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We now turn to tournaments of heterogeneous agents.
n]), the pure strategy equilibrium with weakly heterogeneous agents exists and is governed by the corresponding system of first-order conditions:
It turns out that, in the linear approximation, the optimal tournament prize structure in the tournament of weakly heterogeneous agents is that of ay-tournament.
In this section we assume heterogeneous agents with a stochastic evolution for the number of agents n.
We remain now in line with our previous analysis; namely heterogeneous agents who scrap their vessels according to a Poisson process with intensity P([lambda]).
In our equilibrium model of heterogeneous agents and in the Dixit and Pindyck model of firm heterogeneity the exit rate is multiplicative in the number of agents n.
Microfoundations for Switching Behavior in Heterogeneous Agent Models: An Experiment.
The punch line is that the Friedman rule ceases to remain unambiguously optimal once the standard representative-agent paradigm is replaced with an environment with heterogeneous agents.
However, our environment with heterogeneous agents does not go so far as to justify an expansionary monetary policy.
Optimal and Time Consistent Monetary and Fiscal Policy with Heterogeneous Agents.

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