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作者：Thomas, Jonathan P.; Worrall, Tim
作者单位：University of Edinburgh
摘要：This paper considers a long-term relationship between two agents who both undertake an action or investment that produces a joint benefit. Agents have an opportunity to expropriate some of the joint benefit for their own use. Agents have quasi-linear preferences. Two cases are considered: where agents are risk averse but where limited liability constraints do not bind, and where agents are risk neutral and subject to limited liability constraints. We ask how to structure the investments and di...
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作者：Baisa, Brian; Burkett, Justin
作者单位：Amherst College; Wake Forest University
摘要：We compare equilibrium bidding in uniform-price and discriminatory auctions when a single large bidder (i.e., with multi-unit demand) competes against many small bidders, each with single-unit demands. We show that the large bidder prefers the discriminatory auction over the uniform-price auction, and we provide general conditions under which small bidders have the reverse preference. We use examples to show that the efficiency and revenue rankings of the two auctions are ambiguous. (C) 2017 E...
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作者：Cheung, Man-Wah; Wu, Jiabin
作者单位：Shanghai University of Finance & Economics; University of Oregon
摘要：This paper proposes a framework that generalizes the discrete cultural transmission model of Bisin and Verdier (2001) to a continuous trait setting. We find that the resulting cultural evolutionary dynamic can be characterized as a continuous imitative dynamic in a population game. By using the properties of imitative dynamics, we show that as in Bisin and Verdier, cultural substitutability is the key that leads to cultural heterogeneity. Furthermore, we model an agent's cultural intolerance t...
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作者：Ayres, Joao; Navarro, Gaston; Nicolini, Juan Pablo; Teles, Pedro
作者单位：Inter-American Development Bank; Federal Reserve System - USA; Federal Reserve System Board of Governors; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Universidad Torcuato Di Tella; Banco de Portugal; Universidade Catolica Portuguesa; Centre for Economic Policy Research - UK
摘要：In the standard model of sovereign default, as in Aguiar and Gopinath (2006) or Arellano (2008), default is driven by fundamentals alone. There is no independent role for expectations. We show that small variations of that model are consistent with multiple interest rate equilibria, similar to the ones found in Calvo (1988). For distributions of output that are commonly used in the literature, the high interest rate equilibria have properties that make them fragile. Once output is drawn from a...
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作者：Kochov, Asen
作者单位：University of Rochester
摘要：The paper proposes a choice-theoretic definition of an unforeseen event and a model of behavior that accommodates such events. The analysis presumes an individual who is aware of their unawareness, which explains why all unforeseen events in this paper are non-null. Relative to existing work, the main contribution is to establish a distinction between unforeseen events and events whose likelihood is ambiguous. This is achieved by adopting a dynamic choice setting. (C) 2018 Elsevier Inc. All ri...
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作者：Kellner, Christian; Le Quement, Mark T.
作者单位：University of Southampton; University of East Anglia
摘要：This paper proposes a model of ambiguous language. We consider a simple cheap talk game in which a sender who faces an ambiguity averse receiver is able to perform ambiguous randomization, i.e. to randomize according to unknown probabilities. We show that for any standard influential communication equilibrium there exists an equilibrium featuring an ambiguous communication strategy which Pareto-dominates it in terms of consistent planning ex ante utilities. Ambiguity, by triggering worst-case ...
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作者：Safronov, Mikhail
作者单位：University of Cambridge
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作者：Saghafian, Soroush
作者单位：Harvard University
摘要：Markov Decision Processes (MDPs) have been widely used as invaluable tools in dynamic decision making, which is a central concern for economic agents operating at both the micro and macro levels. Often the decision maker's information about the state is incomplete; hence, the generalization to Partially Observable MDPs (POMDPs). Unfortunately, POMDPs may require a large state and/or action space, creating the well-known curse of dimensionality. However, recent computational contributions and b...
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作者：Bohacek, Radim; Kejak, Michal
作者单位：Charles University Prague; Czech Academy of Sciences; Economics Institute of the Czech Academy of Sciences
摘要：In this paper we develop a new approach for finding optimal government policies in economies with heterogeneous agents. Using the calculus of variations, we present three classes of equilibrium conditions from government's and individual agent's optimization problems: 1) the first order conditions: the government's Lagrange-Euler equation and the individual agent's Euler equation; 2) the stationarity condition on the distribution function; and, 3) the aggregate market clearing conditions. Thes...
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作者：Choi, Michael
作者单位：University of Iowa
摘要：This paper studies asset markets where owners of assets do not inherit private information from previous owners after a transaction and must learn about asset quality over time. Instantaneous learning by owners maximizes the number of owners with private information, but also maximizes the trading volume and welfare. This result is contrary to the traditional view that information asymmetry hurts trade efficiency. Public disclosure of information is not always optimal and its welfare implicati...
