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作者：Suleymanov, Elchin
作者单位：Purdue University System; Purdue University
摘要：This paper introduces a subclass of the Random Utility Model (RUM), called branching- independent RUM. In this subclass, the probability distribution over the ordinal rankings of alternatives satisfies the following property: for any k is an element of {1, , ... , n -1}, where n denotes the number of alternatives, when fixing the first k and the last n - k alternatives, the relative rankings of the first k and the last n - k alternatives are independent. Branching-independence is motivated by ...
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作者：Alonso, Ricardo; Zachariadis, Konstantinos E.
作者单位：University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; University of London; Queen Mary University London
摘要：A regulator who designs a public stress test to avert default of a distressed bank via private investment must account for large investors' private information on the bank's state. We provide conditions for crowding-in (crowding-out) so that the regulator offers an endogenous more (less) informative signal to better-informed investors. We show that crowding-in occurs as long as investors remain responsive to public news and they are sufficiently well informed: the regulator's test perfectly re...
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作者：Auster, Sarah; Gottardi, Piero
作者单位：University of Bonn; University of Essex; Universita Ca Foscari Venezia
摘要：We study the role of traders' meeting capacities in decentralized markets with adverse selection. Uninformed principals choose trading mechanisms to find an agent with whom to trade. Agents are privately informed about their quality and aim to match with one of the principals. We consider a rich set of meeting technologies and characterize the properties of the equilibrium allocations for each of them. In equilibrium, different agent types can be separated either via sorting-they selfselect in...
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作者：Cong, Lin William; Li, Siguang
作者单位：National Bureau of Economic Research
摘要：With the rise of social platforms and digital media (e.g., videos, (live)streaming, and multi-media blogs), firms and brand owners increasingly depend on influencers to attract consumers, who care about both product quality and consumer-influencer interaction. Sellers thus compete in both influencer and product markets. We develop a theory to understand the influencer labor market and its interaction with product competition, under a plausible specification of influencers' value added. We find...
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作者：Khan, M. Ali; Yu, Haomiao; Zhang, Zhixiang
作者单位：Johns Hopkins University; The New School; Toronto Metropolitan University; Central University of Finance & Economics
摘要：Blackwell's theorem on the comparison of information structures is by now sufficiently wellunderstood for a finite state space, but important gaps remain in the infinite case. While the equivalence of (i) sufficiency and (ii) more -informativeness is known, we present a comprehensive theory that establishes equivalences between these two orders (in both their original and almost all versions) and three additional prior -dependent criteria on general (Polish) state spaces. We consider (iii) Bay...
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作者：Lederer, Patrick
作者单位：Technical University of Munich
摘要：This paper studies social preference functions (SPFs), which map the voters' ordinal preferences over a set of alternatives to a non -empty set of strict rankings over the alternatives. Maybe the most prominent SPFs are positional scoring rules and Kemeny's rule. While these two types of rules behave intuitively quite differently, they are axiomatically surprisingly similar and we thus provide a joint axiomatic characterization of these SPFs. To this end, we introduce the class of bivariate sc...
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作者：Richter, Michael; Rubinstein, Ariel
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); University of London; Royal Holloway University London; Tel Aviv University; New York University
摘要：The canonical solution concept used in matching problems is pairwise stability, whose premise is that harmony is disrupted by any two agents intentionally leaving their partners to be with each other. We instead focus on scenarios in which harmony is disrupted merely by a single agent unilaterally initiating contact with a member of a different pair, whether or not his approach is reciprocated. A variety of solution concepts are proposed in which taboos, status, or power systematically limit s...
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作者：Polanski, Arnold
作者单位：University of East Anglia
摘要：Agents connected in a network face a binary choice whether to contribute or to free-ride. The former action is costly but benefits the agent and her neighbors, while the latter is free, but does not provide any benefits. Who will contribute if agents are farsighted and not constrained by a fixed non-cooperative protocol? I adapt the concepts of consistent sets and farsightedly stable sets to answer this question. When benefits to an agent are linear in the number of her contributing neighbors,...
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作者：Battigalli, Pierpaolo; Catonini, Emiliano
作者单位：Bocconi University; New York University; NYU Shanghai
摘要：We study strategic reasoning in a signaling game where players initially have common belief in an outcome distribution and in the event that the sender's beliefs are independent of her type. We characterize the behavioral implications of these epistemic hypotheses by means of a rationalizability procedure with belief restrictions. Our solution concept is related to, but weaker than Divine Equilibrium (Banks and Sobel, 1987). First, we do not obtain a sequential equilibrium, but just a perfect ...
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作者：Orlik, Anna; Veldkamp, Laura
摘要：Uncertainty shocks can trigger business cycles, bank runs and asset price fluctuations. But how do those shocks translate into changes in beliefs and actions? What makes people suddenly become uncertain? This paper provides an explanation for subjective uncertainty shocks, estimated on real-time GDP data, that fits puzzling features of professional forecasts. The key ingredients are that agents do not know the true model governing the distribution of macroeconomic outcomes, but they believe th...
