SelectedWorks - Juan Pablo Torres-Martínez

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Selected Works of Juan Pablo Torres-Martínez

Full Professor, Department of Economics, University of Chile

CURRICULUM VITAE      ------      WORKING PAPERS

Juan Pablo Torres-Martínez is a Full Professor at the University of Chile. His research interests focus on economic theory, especially on topics of mechanism design, matching markets, and general equilibrium theory. His articles have been published in academic journals such as Econometrica, Economic Theory, Games and Economic Behavior, and Journal of Mathematical Economics.

At the University of Chile, he served as Director of Research for the Faculty of Economics and Business and was Academic Director of the Ph.D. and the M.A. programs in Economics. Between 2002 and 2008, he was a faculty member at the Department of Economics of the Pontifical Catholic University of Rio de Janeiro (PUC-Rio). A mathematician by education, he holds a Ph.D. in Science from IMPA, Brazil.

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About Juan Pablo Torres-Martínez

CURRICULUM VITAE      ------      WORKING PAPERS

Juan Pablo Torres-Martínez is a Full Professor at the University of Chile. His research interests focus on economic theory, especially on topics of mechanism design, matching markets, and general equilibrium theory. His articles have been published in academic journals such as Econometrica, Economic Theory, Games and Economic Behavior, and Journal of Mathematical Economics.

At the University of Chile, he served as Director of Research for the Faculty of Economics and Business and was Academic Director of the Ph.D. and the M.A. programs in Economics. Between 2002 and 2008, he was a faculty member at the Department of Economics of the Pontifical Catholic University of Rio de Janeiro (PUC-Rio). A mathematician by education, he holds a Ph.D. in Science from IMPA, Brazil.

May 2011 - Present	Full Professor, University of Chile ‐ Department of Economics
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May 2008 - April 2011	Associate Professor, University of Chile ‐ Department of Economics
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March 2002 - April 2008	Assistant Professor, Pontifical Catholic University of Rio de Janeiro ‐ Department of Economics
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Economic Theory and Finance

Mechanism Design, Matching Markets, and General Equilibrium Theory

Department of Economics, University of Chile

Diagonal Paraguay 257, Santiago, Chile

Email:

http://orcid.org/0000-0002-6542-8396

Strategic behavior in one-to-one matching markets without outside options (Camilo J Sirguiado and Juan Pablo Torres-Martínez) Games and Economic Behavior (2024)

In two-sided one-to-one matching markets, each side of the market has a single stable mechanism that is strategy-proof for its members (Alcalde and Barberà, 1994). When agents may not declare potential partners inadmissible, this uniqueness ...

Coalitional stability in matching problems with externalities and random preferences (Adriana Piazza and Juan Pablo Torres-Martínez) Games and Economic Behavior (2024)

We study coalitional stability in matching problems with externalities, including marriage markets, roommate problems, and Shapley-Scarf housing markets as particular cases. When preferences are randomly determined, the probability of having a coalitionally stable solution is ...

Matching with externalities: the role of prudence and social connectedness in stability (Milton dos Santos Braitt and Juan Pablo Torres-Martínez) Journal of Mathematical Economics (2021)

In matching problems with externalities, prudence measures the importance an agent gives to others' potential reactions when she considers deviating and social connectedness measures others' capacity to react to the agent's deviation. Assuming that externalities ...

The roommate problem with externalities (Jose Luis Contreras and Juan Pablo Torres-Martínez) International Journal of Game Theory (2021)

This paper extends the roommate problem to include externalities, allowing preferences for a partner to depend on the situation of others. Stability concepts for matchings and partitions of the set of agents are proposed and ...

Financial segmentation and collateralized debt in infinite-horizon economies (Miguel Iraola, Fabián Sepúlveda and Juan Pablo Torres-Martínez) Journal of Mathematical Economics (2019)

In this paper we address equilibrium existence in economies with default, long-term collateralized debt, and financial market segmentation. We first prove equilibrium existence in the finite-horizon case of our model, by adapting techniques recently applied ...

Long-lived collateralized assets and bubbles (Aloisio Araujo, Mário Páscoa and Juan Pablo Torres-Martínez) Journal of Mathematical Economics (2011)

When infinite-lived agents trade long-lived assets secured by durable goods, equilibrium exists without any additional debt constraints or uniform impatience conditions on agents’ characteristics. Also, price bubbles are absent when physical endowments are uniformly bounded ...

The impossibility of effective enforcement mechanisms in collateralized credit markets (Thiago Revil T. Ferreira and Juan Pablo Torres-Martínez) Journal of Mathematical Economics (2010)

We analyze the possibility of the simultaneous presence of two key features in price-taking sequential economies: collateralized credit operations and effective additional enforcement mechanisms, i.e. those implying payments besides the value of collateral guarantees.We show ...

Wealth transfers and the role of collateral when lifetimes are uncertain (Abdelkrim Seghir and Juan Pablo Torres-Martínez) Economic Theory (2008)

We develop a general equilibrium model of wealth transfers in the presence of uncertain lifetimes and default. Without introducing exogenous debt constraints, agents are allowed to make collateral-backed promises at any state of their life ...

Collateral avoids Ponzi schemes in incomplete markets (Aloisio Araujo, Mário Páscoa and Juan Pablo Torres-Martínez) Econometrica (2002)

Without introducing either debt constraints or transversality conditions to avoid the possibility of Ponzi schemes, we show the existence of equilibrium in an infinite horizon incomplete markets economy with a collateral structure.

Information within coalitions: risk and ambiguity (Emma Moreno-García and Juan Pablo Torres-Martínez) Economic Theory (2020)

We address economies with asymmetric information where agents are not perfectly aware of the informational structure for coalitions. Thus, when joining a coalition, each consumer considers the informational risk and may be uncertain about the ...

Endogenous differential information (Sebastián Cea-Echenique, Carlos Hervés-Beloso and Juan Pablo Torres-Martínez) Economic Theory (2017)

We include endogenous differential information in a model with sequential trade and incomplete financial participation. Agents update information through market signals given by commodity prices and asset deliveries. Information acts over admissible strategies and consumption ...

A market game approach to differential information economies (Guadalupe Fugarolas Alvarez-Ude, Carlos Hervés-Beloso, Emma Moreno-García, et al.) Economic Theory (2009)

In this paper we recast a differential information economy as a strategic game in which players propose net trades and prices. Pure strategy Nash equilibria are strong and determine both consumption plans and commodity prices ...

Credit market segmentation, essentiality of commodities, and supermodularity (Marta Faias and Juan Pablo Torres-Martínez) Journal of Mathematical Economics (2017)

We consider incomplete market economies where agents are subject to price-dependent trading constraints compatible with credit market segmentation. Equilibrium existence is guaranteed when either commodities are essential, i.e, indifference curves through individuals’ endowments do not ...

Credit segmentation in general equilibrium (Sebastián Cea-Echenique and Juan Pablo Torres-Martínez) Journal of Mathematical Economics (2016)

We build a general equilibrium model with endogenous borrowing constraints compatible with credit segmentation. There are personalized trading restrictions connecting prices with both portfolio constraints and consumption possibilities, a setting which has not thoroughly been ...

Fiat money and the value of binding portfolio constraints (Mário Páscoa, Myrian Petrassi and Juan Pablo Torres-Martínez) Economic Theory (2011)

We establish necessary and sufficient conditions for the individual optimality of a consumption-portfolio plan in an infinite horizon economy where agents are uniformly impatient and fiat money is the only asset available for intertemporal transfers ...

On equilibrium existence with endogenous restricted financial participation (Abdelkrim Seghir and Juan Pablo Torres-Martínez) Journal of Mathematical Economics (2011)

Allowing for durable commodities, we prove equilibrium existence in an abstract incomplete market economy with endogenous restricted financial participation without requiring financial survival assumptions. We apply our results to general financial structures including nominal, real ...

Equilibrium in collateralized asset markets: credit contractions and negative equity loans (Miguel Iraola and Juan Pablo Torres-Martínez) Journal of Mathematical Economics (2014)

We address a general equilibrium model with collateralized debt, credit contractions, and financial market segmentation. Restrictions on credit access make borrower’s optimal payment strategies – coupon payment, prepayment, and default – sensitive to idiosyncratic factors, ...

Equilibrium with limited-recourse collateralized loans (Rubén Poblete-Cazenave and Juan Pablo Torres-Martínez) Economic Theory (2013)

We address a general equilibrium model with limited-recourse collateralized loans and securitization of debts. Each borrower is required to pledge physical collateral, and bankruptcy is filed against him if claims are not fully honored. Moreover, ...

Collateralized assets and asymmetric information (Myrian Petrassi and Juan Pablo Torres-Martínez) Journal of Mathematical Economics (2008)

Introducing assets backed by physical collateral, we extend the [Cornet, B., De Boisdeffre, L., 2002. Arbitrage and price revelation with asymmetric information and incomplete markets. Journal of Mathematical Economics 38, 393-490.] model of asymmetric information ...

General equilibrium in CLO markets (Mariano Steinert and Juan Pablo Torres-Martínez) Journal of Mathematical Economics (2007)

We address a two-period equilibrium model with securitization of collateral-backed promises. Borrowers may suffer extra-economic default penalties and debts are pooled into collateralized loans obligations (CLO), allowing different seniority levels among tranches in a same ...

Essential equilibria of large generalized games (Sofía Correa and Juan Pablo Torres-Martínez) Economic Theory (2014)

We characterize the essential stability of games with a continuum of players, where strategy profiles may affect objective functions and admissible strategies. Taking into account perturbations defined by a continuous mapping from a complete metric ...