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- Diamond_coconut_model abstract "The Diamond coconut model is an economic model constructed by the American economist and 2010 Nobel laureate Peter Diamond which analyzes how a search economy in which traders cannot find partners instantaneously operates. The model was first presented in a 1982 paper published in the Journal of Political Economy. The main implication of the model is that people's expectations as to the level of aggregate activity play a crucial role in actually determining this level of aggregate economic activity. A frequent interpretation of its conclusion, as applied to the labor market, is that the so-called natural rate of unemployment may not be unique (in fact there may exist a continuum of \"natural rates\") and even if it is unique, it may not be efficient. Diamond's model was of interest to New Keynesian economists who saw it as potential source of coordination failure, which could cause markets to fail to clear.The model takes its name from the abstract set up imagined by Diamond. He envisioned an island (a closed economy) populated by individuals who only consume coconuts. Coconuts are obtained by being picked (they are \"produced\") from palm trees at a cost. Because of a particular taboo existing on this island a person who has picked a coconut cannot consume it themselves but must find another person with a coconut. At that point the two individuals can trade their respective coconuts and eat them. The key point is that when an individual finds a palm tree, because climbing the tree is costly, they will only be willing to climb it to get a coconut if there are a sufficiently high number of other individuals who are willing to do likewise. If nobody else is obtaining coconuts then there won't be any potential trading partners and obtaining coconuts is not worth climbing the tree. Hence, what individuals believe others will do plays a crucial role in determining the overall outcome. As a result people's (fully rational) expectations become a self-fulfilling prophecy and the economy can wind up with multiple equilibria, most if not all of them characterized by inefficiency.".
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- Diamond_coconut_model wikiPageWikiLink Autarky.
- Diamond_coconut_model wikiPageWikiLink Capital_gain.
- Diamond_coconut_model wikiPageWikiLink Category:Labor_economics.
- Diamond_coconut_model wikiPageWikiLink Category:Macroeconomics.
- Diamond_coconut_model wikiPageWikiLink Category:New_Keynesian_economics.
- Diamond_coconut_model wikiPageWikiLink Consumption_(economics).
- Diamond_coconut_model wikiPageWikiLink Continuum_(measurement).
- Diamond_coconut_model wikiPageWikiLink Coordination_failure_(economics).
- Diamond_coconut_model wikiPageWikiLink Dividend.
- Diamond_coconut_model wikiPageWikiLink Economics.
- Diamond_coconut_model wikiPageWikiLink Expected_value.
- Diamond_coconut_model wikiPageWikiLink Externality.
- Diamond_coconut_model wikiPageWikiLink Journal_of_Political_Economy.
- Diamond_coconut_model wikiPageWikiLink Matching_theory_(economics).
- Diamond_coconut_model wikiPageWikiLink Natural_rate_of_unemployment.
- Diamond_coconut_model wikiPageWikiLink New_Keynesian_economics.
- Diamond_coconut_model wikiPageWikiLink Nobel_Memorial_Prize_in_Economic_Sciences.
- Diamond_coconut_model wikiPageWikiLink Pareto_efficiency.
- Diamond_coconut_model wikiPageWikiLink Peter_Diamond.
- Diamond_coconut_model wikiPageWikiLink Poisson_point_process.
- Diamond_coconut_model wikiPageWikiLink Present_value.
- Diamond_coconut_model wikiPageWikiLink Probability_distribution.
- Diamond_coconut_model wikiPageWikiLink Production_function.
- Diamond_coconut_model wikiPageWikiLink Rational_expectations.
- Diamond_coconut_model wikiPageWikiLink Search_theory.
- Diamond_coconut_model wikiPageWikiLink Steady_state.
- Diamond_coconut_model wikiPageWikiLink Support_(mathematics).
- Diamond_coconut_model wikiPageWikiLink Time_preference.
- Diamond_coconut_model wikiPageWikiLink Uniform_distribution_(continuous).
- Diamond_coconut_model wikiPageWikiLink File:Basic_diamond_coconut_model_diagram.JPG.
- Diamond_coconut_model wikiPageWikiLink File:Coconut_Yellow.JPG.
- Diamond_coconut_model wikiPageWikiLink File:Diamond_coconut_flow_diagram.JPG.
- Diamond_coconut_model wikiPageWikiLinkText "Diamond coconut model".
- Diamond_coconut_model wikiPageWikiLinkText "coconut model".
- Diamond_coconut_model wikiPageUsesTemplate Template:Reflist.
- Diamond_coconut_model subject Category:Labor_economics.
- Diamond_coconut_model subject Category:Macroeconomics.
- Diamond_coconut_model subject Category:New_Keynesian_economics.
- Diamond_coconut_model hypernym Model.
- Diamond_coconut_model type Person.
- Diamond_coconut_model type Study.
- Diamond_coconut_model comment "The Diamond coconut model is an economic model constructed by the American economist and 2010 Nobel laureate Peter Diamond which analyzes how a search economy in which traders cannot find partners instantaneously operates. The model was first presented in a 1982 paper published in the Journal of Political Economy.".
- Diamond_coconut_model label "Diamond coconut model".
- Diamond_coconut_model sameAs Q5270952.
- Diamond_coconut_model sameAs m.0dlmych.
- Diamond_coconut_model sameAs Q5270952.
- Diamond_coconut_model wasDerivedFrom Diamond_coconut_model?oldid=657562793.
- Diamond_coconut_model depiction Coconut_Yellow.JPG.
- Diamond_coconut_model isPrimaryTopicOf Diamond_coconut_model.