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作者：Tamura, Yuki; Hosseini, Hadi
作者单位：New York University; New York University Abu Dhabi; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：For object reallocation problems, if preferences are strict but otherwise unrestricted, the Top Trading Cycles rule (TTC) is the leading rule: It is the only rule satisfying efficiency, individual rationality, and strategy-proofness. However, on the subdomain of single-peaked preferences, Bade (2019) defines a new rule, the crawler, which also satisfies these three properties. (i) The crawler selects an allocation by visiting agents in a specific order. A natural dual rule can be defined by pr...
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作者：Stark, Oded
作者单位：University of Bonn; University of Warsaw
摘要：Fifty years ago Eytan Sheshinski constructed a composite measure of social welfare in which income per capita enters positively, and income inequality enters negatively: social welfare was defined as a strictly increasing function of the product of income per capita and one minus the Gini coefficient. In the case of a population of two persons whose incomes are distinct, Sheshinski states that social welfare depends only on the lower income, which reduces the social welfare function to the Raw...
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作者：Bobkova, Nina; Mass, Helene
作者单位：Rice University; University of Bonn
摘要：We analyze a social learning model where the agents' utility depends on a common component and an idiosyncratic component. Each agent splits a learning budget between the two components. We show that information about the common component is fully aggregated if and only if agents do not have to sacrifice learning about their idiosyncratic component in order to learn marginally about the common component. If agents vary in how much they value their idiosyncratic component, then the order of age...
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作者：Anufriev, Mikhail; Duffy, John; Panchenko, Valentyn
作者单位：University of Technology Sydney; University of California System; University of California Irvine
摘要：We extend the beauty contest game to two dimensions: each player chooses two numbers to be as close as possible to certain target values, which are linear functions of the averages of the two number choices. One of the targets depends on the averages of both numbers, making the choices interrelated. We report on an experiment where we vary the eigenvalues of the associated two-dimensional linear system and find that subjects can learn the Pareto-optimal Nash Equilibrium of the system if both e...
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作者：Hill, Brian
作者单位：Hautes Etudes Commerciales (HEC) Paris; Centre National de la Recherche Scientifique (CNRS)
摘要：This paper develops a belief update rule under ambiguity, motivated by the maxim: in the face of new information, retain those conditional beliefs in which you are more confident, and relinquish only those in which you have less confidence. We provide a preference-based axiomatisation, drawing on the account of confidence in beliefs developed in Hill (2013). The proposed rule constitutes a general framework of which several existing rules for multiple priors (Full Bayesian, Maximum Likelihood)...
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作者：Lensman, Todd; Troshkin, Maxim
作者单位：Massachusetts Institute of Technology (MIT); University of Pennsylvania; University of Exeter
摘要：We study the implications of ambiguity for optimal fiscal policy in macro public finance environments with heterogeneous agents and private idiosyncratic shocks. We describe conditions under which ambiguity implies that it is optimal to periodically reform policies. Periodic reforms lead to simplified optimal policies that are not fully contingent on future shocks; at times they also lose dependence on the full history of past shocks. These simplified policies can be characterized without comp...
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作者：Lopomo, Giuseppe; Rigotti, Luca; Shannon, Chris
作者单位：Duke University; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University of California System; University of California Berkeley
摘要：This paper studies a robust version of the classic surplus extraction problem, in which the designer knows only that the beliefs of each type belong to some set, and designs mechanisms that are suitable for all possible beliefs in that set. We derive necessary and sufficient conditions for full extraction in this setting, and show that these are natural set-valued analogues of the classic convex independence condition identified by Cremer and McLean) 35, 1988). We show that full extraction is ...
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作者：Hara, Kazuhiro
作者单位：Getulio Vargas Foundation
摘要：In pursuit of games played by groups of individuals (each group itself being a player), we develop a theory of strategic games in which each player is rational in the sense of expected utility theory, except that her preferences may fail to be transitive. Two natural solution concepts are defined, Nash equilibrium and the equilibrium in beliefs, depending on the interpretation of mixed strategies. We provide sufficient conditions for the existence of both equilibrium concepts. For instance, it...
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作者：Jiang, Julia; Liu, Jun; Tian, Weidong; Zeng, Xudong
作者单位：University of North Carolina; University of North Carolina Charlotte; University of California System; University of California San Diego; Shanghai University of Finance & Economics
摘要：When an investor is ambiguous about the asset returns' correlation and evaluates the portfolio in a multiprior framework, we show that the optimal portfolio may contain only a fraction of risky assets. In particular, if the level of ambiguity is high enough, the optimal portfolio contains only the one with the highest Sharpe ratio. Moreover, we demonstrate that the optimal portfolio may be independent of feasible correlation matrices and may not change when the Sharpe ratios of some assets cha...
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作者：Garfinkel, Michelle R.; Syropoulos, Constantinos; Zylkin, Thomas
作者单位：University of California System; University of California Irvine; Drexel University; University of Richmond
摘要：We analyze a dynamic, two-country model that highlights the various trade-offs each country faces between current consumption and competing investments in its future productive and military capacities as it prepares for a possible conflict in the future. Our focus is on the circumstances under which the effects of current trade between the two countries on the future balance of power render trade unappealing to one of them. We find that a positive probability of future conflict induces the cou...
