-
作者：Gerasimou, Georgios
摘要：We clarify that Theorem 1 in Gerasimou (2021) is correct when the following minor changes are made to the definitions of two of its components: (1) the Translocation Consistency axiom requires an equivalence rather than a one-way implication; (2) a strict inequality on the left hand side of the lateral consistency property of preference intensity functions implies a strict inequality on its right hand side. We also clarify that the additional preference intensity orderings allowed for by Baner...
-
作者：Toxvaerd, Flavio; Rowthorn, Robert
作者单位：University of Cambridge; Centre for Economic Policy Research - UK; University of Cambridge
摘要：This paper considers a susceptible-infected-recovered type model of infectious diseases, such as COVID-19 or swine flu, in which costly treatment or vaccination confers immunity on recovered individuals. Once immune, individuals indirectly protect the remaining susceptibles, who benefit from a measure of herd immunity. Treatment and vaccination directly induce such herd immunity, which builds up over time. Optimal treatment is shown to involve intervention at early stages of the epidemic, whil...
-
作者：Konishi, Teruki
作者单位：Kyoto University
摘要：This note reexamines the condition of Proposition 4 in Futagami and Iwaisako (2007) and then provides an alternative proof of the proposition without relying on any additional parameter conditions. The generalized version of Proposition 4 now shows that the dynamics in an economy with a finite patent length alwaysinvolve nonmonotonic convergence of the equilibrium path. (C) 2022 Elsevier Inc. All rights reserved.
-
作者：Erdil, Aytek; Kitahara, Minoru; Kumano, Taro; Okumura, Yasunori
作者单位：University of Cambridge; Osaka Metropolitan University; Yokohama National University
摘要：We identify an error in Proposition 3 by Erdil and Kumano (2019). We then recover the result by replacing the substitutability condition on priority structures with a new condition which we call bridging. We further show that the priorities in both applications in Erdil and Kumano (2019) satisfy the bridging property, which in turn ensures that their Propositions 5 and 6 are still valid. (C) 2022 Elsevier Inc. All rights reserved.
-
作者：Piermont, Evan
作者单位：University of London; Royal Holloway University London
摘要：I examine the structure of random choice resulting from random expected utility maximization and a tie-breaking rule. I provide a partial identification result, characterizing the set of random expected utility models that could have generated the observed choice frequencies. I then consider a particular class of random choice rules for which it is possible to constructively identify the consistent random utility model that produces indifference the least. These random choice rules are charact...
-
作者：Grant, Simon; Rich, Patricia; Stecher, Jack
作者单位：Australian National University; University of Hamburg; University of Bayreuth; University of Alberta
摘要：We provide a theory of decision under ambiguity that does not require expected utility maximization under risk. Instead, we require only that a decision maker be probabilistically sophisticated in evaluating a subcollection of acts. Three components determine the decision maker's ranking of acts: a prior, a map from ambiguous acts to equivalent risky lotteries, and a generalized notion of certainty equivalent. The prior is Bayesian, defined over the inverse image of acts for which the decision...
-
作者：Hansen, Lars Peter; Sargent, Thomas J.
作者单位：University of Chicago; New York University
摘要：A decision maker is averse to not knowing a prior over a set of restricted structured models (ambiguity) and suspects that each structured model is misspecified. The decision maker evaluates intertemporal plans under all of the structured models and, to recognize possible misspecifications, under unstructured alternatives that are statistically close to them. Likelihood ratio processes are used to represent unstructured alternative models, while relative entropy restricts a set of unstructured...
-
作者：Choi, Kyoung Jin; Jeon, Junkee; Koo, Hyeng Keun
作者单位：University of Calgary; Kyung Hee University; Ajou University
摘要：We study the consumption and portfolio selection problem of economic agents who face consumption irreversibility: there is disutility from changing consumption levels. The derived preference exhibits loss aversion toward a consumption gamble with the previous consumption level being the reference point. The optimization problem involves a non-monotonic and non-concave utility function. We derive a closed-form solution by combining a duality method and the super-contact principle. We show that ...
-
作者：Ekmekci, Mehmet; Maestri, Lucas
作者单位：Boston College; Getulio Vargas Foundation
摘要：A principal chooses when to terminate her relationship with an agent in a dynamic environment. The agent's type is his private information, and his actions are observed with noise. Both players are long-lived. We characterize the equilibrium payoffs and behavior of patient players by establishing an equivalence of equilibrium outcomes to the unique Nash equilibrium of a simple one-shot signaling game. A patient agent reveals virtually all information that influences the principal at the beginn...
-
作者：Breig, Zachary
作者单位：University of Queensland
摘要：I study a dynamic model of monopoly sales in which a monopolist without commitment power interacts with a consumer whose valuation is private. I characterize equilibria of this game and show how the seller's strategy varies with initial beliefs. I find that the seller's payoffs under spot contracting can be higher than under commitment with renegotiation and that random delivery contracts can improve payoffs beyond posted prices.(c) 2022 Elsevier Inc. All rights reserved.
