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作者：Chandrasekher, Madhav
摘要：This paper studies the role of informal commitments in dynamic choice under self-control. Informal commitments, in contrast to formal commitments, are ad hoc personal rules of behavior that are not always observable. Moreover, the effectiveness of these rules in constraining future choices is often dependent on the decision-maker. We model informal commitments using an extension of a standard planner doer model, after Thaler and Shefrin (1981). Taking a preference over menus (i.e. formal commi...
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作者：Gao, Feng; He, Alex Xi; He, Ping
作者单位：Tsinghua University; Massachusetts Institute of Technology (MIT)
摘要：Financial intermediaries may reduce welfare losses caused by hyperbolic discounting investors, who may liquidate their investment prematurely when the liquidation cost is low. In a competitive equilibrium, sophisticated investors are offered contracts with perfect commitment, and first best results are achieved; naive investors are attracted by contracts that offer seemingly attractive returns in the long run but introduce discontinuous penalties for early withdrawal. If the investor types are...
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作者：Manzini, Paola; Mariotti, Marco
作者单位：University of Sussex; IZA Institute Labor Economics; University of London; Queen Mary University London; University of Sussex; University of London; Queen Mary University London
摘要：Many prominent regularities of stochastic choice, such as the attraction, similarity and compromise effects, are incompatible with Random Utility Maximisation (RUM) as they violate Monotonicity. We argue that these regularities can be conveniently represented by a variation of RUM in which utility depends on only two states and state probabilities are allowed to depend on the menu. We call this model Dual Random Utility Maximisation (dRUM). dRUM is a parsimonious model that admits violations o...
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作者：Kikuchi, Tomoo; Stachurski, John; Vachadze, George
作者单位：Nanyang Technological University; Australian National University; City University of New York (CUNY) System; College of Staten Island (CUNY); City University of New York (CUNY) System
摘要：We study a model in which income and capital flows between countries are jointly determined in a world economy with integrated financial markets. In a setting that combines risky entrepreneurial activity with moral hazard, we find that a shift from autarky to financial integration leads to boom-bust cycles in capital flows, output and consumption. Moral hazard causes cycles because financial intermediaries incentivize effort by insisting entrepreneurs take an equity share in their own projects...
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作者：Sonmez, Tayfun; Unver, M. Utku; Yilmaz, Ozgur
作者单位：Boston College; Koc University; Koc University
摘要：Even though kidney exchange became an important source of kidney transplants over the last decade with the introduction of market design techniques to organ transplantation, the shortage of kidneys for transplantation is greater than ever. Due to biological disadvantages, patient populations of blood types B/O are disproportionately hurt by this increasing shortage. The disadvantaged blood types are overrepresented among minorities in the US. In order to mitigate the disproportionate harm to t...
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作者：Han, Jungsuk; Sangiorgi, Francesco
作者单位：Stockholm School of Economics; Frankfurt School Finance & Management
摘要：This paper provides a search-based information acquisition framework using an urn model with an asymptotic approach. The underlying intuition of the model is simple: when the scope of information search is more limited, marginal search efforts produce less useful information due to redundancy, but commonality of information among different agents increases. Consequently, limited information searchability induces a trade-off between an information source's precision and its commonality. In a be...
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作者：Acikgoez, Oemer T.
作者单位：Yeshiva University
摘要：I prove existence of stationary recursive competitive equilibrium in Bewley economies with production under specifications in which (i) the utility function is allowed to be unbounded, and (ii) the underlying discrete idiosyncratic productivity process can take any form, aside from mild restrictions. Some of the intermediate results provide theoretical basis for assumptions often made in the quantitative macroeconomics literature. By providing an example, I illustrate that the equilibrium is n...
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作者：Hefti, Andreas
作者单位：Zurich University of Applied Sciences; University of Zurich
摘要：This article presents a tractable framework that embeds the allocation of limited attention into competition theory. Motivated by evidence from psychology and marketing a setting is studied where firms can manipulate consumer attention and compete in prices among perceived alternatives. The introduction of limited attention changes the positive and normative predictions obtained from otherwise standard models, such as Salop-style competition. Further, the model identifies when limited attentio...
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作者：Bajaj, Ayushi
作者单位：Monash University
摘要：Decentralized markets where assets are useful as media of exchange are also usually subject to private information. To analyze the liquidity and prices of such assets, I adapt the Shi (1995), Trejos and Wright (1995) model with Lucas trees under adverse selection. While most studies focus on either a pooling or separating equilibrium, I apply the undefeated equilibrium refinement by Mailath et al. (1993) to make the selection based on fundamentals. Under pooling, the high-quality asset holder ...
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作者：Koch, Christian; Penczynski, Stefan P.
作者单位：New York University; New York University Abu Dhabi; University of East Anglia
摘要：In explaining the winner's curse, recent approaches have focused on one of two cognitive processes: conditional reasoning and belief formation. We provide the first joint experimental analysis of the role of these two obstacles. First, we observe that overbidding decreases significantly between a simple common-value auction and a transformed version of this auction that does not require conditional reasoning. Second, assistance in belief formation leads to comparable behavioral changes in both...
