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作者：Jouini, Elyes; Napp, Clotilde; Nocetti, Diego
作者单位：Universite PSL; Universite Paris-Dauphine; Centre National de la Recherche Scientifique (CNRS); CNRS - Institute for Humanities & Social Sciences (INSHS); Universite PSL; Universite Paris-Dauphine; Clarkson University
摘要：In this note we extend the theory of precautionary saving to the case of multivariate risk. We introduce a notion of multivariate prudence, related to a precautionary premium, and we propose a matrix-measure to capture the strength of the precautionary saving motive. We discuss the usefulness of this measure, in particular for comparing precautionary behavior among individuals. We also characterize the notion of multivariate downside risk aversion as a preference for disaggregating harms acros...
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作者：Anton, James J.; Biglaiser, Gary
作者单位：Duke University; University of North Carolina; University of North Carolina Chapel Hill
摘要：We examine an infinite horizon model of quality growth for a durable goods monopoly. The seller may offer any bundle(s) of current and previous quality improvements (upgrades). Subgame perfect equilibrium seller payoffs range from capturing the full social surplus down to only the initial flow value of each good, as long as the value of all future quality growth exceeds the value of a single unit. Each of these payoffs is realized in a Markov perfect equilibrium that follows the socially effic...
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作者：Carbajal, Juan Carlos; McLennan, Andrew; Tourky, Rabee
作者单位：University of Queensland
摘要：In a setting where agents have quasi-linear utilities over social alternatives and a transferable commodity, we consider three properties that a social choice function may possess: truthful implementation (in dominant strategies); monotonicity in differences; and lexicographic affine maximization. We introduce the notion of a flexible domain of preferences that allows elevation of pairs and study which of these conditions implies which others in such domain. We provide a generalization of the ...
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作者：Sprumont, Yves
作者单位：Universite de Montreal; Universite de Montreal
摘要：A single valuable object must be allocated to at most one of n agents. Monetary transfers are possible and preferences are quasilinear. We offer an explicit description of the individually rational mechanisms which are Pareto-optimal in the class of feasible, strategy-proof, anonymous and envy-free mechanisms. These mechanisms form a one-parameter infinite family; the Vickrey mechanism is the only Groves mechanism in that family. (C) 2013 Elsevier Inc. All rights reserved.
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作者：Oliveros, Santiago
作者单位：University of London; Royal Holloway University London
摘要：We consider an election in which each voter can collect information of different precision. Voters have asymmetric information and preferences that vary both in terms of ideology and intensity. In contrast to all other models of voting with endogenous information, in equilibrium voters collect information of different qualities. We show that information and abstention are not necessarily negatively correlated: some voters are more likely to abstain the more informed they are. We also discuss t...
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作者：Peters, Michael; Troncoso-Valverde, Cristian
作者单位：University of British Columbia
摘要：We provide a partial characterization of the set of outcome functions that can be supported as perfect Bayesian equilibrium in the recommendation game described in [T. Yamashita, Mechanism games with multiple principals and three or more agents, Econometrica 78 (2) (2010) 791-801]. We show that the set of outcome functions that can be supported is at least as large as the set supportable by a mechanism designer in the sense of Myerson (Myerson, 1979 [13]). We show how to support random and cor...
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作者：Li, Fei; Tian, Can
作者单位：University of Pennsylvania
摘要：We consider the impact of job rotation in a directed search model in which firm sizes are endogenously determined and match quality is initially unknown. A large firm benefits from the opportunity to rotate workers so as to partially overcome the loss of mismatch. As a result, in the unique symmetric equilibrium, large firms have higher labor productivity and lower separation rates. In contrast to the standard directed search model with multi-vacancy firms, this model can generate a positive c...
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作者：Petrosky-Nadeau, Nicolas
作者单位：Carnegie Mellon University
摘要：The financial crisis of 2008 was followed by sharp contractions in aggregate output and employment and an unusual increase in aggregate total factor productivity (TFP). This paper attempts to explain these facts by modeling the creation and destruction of jobs in the presence of heterogeneity in firm productivity and frictional credit and labor markets. The aggregate level of TFP is determined by both the underlying distribution of firm productivity and the structures of the credit and labor m...
