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作者：Menicucci, Domenico
作者单位：University of Florence
摘要：A widespread claim in the auction literature about the most well known auction setting with i.i.d. private values is that the optimal reserve price for a second price auction is independent of the number n of bidders. This is indeed the case if the virtual valuation function is increasing, but this result fails to hold if the virtual valuation is non-monotone. In such case the optimal reserve price is weakly increasing in n and, as n tends to infinity, it tends to the highest regular valuation...
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作者：Mauersberger, Felix
作者单位：University of Bonn
摘要：This paper introduces a learning-to-forecast laboratory experiment based on a New-Keynesian macroeconomy that is particularly close to the model's microfoundations. In this setup, subjects forecast their individual optimal consumption and prices instead of aggregate outcomes. Due to different personal experiences, coordination of forecasting behavior does not occur naturally, and there is considerable randomness in subjects' responses. Thompson Sampling, a learning heuristic from operations re...
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作者：Figueroa, Nicolas; Guadalupi, Carla
作者单位：Pontificia Universidad Catolica de Chile; Universidad Andres Bello
摘要：A worker, privately informed about his fit with a firm, chooses an action to signal this information. The firm might perform a test and decides whether to hire the worker. We define firm effectiveness as the difference between the optimal probabilities of hiring a good-fit and a bad-fit worker, and show that it has an inverted U-shape with respect to beliefs. When the worker's expected fit is low, firm effectiveness is increasing in beliefs, and information is revealed through both signaling a...
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作者：Farboodi, Maryam; Jarosch, Gregor; Shimer, Robert
作者单位：Massachusetts Institute of Technology (MIT); Princeton University; University of Chicago
摘要：We develop a quantitative framework for exploring how individuals trade off the utility benefit of social activity against the internal and external health risks that come with social interactions during a pandemic. We calibrate the model to external targets and then compare its predictions with daily data on social activity, fatalities, and the estimated effective reproduction number R(t) from the COVID-19 pandemic in 2020. While the laissez-faire equilibrium is consistent with much of the de...
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作者：Anh Nguyen; Tan, Teck Yong
作者单位：Carnegie Mellon University; University of Nebraska System; University of Nebraska Lincoln
摘要：We study a model of Bayesian persuasion in which the Sender commits to a signal structure, privately observes the signal realization, and then sends a message to the Receiver at a cost that depends on both the signal realized and the message sent. Our setup weakens the Sender's commitment to truthfully reveal information in Bayesian persuasion. We provide sufficient conditions for full communication by the Sender in the Sender-preferred equilibrium, and these conditions are satisfied under man...
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作者：Barczyk, Daniel; Kredler, Matthias
作者单位：McGill University; Universite de Montreal; Universidad Carlos III de Madrid
摘要：We provide the first full theoretical characterization of the standard two-period altruism model in a deterministic setting, thereby providing a coherent methodology for studying equilibria in this class of models. Under general conditions, policy and value functions are discontinuous; non-smoothness escalates one order higher than in one-player settings due to differing interests among players. We show that there exists a novel type of front-loaded transfer that enables the recipient to stay ...
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作者：Brocas, Isabelle; Carrillo, Juan D.
作者单位：University of Southern California; Centre for Economic Policy Research - UK
摘要：We develop a theory based on the evidence reported in Hare et al. (2009) to explain consumption of goods that feature a low-order attribute (e.g., taste) and a high-order attribute (e.g., health). One brain system with access to the low-order attribute computes the goal value of consumption while another brain system can modulate this value, at a cost, by transmitting information regarding the high-order attribute. We determine the optimal modulation and consumption strategy as a function of t...
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作者：Viero, Marie-Louise
作者单位：Aarhus University
摘要：This paper presents an intertemporal model of growing awareness. It provides a framework for analyzing problems with long time horizons in the presence of growing awareness and awareness of unawareness. The framework generalizes both the standard event-tree framework and the framework from Karni and Viero (2017) of awareness of unawareness. Axioms and a representation are provided along with a recursive formulation of intertemporal utility. This allows for tractable and consistent analysis of ...
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作者：Veracierto, Marcelo
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：I consider a real business cycle model in which agents have private information about the i.i.d. realizations of their value of leisure. For the case of logarithmic preferences I provide an analytical characterization of the solution to the associated mechanism design problem. Moreover, I show a striking irrelevance result: that the stationary behavior of all aggregate variables are exactly the same in the private information economy as in the full information case. Numerical simulations indic...
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作者：Ozerturk, Saltuk; Yildirim, Huseyin
作者单位：Southern Methodist University; Duke University
摘要：We examine incentives in research teams where the market, such as the scientific community, attributes credit for success based on its inference of individual efforts. A social planner who could commit to credit ex ante would induce more effort from higher ability agents in exchange for less credit per unit effort. Lacking such commitment, the Bayesian market assigns credit proportional to perceived effort. This inability to distort credit per unit effort leads to an incentive reversal across ...
