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作者：Carnehl, Christoph; Fukuda, Satoshi; Kos, Nenad
作者单位：Bocconi University; Bocconi University; Bocconi University; Bocconi University
摘要：We study social distancing in an epidemiological model. Distancing reduces the individual's probability of getting infected but comes at a cost. Equilibrium distancing flattens the curve and decreases the final size of the epidemic. We examine the effects of distancing on the outset, the peak, and the final size of the epidemic. First, the prevalence increases beyond the initial value only if the transmission rate is in the intermediate region. Second, the peak of the epidemic is non-monotonic...
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作者：Apesteguia, Jose; Ballester, Miguel A.
作者单位：ICREA; Pompeu Fabra University; University of Oxford
摘要：Random utility models in which heterogeneity of preferences is modeled by means of an ordered collec-tion of utilities, or types, provide a powerful framework for understanding a variety of economic behaviors. This paper studies the micro-foundations of ordered random utility models with the objective of meeting empirical requirements. This is done by working with arbitrary collections of ordered menus of alterna-tives, and by making no parametric assumptions about the type distribution. The m...
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作者：Li, Kai; Liu, Jun
作者单位：Southwestern University of Finance & Economics - China; Macquarie University; University of California System; University of California San Diego
摘要：This paper studies implications of return extrapolation in a consumption-based asset pricing model. We show that return extrapolation has strong implications for the pricing kernel. The time variation in the agen-t's return expectations is mainly reflected in the short rate and little in return volatility and equity premium. Return extrapolation causes return volatility and equity premium to be lower than the rational counter-parts. In addition to the risk premium, the equity premium can inclu...
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作者：Baccara, Mariagiovanna; Lee, SangMok; Yariv, Leeat
作者单位：Washington University (WUSTL); Washington University (WUSTL); Princeton University
摘要：We study dynamic task allocation when providers' expertise evolves endogenously through training. We characterize optimal assignment protocols and compare them to discretionary procedures, where it is the clients who select their service providers. Our results indicate that welfare gains from centralization are greater when tasks arrive more rapidly, and when training technologies improve. Monitoring seniors' backlog of clients always increases welfare but may decrease training. Methodological...
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作者：Kambhampati, Ashwin
作者单位：United States Department of Defense; United States Navy; United States Naval Academy
摘要：A principal contracts with an agent, who takes a hidden action. The principal does not know all of the actions the agent can take and evaluates her payoff from any contract according to its worst-case performance. Carroll (2015) showed that there exists a linear contract that is optimal within the class of deterministic contracts. This paper shows that, whenever there is an optimal linear contract with non-zero slope, the principal can strictly increase her payoff by randomizing over determini...
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作者：Wu, Wenhao
作者单位：ShanghaiTech University
摘要：I study a Bayesian persuasion model in which multiple senders sequentially persuade one receiver, after observing signal structures of prior senders and their realizations. I develop a geometric method, recursive concavification , to characterize the Perfect Bayesian Equilibrium paths. I prove the existence of the silent equilibrium , where at most one sender provides nontrivial information. I also show that when there are only two senders and the receiver has a finite action space, it is gene...
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作者：Erol, Selman; Parise, Francesca; Teytelboym, Alexander
作者单位：Carnegie Mellon University; Cornell University; University of Oxford
摘要：The analysis of threshold contagion processes in large networks is challenging. While the lack of accurate network data is often a major obstacle, finding optimal interventions is computationally intractable even in well-measured large networks. To obviate these issues we consider threshold contagion over networks sampled from a graphon-a flexible stochastic network formation model-and show that in this case the contagion outcome can be predicted by only exploiting information about the grapho...
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作者：Kirkegaard, Rene
作者单位：University of Guelph
摘要：Economic agents are motivated to undertake costly actions by the prospect of being rewarded for successes and punished for failures. But what determines what a success looks like? This paper endogenizes the criteria for success in an otherwise standard principal-agent model with risk neutrality and limited liability. The set of feasible contracts is constrained by incentive constraints and possibly by a budget constraint. The first-order approach is not required to solve the problem. If the pr...
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作者：van Buggenum, Hugo; Rabinovich, Stanislav
作者单位：Swiss Federal Institutes of Technology Domain; ETH Zurich; University of North Carolina; University of North Carolina Chapel Hill
摘要：Under what conditions are money and credit jointly essential for trade? We answer this question by apply-ing a mechanism-design approach to a standard monetary search model, augmented with two types of credit technologies. First, payment can be enforced up to some exogenous amount (enforcement-based credit). Second, default on past promises can be partially monitored by future trading partners (monitoring-based credit). We characterize implementable allocations subject to individual rationalit...
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作者：Lyu, Chen
作者单位：Peking University Shenzhen Graduate School (PKU Shenzhen); Peking University
摘要：I study optimal information provision by a search goods seller. While the seller controls a consumer's pre-search information, he cannot control post-search information because the consumer will inevitably learn the product's match after search. A relaxed problem approach is developed to solve the optimal design, which accommodates both continuous value distributions and ex-ante heterogeneous consumers with privately known outside options. The optimal design is shown to crucially depend on the...
