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作者：Banerjee, Kuntal
作者单位：State University System of Florida; Florida Atlantic University
摘要：This paper corrects Theorem 1 in Gerasimou (2021). An example of a preference intensity relation that has a preference intensity function representation but satisfies neither translocation consistency nor separability is presented. An equivalence between the class of binary relations satisfying weak order, reversal and lateral consistency and those that are representable by preference intensity functions is established. (C) 2022 Elsevier Inc. All rights reserved.
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作者：Chew, Soo Hong; Miao, Bin; Shen, Qiang; Zhong, Songfa
作者单位：Southwestern University of Finance & Economics - China; Renmin University of China; Shanghai International Studies University; National University of Singapore
摘要：This study examines multiple-switching behavior (MSB) in choice-list elicitation of risk preference from the perspectives of stochastic choice. We distinguish between regular and irregular MSB, and find that subjects with more irregular MSB are more likely to violate first-order stochastic dominance. In contrast, subjects with more regular MSB are more likely to concurrently exhibit non-expected utility behavior and reduce compound lottery, and to deliberately randomize in repeated choice. Our...
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作者：Esponda, Ignacio; Pouzo, Demian; Yamamoto, Yuichi
作者单位：University of California System; University of California Santa Barbara; University of California System; University of California Berkeley; Hitotsubashi University
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作者：Chien, YiLi; Wen, Yi
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis; Shanghai Jiao Tong University
摘要：We use an analytically tractable, heterogeneous-agent incomplete-markets model to show that the Ramsey planner's decision to finance stochastic public expenditures implies a departure from tax smoothing and an endogenous mean-reverting force to support positive debt growth despite the government's precautionary saving motives. Specifically, the government's attempt to balance the competing incentives between its own precautionary saving (tax smoothing) and households' precautionary saving (ind...
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作者：Chen, Enxian; Qiao, Lei; Sun, Xiang; Sun, Yeneng
作者单位：Nankai University; Shanghai University of Finance & Economics; Wuhan University; National University of Singapore; National University of Singapore
摘要：This paper proposes a new equilibrium concept robust perfect equilibrium for non-cooperative games with a continuum of players, incorporating three types of perturbations. Such an equilibrium is shown to exist (in symmetric mixed strategies and also in pure strategies) and satisfy the important properties of admissibility, aggregate robustness, and ex post robust perfection. These properties strengthen relevant equilibrium results in an extensive literature on strategic interactions among a la...
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作者：Hansen, Peter G.
作者单位：Massachusetts Institute of Technology (MIT)
摘要：I introduce novel preference formulations which capture aversion to ambiguity about unknown and potentially time-varying volatility. I compare these preferences with Gilboa and Schmeidler's maxmin expected utility as well as variational formulations of ambiguity aversion. The impact of ambiguity aversion is illustrated in a simple static model of portfolio choice, as well as a dynamic model of optimal contracting under repeated moral hazard. Implications for investor beliefs, optimal design of...
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作者：He, Wei; Li, Jiangtao
作者单位：Chinese University of Hong Kong; Singapore Management University
摘要：We study the design of auctions when the auctioneer has limited statistical information about the joint distribution of the bidders' valuations. More specifically, we consider an auctioneer who has an estimate of the marginal distribution of a generic bidder's valuation but does not have reliable information about the correlation structure. We analyze the performance of mechanisms in terms of the revenue guarantee, that is, the greatest lower bound of revenue across all joint distributions tha...
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作者：Rabinovich, Stanislav; Wolthoff, Ronald
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; University of Toronto
摘要：We identify a misallocation inefficiency in search models, which is distinct from the aggregate entry dis-tortion emphasized in the previous literature, and arises instead from partially directed search. We consider a framework in which workers differ in whether they can direct their search, and firms are heterogeneous in productivity. The main result is that too many workers apply to high-productivity firms, relative to the social optimum. This occurs because too many firms attract only rando...
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作者：Araujo, A.; Vieira, S.; Parra, C.
作者单位：Instituto Nacional de Matematica Pura e Aplicada (IMPA); Getulio Vargas Foundation; Universidade do Estado do Rio de Janeiro
摘要：In Schottmuller (2015), C. Schottmuller proposes a method for solving the principal's maximization problem. Using this method, he solves three examples. We show that the solutions presented in that paper are suboptimal. For each of the examples, we show how to build an optimal decision function that yields a larger expected payoff for the principal. These decision functions are monotonic but not strictly monotonic. Therefore, they open up the possibility of bunching. In addition, we identify t...
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作者：Chang, Dongkyu; Lee, Jong Jae
作者单位：City University of Hong Kong; Wuhan University
摘要：This paper studies a bargaining problem in which the buyer's valuation and outside option are private information. We show that there exists a non-stationary equilibrium in which the seller can secure full commitment profit (from the optimal sales mechanism that exhibits price skimming) if and only if the buyer's outside option takes a zero value with positive probability (non-negligibly zero outside option). Our innovation is to show that (i) both the Coasean reversion and positive selection ...
