-
作者：Araujo, Luis; Minetti, Raoul; Murro, Pierluigi
作者单位：Michigan State University; Getulio Vargas Foundation; Luiss Guido Carli University
摘要：We study the aggregate effects of credit relationships in an economy where lenders provide liquidity and expertise to firms in distress. Lenders' effort in the restructuring of firms' investments endogenously depends on their financial involvement in investments. Firms trade off the benefits of precautionary internal liquidity with the need to incentivize lenders' restructuring effort through their financial involvement. We find that, through these intensive margin effects, credit relationship...
-
作者：Athanasiou, Efthymios; Valletta, Giacomo
作者单位：New Economic School; Universite Catholique de Lille; EDHEC Business School
摘要：We address the problem of choosing between two public alternatives under the assumption that prefer-ences are quasi-linear. We characterize the class of strategy-proof, anonymous and feasible mechanisms that are undominated, that exhibit a minimal degree of neutrality towards the two alternatives and that do not al-low for positive monetary transfers to agents whose preferred alternative is selected. The Pivotal mechanism is the only decision-efficient member of the class. A family of voting m...
-
作者：Bando, Keisuke; Hirai, Toshiyuki
作者单位：Shinshu University; Hosei University
摘要：We consider a multilateral matching market, where two or more agents can engage in a joint venture via multilateral contracts. Possible joint ventures are exogenously given. We study four stability concepts: stability, weak setwise stability, strong group stability, and setwise stability. We characterize the structure of possible joint ventures that guarantee the efficiency and existence of outcomes satisfying these stability concepts under general preference profiles. Specifically, we show th...
-
作者：Cho, Myeonghwan
作者单位：University of Seoul
摘要：We consider a situation in which sellers and buyers trade divisible goods as price-takers in a network. We first characterize equilibrium market structures under which actual trading occurs through the links. Even when the sellers and buyers are connected in a network, several markets with different prices can appear in an equilibrium. The equilibrium market structure is essentially unique in the sense that each individual faces the same price and ends up with the same quantity traded in every...
-
作者：van den Brink, Rene; Nunez, Marina; Robles, Francisco
作者单位：Vrije Universiteit Amsterdam; Tinbergen Institute; University of Barcelona
摘要：In two-sided assignment markets with transferable utility, we first introduce two weak monotonicity properties that are compatible with stability. We show that for a fixed population, the sellers-optimal(respectively the buyers-optimal) stable rules are the only stable rules that satisfy object-valuation antimonotonicity( respectively buyer-valuation monotonicity). Essential in these properties is that, after a change in valuations, monotonicity is required only for buyers that stay matched wi...
-
作者：Lipnowski, Elliot; Ravid, Doron
作者单位：Columbia University; University of Chicago
摘要：We study optimal testing to inform quarantine decisions for a population exhibiting a heterogeneous probability of carrying a pathogen. Because test supply is limited, the planner may choose to test a pooled sample, which contains the specimens of multiple individuals (Dorfman, 1943). We characterize the unique optimal allocation of tests. This allocation features assortative batching, whereby agents of differing infection risk are never jointly tested. Moreover, the planner tests only individ...
-
作者：Adam, Klaus; Woodford, Michael
作者单位：University of Mannheim; Centre for Economic Policy Research - UK; Columbia University; National Bureau of Economic Research
摘要：We analytically characterize optimal monetary policy for an augmented New Keynesian model with a housing sector. With rational private sector expectations about housing prices and inflation, optimal monetary policy can be characterized by a standard 'target criterion' that refers to inflation and the output gap, without making reference to housing prices. When the policymaker is concerned with potential departures of private sector expectations from rational ones and seeks a policy that is rob...
-
作者：Mensch, Jeffrey
作者单位：Hebrew University of Jerusalem
摘要：This paper explores the connection between rational inattention and the monotone likelihood ratio prop-erty (MLRP). In many economic problems, agents prefer to take a higher action when there is a higher underlying state. It is often assumed that these agents have noisy signals that are strongly correlated with the underlying state, i.e. ordered by the MLRP. Separately, a large literature has recently explored the be-havior of rationally inattentive agents. Under some common separability and s...
-
作者：Landry, Peter; Webb, Ryan
作者单位：University of Toronto; University of Toronto; University Toronto Mississauga; University of Toronto
摘要：We present a theory of multi-attribute choice founded in the neuroscience of perception. Valuation is formed through a series of pairwise, attribute-level comparisons implemented by (divisive) normalization ? a form of relative value coding observed across sensory modalities and in species ranging from honeybees to humans. Such ?pairwise normalization? captures a broad range of behavioral regularities in multi-attribute choice, including the compromise and asymmetric dominance effects, the div...
-
作者：Lackner, Martin; Skowron, Piotr
作者单位：Technische Universitat Wien; University of Warsaw
摘要：This paper is an axiomatic study of consistent approval-based committee (ABC) rules. These are multi-winner voting rules that select a committee, i.e., a fixed-size group of candidates, based on approval ballots. We introduce the class of ABC scoring rules and provide an axiomatic characterization of this class based on the consistency axiom. Building upon this result, we axiomatically characterize three important consistent multi-winner rules: Proportional Approval Voting, Multi-Winner Approv...
