Room 349Room 347Room 349Chair11:00-11:30Coffee Break11:30-13:30LocationAuditorium 1Auditorium 2SessionContest IOrganizer/ChairDan KovenockTopics on economic Economic Theory Igrowth anddevelopmentTiago CavalcantiNicholas YannelisRoom 228Room 232Room 236Public Economicsand NetworksNetworksEconomic Dynamics EconometricMethodsNizar AllouchFrancis BlochWilfredo Maldonado Sergio Pinheiro Firpo& Alberto PintoChair13:30-14:30Lunch Break14:30-15:30David Cass Lecture: Robert E. Lucas, JR (University of Chicago)Location: Ricardo Mañé AuditoriumChair:15:30-16:00Coffee Break16:00-18:00LocationAuditorium 1Auditorium 2SessionIn honor of AloisioAraujo: Theoreticaland empiricalassessments toassist the CentralBank decisionsRicardo SantosContest IIOrganizer/ChairChair19:00-22:00Conference DinnerRoom 224in Markets andAuctionsDan KovenockMarean RostekRoom 228Room 232Room 236Room 347IndustrialOrganizationStochastic Choiceand BehavioralOptimizationTBATopics in Marketwith AdverseSelectionSteffen LippertPaulo NatenzonHugo HopenhaynHumberto MoreiraRoom 349
IMPA, Rio de Janeiro, July 6 - 9, 2016Saturday, July 9th, 201610:00-10:45Special Lecture: Alain Chateauneuf (IPAG Business School and PSE-Université de Paris I)Location: Ricardo Mañé AuditoriumChair:10:45-11:30Special Lecture: Mario Pascoa (University of Surrey)Location: Ricardo Mañé AuditoriumChair:11:30-11:45Coffee Break11:45-12:45Lionel Mckenkie Lecture: Nancy Stokey (University of Chicago)Location: Ricardo Mañé AuditoriumChair:12:45-13:45Lunch Break13:45-15:45LocationAuditorium 1SessionOrganizer/ChairAuditorium 2Room 224Room 232International Trade Government,Institutions andPublic PolicyEconomic Theoryand ApplicationsPolitical Economy II RevealedGames and Decision Topics in EconomicPreference andTheory & IndustrialMonotoneOrganizationComparative StaticsGiovanni FacchiniLuis BraidoAlejandro SaporitiCecilia TestaRoom 236John QuahChair15:45-16:00Coffee Break16:00-17:00Special Lecture: Michael Woodford (Columbia University)Location: Ricardo Mañé AuditoriumChair:17:00-17:15Coffee Break17:15-18:15Special Lecture: Felix Kubler (University of Zurich and Swiss Finance Institute)Location: Ricardo Mañé AuditoriumChair:18:15-19:15Special Lecture: Aloisio Araujo (IMPA and FGV-EPGE)Chair:Location: Ricardo Mañé AuditoriumRoom 347Juan DubraRoom 349Marta Faias & JuanPablo TorresMartínez
16th SAET Conference on Current Trends in EconomicsIMPA, Rio de Janeiro, July 6 - 9, 2016Saturday, July 9th, 201610:00-10:45Location: Ricardo Mañé AuditoriumChair:10:45-11:30Special Lecture: Mario Pascoa (University of Surrey)Location: Ricardo Mañé AuditoriumChair:11:30-11:45Coffee Break11:45-12:45Lionel Mckenkie Lecture: Nancy Stokey (University of Chicago)Location: Ricardo Mañé AuditoriumChair:12:45-13:45Lunch Break13:45-15:45LocationAuditorium 1SessionInternational Trade Government,Institutions andPublic PolicyOrganizer/ChairGiovanni FacchiniAuditorium 2Cecilia TestaRoom 224Luis BraidoRoom 228Room 232Room 236Applied EconomicsPolitical Economy II RevealedGames and Decision Topics in EconomicPreference andTheory & IndustrialMonotoneOrganizationComparative StaticsAlvaro RiascosAlejandro SaporitiJohn QuahChair15:45-16:00Coffee Break16:00-17:00Special Lecture: Michael Woodford (Columbia University)Location: Ricardo Mañé AuditoriumChair:17:00-17:15Coffee Break17:15-18:15Location: Ricardo Mañé AuditoriumChair:18:15-19:15Special Lecture: Aloisio Araujo (IMPA and FGV-EPGE)Chair:Location: Ricardo Mañé AuditoriumRoom 347Juan DubraRoom 349Marta Faias & JuanPablo TorresMartínez
Sir John Hicks LectureTimothy J. Kehoe (University of Minnesota, Federal Reserve Bank ofMinneapolis & National Bureau of Economic Research)(with Jose Asturias, School of Foreign Service in Qatar, GeorgetownUniversity, Sewon Hur, University of Pittsburgh, and Kim J. Ruhl, PennsylvaniaState University)July 7th, 2016 / 12:00 - 13:00Firm Entry and Exit and Aggregate GrowthUsing plant-level data from Chile and Korea, we find that, during episodes ofrapid growth, most of the aggregate productivity growth is due to the entry andexit of firms while, during episodes of slower growth, it is mostly due to growthwithin and across existing firms. Studies for other countries suggest that this isan empirical regularity. We develop a dynamic general equilibrium model basedon Hopenhayn (1992) which incorporates the theory of economic growthproposed by Parente and Prescott (1994) and Kehoe and Prescott (2002). In thismodel, new firms enter every period with productivities drawn from adistribution whose mean grows over time. After entering, a firm’s productivitygrows, but not as rapidly as new firms’ productivity distribution. In a version ofthe model calibrated to U.S. plant-level data, we simulate two sets of reforms: adecrease in new firms’ costs of entry and a reduction in the barriers totechnology adoption for new firms. The model reproduces the regularity that weobserve in the data, and confirm that entry and exit of firms is crucial for reformsto generate rapid growth.
David Cass LectureRobert E. Lucas, JR (University of Chicago)What Was the Industrial Revolution?July 8th, 2016 / 14:30 - 15:30Lionel Mckenkie LectureNancy Stokey (University of Chicago)July 9th, 2016 / 11:45 - 12:45The Race Between Technology and Human CapitalThis paper develops a model in which heterogeneous firms invest in R&D toimprove technology, and heterogeneous workers invest in human capital toincrease their earnings. Technology and human capital are complements inprod
WELCOME . On behalf of the Society for the Advancement of Economic Theory, we are pleased to welcome you in Rio de Janeiro on the occasion of the 16th SAET Conference.
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audrey-hefel@uiowa.edu ian-w-johnson@uiowa.edu DCF Model 54 DDM Model 43 Investment Thesis Relative P/E 51 Price Data Drivers of Thesis: Micron trades at a discount to our target price range. Micron’s stock price as of November 15, 2019, is 47.71 while our target price range based upon our DCF Model and Relative P/E model is
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