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作者：Doraszelski, Ulrich; Escobar, Juan F.
作者单位：Universidad de Chile; University of Pennsylvania
摘要：This paper studies long term relationships, modeled as repeated games, with restricted feedback. Players condition current play on summary statistics of past play rather than the entire history, as may be the case in online markets. Our state strategy equilibrium framework allows for arbitrary restrictions on strategies. We derive a recursive characterization for the set of equilibrium payoffs similar to that of Abreu, Pearce, and Stacchetti (1986, 1990) [2,3] for perfect public equilibria and...
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作者：Carlier, G.; Dana, R. -A.; Galichon, A.
作者单位：Institut Polytechnique de Paris; Ecole Polytechnique; Universite PSL; Universite Paris-Dauphine; Centre National de la Recherche Scientifique (CNRS); CNRS - National Institute for Mathematical Sciences (INSMI)
摘要：This paper studies efficient risk-sharing rules for the concave dominance order. For a univariate risk, it follows from a comonotone dominance principle, due to Landsberger and Meilijson (1994) [27], that efficiency is characterized by a comonotonicity condition. The goal of the paper is to generalize the comonotone dominance principle as well as the equivalence between efficiency and comonotonicity to the multidimensional case. The multivariate case is more involved (in particular because the...
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作者：Mandler, Michael; Manzini, Paola; Mariotti, Marco
作者单位：University of St Andrews; University of London; Royal Holloway University London
摘要：Several decision models in marketing science and psychology assume that a consumer chooses by proceeding sequentially through a checklist of desirable properties. These models are contrasted to the utility maximization model of rationality in economics. We show on the contrary that the two approaches are nearly equivalent. Since the number of preference discriminations that an agent can make increases exponentially in the number of properties used, checklists provide a rapid procedural basis f...
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作者：Strulik, Holger
作者单位：Leibniz University Hannover
摘要：This paper introduces wealth-dependent time preference into a simple model of endogenous growth. The model generates adjustment dynamics in line with the historical facts on savings and economic growth in Europe from the High Middle Ages to today. Along a virtuous cycle of development more wealth leads to more patience, which leads to more savings and further increasing wealth. Savings rates and income growth rates are thus jointly increasing during the process of development until they conver...
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作者：Xefteris, Dimitrios
作者单位：University of Cyprus
摘要：This note complements Aragones and Palfrey (2002) [2] by providing upper and lower bounds of the equilibrium payoff of the advantaged (disadvantaged) candidate for any symmetric distribution of the median voter's ideal policy and any (even or odd) number of equidistant locations. These bounds point to a negative (positive) relationship between the equilibrium payoff of the (dis)advantaged candidate and the uncertainty regarding the median voter's preferences. (C) 2011 Elsevier Inc. All rights ...
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作者：Luo, Guo Ying
作者单位：McMaster University
摘要：This paper examines the impact of conservative traders on market efficiency in an evolutionary model of a commodity futures market. This paper shows that the long-run market outcome is informationally efficient, as long as in every period there is a positive probability that entering traders are more conservative than their predecessors. Conservative traders are those who correctly predict the spot price with a positive probability, and more importantly, who in their mistakes err on the side o...
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作者：Benigno, Pierpaolo; Woodford, Michael
作者单位：Columbia University; Luiss Guido Carli University
摘要：We consider a general class of nonlinear optimal policy problems with forward-looking constraints, and show how to derive a problem with linear constraints and a quadratic objective that approximates the exact problem. The solution to the LQ approximate problem represents a local linear approximation to optimal policy from the timeless perspective proposed in Benign and Woodford (2004, 2005)[6,7], in the case of small enough stochastic disturbances. We also derive the second-order conditions f...
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作者：Newton, Jonathan
作者单位：University of Sydney
摘要：An evolutionary style model of recontracting is given which guarantees convergence to core allocations of an underlying cooperative game. Unlike its predecessors in the evolution/learning literature, this is achieved without assumptions of convexity of the characteristic function or a reliance on random errors. The stochastic stability properties of the model are then examined and it is shown that stochastically stable states solve a simple and intuitive minimization problem which reduces to m...
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作者：Huang, Kevin X. D.; Meng, Qinglai
作者单位：Vanderbilt University; Oregon State University
摘要：A challenge to models of equilibrium indeterminacy based on increasing returns is that required increasing returns for generating indeterminacy can be implausibly large and rise quickly with the relative risk aversion in labor. We show that unsynchronized wage adjustment via a relative wage effect can both lower the required degree of increasing returns for indeterminacy to a plausible level and make it invariant to the relative risk aversion in labor. Consequently, indeterminacy and sunspot-d...
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作者：Khan, M. Ali; Piazza, Adriana
作者单位：Johns Hopkins University; University of Illinois System; University of Illinois Urbana-Champaign; Universidad Tecnica Federico Santa Maria
摘要：We present a substantive and far-reaching generalization of the principal results in the economics of forestry, as formalized by Mitra and Wan (1986). Rather than a polarized dichotomy of linear and strictly concave, differentiable benefit (felicity) functions, we develop the theory in the context of functions that are supported at the golden-rule consumption and are not necessarily concave. Through a non-interiority condition on the set of zeroes of a resulting discrepancy function, we show t...
