要旨：This paper proposes a model of learning about a game. Players initially have little knowledge about the game. Through playing the identical game repeatedly, each player not only learns which action to choose but also constructs his personal view on the game. The model is studied using a hybrid payoff matrix of the prisoner's dilemma and coordination games. Results of computer simulations show (1) when all the players are slow in learning the game, they have only a partial understanding of the game, but may enjoy higher payoffs than the cases with full or no understanding of the game; (2) when one of the players is quick in learning the game, he obtains a higher payoff than the others. However, all of them can receive lower payoffs than the case where all the players are slow learners.

要旨：A general equilibrium model, that incorporates endogenous production and local housing markets, is developed in order to explain the price relationship among human capital, housing, and stocks, and to uncover the role of housing in asset pricing. Housing serves as an asset as well as a durable consumption good. It is shown that housing market conditions critically affect asset price correlations and risk premia. The first result is that the covariation of housing prices and stock prices can be negative if land supply is elastic. Data from OECD countries roughly support the model's predictions on the relationship among land supply elasticity, asset price correlations, and households' equity holdings. The second result is that housing rent growth serves as a risk factor in the pricing kernel. The risk premium becomes higher as land supply becomes inelastic and as housing services become more complementary with other goods. Finally, the housing component in the pricing kernel is shown to mitigate the equity premium puzzle and the risk-free rate puzzle.