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作者：Eichberger, Juergen; Guerdjikova, Ani
作者单位：Ruprecht Karls University Heidelberg; CY Cergy Paris Universite
摘要：We model decision making under ambiguity based on available data. Decision makers express preferences over actions and data sets. We derive an alpha-max-min representation of preferences, in which beliefs combine objective characteristics of the data (number and frequency of observations) with subjective features of the decision maker (similarity of observations and perceived ambiguity). We identify the subjectively perceived ambiguity and separate it into ambiguity due to a limited number of ...
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作者：Del Rey, Elena; Lopez-Garcia, Miguel-Angel
作者单位：Universitat de Girona; Autonomous University of Barcelona
摘要：In OLG economies with life-cycle saving and exogenous growth, competitive equilibria in general fail to achieve optimality because individuals accumulate amounts of physical capital that differ from the one that maximizes welfare along a balanced growth path (the Golden Rule). With human capital, a second potential source of departure from optimality arises, related to education decisions. We propose to recover the Golden Rule of physical and also human capital accumulation. We characterize th...
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作者：Rachmilevitch, Shiran
作者单位：University of Haifa
摘要：I study collusion between two bidders in a general symmetric IPV repeated auction, without communication, side transfers, or public randomization. I construct a collusive scheme, endogenous bid rotation, that generates a payoff larger than the bid rotation payoff. (C) 2013 Elsevier Inc. All rights reserved.
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作者：de Haan, Laurens; de Vries, Casper G.; Zhou, Chen
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; Universidade de Lisboa; Chapman University System; Chapman University; European Central Bank; De Nederlandsche Bank NV
摘要：Internet auctions attract numerous agents, but only a few become active bidders. Under the Independent Private Values Paradigm the valuations of the active bidders form a specific record sequence. This record sequence implies that if the number n of potential bidders is large, the number of active bidders is approximately 2 log n, potentially explaining the relative inactivity. Moreover, if the arrival of potential bidders forms a non-homogeneous Poisson process due to a time preference for au...
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作者：Delacroix, Alain; Shi, Shouyong
作者单位：University of Quebec; University of Quebec Montreal; University of Toronto
摘要：We study a market where each seller chooses the quality and price of goods and the number of selling sites. Observing sellers' choices of prices and sites, but not quality, buyers choose which site to visit. A seller's choices of prices can direct buyers' search and signal quality. A unique equilibrium exists and is separating. When the quality differential is large, the equilibrium implements the efficient allocation with public information. Otherwise, the quality of goods and/or the number o...
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作者：Grant, Simon; Polak, Ben
作者单位：University of Queensland; Yale University; Yale University
摘要：We axiomatize, in an Anscombe-Aumann framework, the class of preferences that admit a representation of the form V (f) = mu - p(d), where mu, is the mean utility of the act f with respect to a given probability, d is the vector of state-by-state utility deviations from the mean, and p(d) is a measure of (aversion to) dispersion that corresponds to an uncertainty premium. The key feature of these mean-dispersion preferences is that they exhibit constant absolute uncertainty aversion. This class...
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作者：Cherchye, Laurens; Demuynck, Thomas; De Rock, Bram
作者单位：KU Leuven; Universite Libre de Bruxelles
摘要：We consider the testable implications of the Cournot model of market competition. Our approach is nonparametric in the sense that we abstain from imposing any functional specification on market demand and firm cost functions. We derive necessary and sufficient conditions for (reduced form) equilibrium market price and quantity functions to be consistent with the Cournot model. In addition, we present identification results for the corresponding inverse market demand function and the firm cost ...
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作者：Gumen, Anna; Savochkin, Andrei
作者单位：New York University; Collegio Carlo Alberto
摘要：In the framework of dynamic choice under uncertainty, we define dynamic stability as a combination of two assumptions prevalent in the literature: dynamic consistency and the requirement that updated preferences have the same structure as ex ante ones. Dynamic stability also turns out to be a defining characteristic of the multiplier preferences of Hansen and Sargent (2001) [24] within the scope of variational preferences. Generally, for any class of invariant preferences, dynamic stability is...
