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作者：Fukuda, Satoshi
作者单位：Bocconi University; Bocconi University
摘要：This paper constructs a canonical representation of players' interactive beliefs, irrespective of natures of beliefs: whether beliefs are qualitative, truthful (i.e., knowledge), or probabilistic (e.g., countably-additive, finitely -additive, or non -additive). The canonical model is the largest interactive belief model to which any particular model can be mapped in a unique beliefpreserving way. The key insight for the construction is the need to specify players' possible depth of reasoning u...
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作者：Atakan, Alp; Ekmekci, Mehmet; Renou, Ludovic
作者单位：University of London; Queen Mary University London; Boston College
摘要：We study a cheap-talk game where two experts offer advice to a decision-maker whose actions affect the welfare of all. The experts cannot commit to reporting strategies. Yet, we show that the decision-maker's ability to cross-verify the experts' advice acts as a commitment device for the experts. We prove the existence of an equilibrium, where an expert's equilibrium payoff is equal to what he would obtain if he could commit to truthfully revealing his information.
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作者：Antic, Nemanja; Hu, Tai-Wei
作者单位：Northwestern University; University of Bristol
摘要：We propose a model of financial intermediation based on delegated monitoring, where firms' returns are private information that lenders can ascertain through costly state verification. Our model has two key features: lenders cannot commit to their verification strategies and there are aggregate shocks. Simple debt contracts are Pareto optimal with or without intermediation. We show that the benefits of intermediation can be limited by financial instability in the presence of aggregate shocks. ...
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作者：Ma, Jinling; Zhao, Chen
作者单位：University of Hong Kong
摘要：We build on AGM belief revision (Alchourr & oacute;n et al. (1985)) and propose a class of updating rules called pragmatic rules. Pragmatic updating applies to multiple priors and requires that the agent's posteriors be the subset of her priors under which the realized event occurs with probability 1, if such priors exist. We construct a propositional language based on qualitative probability and demonstrate the strong relation between belief updating rules and belief revision rules in this la...
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作者：Choi, Michael; Rocheteau, Guillaume
作者单位：University of California System; University of California Irvine
摘要：We study the foundations of firms' market power in a continuous-time model where agents are price-makers who interact explicitly with each other. Market power arises from the existence of rents, the size of which depends on consumers' outside options, and firms' ability to appropriate these rents through rent seeking. We study how measures of market power (e.g., markups, concentration) are affected by search frictions, monetary policy, and self-fulfilling beliefs. An increase in the nominal in...
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作者：Masatlioglu, Yusufcan; Vu, Tri Phu
作者单位：University System of Maryland; University of Maryland College Park
摘要：We model a boundedly rational agent who exhibits limited and heterogeneous attention. The agents' attention can be naturally sorted in an ascending order. We provide a characterization result using two simple behavioral postulates. Unlike earlier models, consideration sets' composition and frequency are uniquely identified. Within our framework, we accommodate unobserved heterogeneity in attention and unobserved preferences. Furthermore, we explore various extensions of our model and provide i...
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作者：Gouel, Christophe; Ma, Qingyin; Stachurski, John
作者单位：INRAE; AgroParisTech; Universite Paris Saclay; Capital University of Economics & Business; Australian National University
摘要：In economic studies and popular media, interest rates are routinely cited as a major factor behind commodity price fluctuations. At the same time, the transmission channels are far from transparent, leading to long-running debates on the sign and magnitude of interest rate effects. Purely empirical studies struggle to address these issues because of the complex interactions between interest rates, prices, supply changes, and aggregate demand. To move this debate to a solid footing, we extend t...
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作者：Mitkov, Yuliyan
作者单位：University of Bonn
摘要：The financing of innovative firms must balance two competing goals. First, the entrepreneur must be adequately protected from failure to encourage innovation. However, if the attempt to innovate fails, the entrepreneur's firm should be liquidated and its assets redeployed elsewhere. Meeting these two goals is inherently challenging when contracts are incomplete and shaped by ex -post renegotiation. I investigate how firms can choose the maturity of their debt to motivate innovation. The theory...
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作者：Chambers, Christopher P.; Ye, Siming
作者单位：Georgetown University
摘要：In this paper, we introduce a generalization of the concept of sufficientarianism, extending it to assess allocations across multiple consumption goods. For a fixed society of agents, sufficientarianism posits that allocations are compared according to the number of individuals whose consumption is considered to be sufficient. Central to our discussion is a newly introduced ethical principle of 'sufficientrarian judgment.' This principle asserts that if starting from an allocation in which all...
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作者：Barthelemy, Jean; Mengus, Eric; Plantin, Guillaume
作者单位：European Central Bank; Bank of France; Hautes Etudes Commerciales (HEC) Paris; Institut d'Etudes Politiques Paris (Sciences Po)
摘要：This paper studies a model in which the price level is the outcome of dynamic strategic interactions between fiscal and monetary authorities that pursue distinct objectives. The unpleasant monetarist arithmetic, whereby aggressive fiscal expansion forces the monetary authority to chicken out and to lose control of inflation, occurs only if the public sector lacks fiscal space, in the sense that public debt along the optimal fiscal path gets sufficiently close to the threshold above which the f...
