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作者：Dean, Mark; Kibris, Ozgur; Masatlioglu, Yusufcan
作者单位：Columbia University; Sabanci University; University System of Maryland; University of Maryland College Park
摘要：We introduce and axiomatically characterize a model of status quo bias in which the status quo affects choices by both imposing psychological constraints and focusing attention. The resulting Limited Attention Status Quo Bias model can explain both the findings that status quo bias is more prevalent in larger choice sets and that the introduction of a status quo can change choices between non-status quo alternatives. Existing models of status quo bias are inconsistent with the former finding w...
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作者：van Bruggen, Paul; Heufer, Jan
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; Tinbergen Institute
摘要：Varian (1988) showed that the utility maximization hypothesis cannot be falsified when only a subset of goods is observed. We show that this result does not hold under the assumptions that unobserved prices and expenditures remain constant. These assumptions are naturally satisfied in laboratory settings where the world outside the lab remains unchanged during the experiment. Hence for so-called induced budget experiments the Generalized Axiom of Revealed Preference is a necessary and sufficie...
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作者：Nesterov, Alexander S.
作者单位：HSE University (National Research University Higher School of Economics)
摘要：I consider the problem of allocating N indivisible objects among N agents according to their preferences when transfers are absent and an outside option may exist. I study the tradeoff between fairness and efficiency in the class of strategy-proof mechanisms. The main finding is that for strategy-proof mechanisms the following efficiency and fairness criteria are mutually incompatible: (1) ex-post efficiency and envy freeness, (2) ordinal efficiency and weak envy-freeness, and (3) ordinal effi...
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作者：Troyan, Peter
作者单位：University of Virginia
摘要：The standard approach to collusion in auctions posits an uninformed, disinterested third party who, prior to the auction, designs and implements a collusive mechanism. In environments where collusion agreements are likely to be both proposed and executed by the involved parties, this approach may neglect information leakages from simply a proposal to collude. We consider a model of collusion where one informed bidder proposes to another, as in Eso and Schummer (2004). We allow for general inte...
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作者：Hoy, Michael; Huang, Rachel J.
作者单位：University of Guelph; National Central University; University of North Carolina; North Carolina Central University
摘要：This note develops a new approach to measuring discrimination. A partial ordering of discrimination patterns is proposed that is consistent with the properties of second-degree stochastic dominance (SSD), which are related to changes in the distributions of either the reference (advantaged) or comparison (disadvantaged) group, while keeping the other group's distribution unchanged. Furthermore, a corresponding summary index is derived. This index provides a complete ordering to rank discrimina...
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作者：Luo, Yulei; Nie, Jun; Wang, Gaowang; Young, Eric R.
作者单位：University of Hong Kong; Federal Reserve System - USA; Federal Reserve Bank - Kansas City; Shandong University; University of Virginia; Zhejiang University
摘要：We propose a recursive utility version of a basic Huggett (1993) model to study the implications of rational inattention (or RI, Sims, 2003, 2010) for the cross-sectional dispersion of consumption and wealth (relative to income) in general equilibrium. We find that incorporating RI can significantly improve the model's predictions in both dimensions in general equilibrium. In addition, we find that intertemporal substitution plays an important role in determining the two key dispersion moments...
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作者：Mitra, Tapan; Roy, Santanu
作者单位：Cornell University; Southern Methodist University
摘要：For the canonical one sector stochastic optimal growth model, we outline a new set of conditions for a policy function that satisfies the Ramsey Euler equation to be optimal. An interior Ramsey Euler policy function is optimal if, and only if, it is continuous or alternatively, if, and only if, both consumption and investment are non-decreasing in output. In particular, we show that under these conditions, the stochastic paths generated by the policy must satisfy the transversality condition; ...
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作者：Robatto, Roberto; Szentes, Balazs
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of London; London School Economics & Political Science
摘要：This paper considers a continuous-time biological model in which the growth rate of a population is determined by the risk attitude of its individuals. We consider choices over lotteries which determine the number of offspring and involve both idiosyncratic and aggregate risks. We distinguish between two types of aggregate risk: environmental variations and natural disasters. Environmental variations influence the death and birth rates, while natural disasters result in instantaneous drops in ...
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作者：Schummer, James; Abizada, Azar
作者单位：Northwestern University; Ministry of Education of Azerbaijan Republic; ADA University
摘要：During weather-induced airport congestion, landing slots are reassigned based on flights' feasible arrival times and cancelations. We consider the airlines' incentives to report such information and to execute cancelations, creating positive spillovers for other flights. We show that such incentives conflict with Pareto-efficiency, partially justifying the FAA's non-solicitation of delay costs. We provide mechanisms that, unlike the FAA's current mechanism, satisfy our incentive properties to ...
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作者：Lenkey, Stephen L.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：The short-swing profit rule is a federal statute that requires insiders to forfeit any trading profit earned from a combined purchase and sale that occurs within a six-month period. Using a multi-period strategic rational expectations equilibrium framework, I demonstrate that the rule tends to reduce both the amount of insider trading and the amount of profit earned by an informed insider from information-based trades because the rule imposes a constraint on the insider's dynamic trading strat...
