-
作者：Mihm, Maximilian; Toth, Russell
作者单位：New York University; New York University Abu Dhabi; University of Sydney
摘要：Social networks support cooperative behavior in a variety of social and economic settings. We study cooperative networks that can be formed when payoff and information asymmetries imply that cooperation relies on unverifiable third-party punishments. Under private monitoring, equilibrium predictions can depend on players' beliefs about unobservable behavior, and our results identify the range of equilibrium network outcomes. In particular, when strategies must be robust to beliefs, we show tha...
-
作者：Kishishita, Daiki
作者单位：Tokyo University of Science
摘要：I construct a dynamic delegation model in which a principal can replace the agent to whom to delegate over time. Its unique feature is that the principal dynamically faces a choice between two types of agents with different multidimensional characteristics: experts with uncertain biases and non-experts with no bias. I investigate under what conditions the principal delegates to non-experts by focusing on the effect of the uncertainty regarding preference heterogeneity among experts. Its effect...
-
作者：Wang, Zijian
作者单位：Western University (University of Western Ontario)
摘要：This paper examines how multidimensional private information by asset sellers affects market equilibrium. I find that when asset quality is the only source of private information, sellers with high-quality assets signal their quality to buyers through partial retention of assets if and only if their liquidity holdings are large. However, when sellers' valuations of liquid assets are also private information, some sellers with high-quality assets signal their quality even if their liquidity hol...
-
作者：Asheim, Geir B.; Bossert, Walter; D'Ambrosio, Conchita; Voegele, Claus
作者单位：University of Oslo; Universite de Montreal; University of Luxembourg
摘要：Resilience has become an important topic in many social sciences. Numerous individual choices and economic and demographic outcomes are likely to be influenced by people's resilience. School performance, work absenteeism and burnout, longevity, the quality of sleep and health-risk behaviors such as substance abuse are some examples. Similarly, it is of high policy relevance to understand the determinants of both individual resilience (such as educational, marital and occupational status) and e...
-
作者：Chang, Jen-Wen
作者单位：California State University System; California State University Fullerton
摘要：Do monitoring technologies increase a principal's profits if she has to compete with others for an agent? While monitoring improves the risk-incentive tradeoff, it also reduces the costs for a rivaling principal to offer a more attractive contract. We show in a two-action, two-outcome model that when the derivative of the agent's risk tolerance is smaller than one, equilibrium profits are lower when monitoring is available if there is some competition. When the derivative is larger than one, e...
-
作者：Fang, Hanming; Wu, Zenan
作者单位：University of Pennsylvania; ShanghaiTech University; National Bureau of Economic Research; Peking University
摘要：We analyze how the life settlement market-the secondary market for life insurance-may affect consumer welfare in a dynamic equilibrium model of life insurance with one-sided commitment and overconfident policyholders. In our model, policyholders may lapse their life insurance policies when they lose their bequest motives; however, they are overconfident in the sense that they may underestimate the probability of losing their bequest motives. We show that in the competitive equilibrium without ...
-
作者：Kunimoto, Takashi; Yamashita, Takuro
作者单位：Singapore Management University; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：This paper introduces a novel concept of orders on types by which the so-called monotone comparative statics is valid in all supermodular games with incomplete information. We fully characterize this order in terms of what we call common optimism, providing a sense in which our order has a sharp epistemic interpretation. We say that type t(i)' is higher than type t(i) in the order of the common optimism if t(i)' is more optimistic about state than t(i) ; t(i)' is more optimistic that all playe...
-
作者：Nielsen, Kirby
作者单位：California Institute of Technology
摘要：We present results from a laboratory experiment designed to elicit preferences over the resolution of uncertainty and timing of non-instrumental information acquisition in a rich choice set. Treatments vary whether the uncertainty is framed as a compound lottery or information structure. We find that individuals prefer to delay uncertainty resolution when the choice is framed as a compound lottery and prefer to expedite uncertainty resolution when framed as an information structure. Preference...
-
作者：Dong, Feng; Xu, Zhiwei
作者单位：Tsinghua University; Shanghai Jiao Tong University
摘要：We offer a tractable dynamic theory where excessive credit creation by the frictional banking sector may lead to over-investment and then endogenous boom-bust cycles. We formalize the idea in a general equilibrium framework with banks and financially constrained heterogeneous firms. In the static model, a moderate credit expansion has a nonmonotonic positive impact on aggregate output, but an excessive credit expansion can trigger an interbank market crisis and result in a discontinuous sharp ...
-
作者：Alon, Shiri; Lehrer, Ehud
作者单位：Bar Ilan University; Tel Aviv University; INSEAD Business School
摘要：Individual decisions are often subjectively affected by other-regarding considerations. We model a decision maker influenced by a grand group of significant others. Each sub-group of significant others is a possible social context, and the decision maker has different preferences in different social contexts. An axiomatic characterization of such preferences is offered. The characterized representation takes a simple subjective utilitarian form: (a) the decision maker ascribes to each signific...
