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作者：Chen, An; Pelsser, Antoon; Vellekoop, Michel
作者单位：University of Bonn; Maastricht University; University of Amsterdam
摘要：We develop a new class of utility functions, SAHARA utility, with the distinguishing feature that it allows absolute risk aversion to be non-monotone and implements the assumption that agents may become less risk averse for very low values of wealth. The class contains the well-known exponential and power utility functions as limiting cases. We investigate the optimal investment problem under SAHARA utility and derive the optimal strategies in an explicit form using dual optimization methods. ...
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作者：Birulin, Oleksii; Izmalkov, Sergei
作者单位：New Economic School; University of Sydney
摘要：We study efficiency properties of the irrevocable exit English auction in a setting with interdependent values. Maskin (1992) [1] shows that the pairwise single-crossing condition is sufficient for efficiency of the English auction with two bidders and suggests that it is also a necessary condition. This paper clarifies and extends Maskin's results to the case of N bidders. We introduce the generalized single-crossing condition-a fairly intuitive extension of the pairwise single-crossing condi...
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作者：Cao, H. Henry; Han, Bing; Hirshleifer, David
作者单位：University of California System; University of California Irvine; University of Texas System; University of Texas Austin; Peking University
摘要：We offer a model in which sequences of individuals often converge upon poor decisions and are prone to fads, despite communication of the payoff outcomes from past choices. This reflects both direct and indirect action-based information externalities. In contrast with previous cascades literature, cascades here are spontaneously dislodged and in general have a probability less than one of lasting forever. Furthermore, the ability of individuals to communicate can reduce average decision accura...
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作者：Eichberger, Juergen; Grant, Simon; Kelsey, David; Koshevoy, Gleb A.
作者单位：Rice University; Ruprecht Karls University Heidelberg; University of Queensland; University of Exeter; Russian Academy of Sciences; Central Economics & Mathematics Institute RAS
摘要：In Ghirardato et al. (2004) [7], Ghirardato, Macheroni and Marinacci propose a method for distinguishing between perceived ambiguity and the decision-maker's reaction to it. They study a general class of preferences which they refer to as invariant biseparable. This class includes CEU and MEU. They axiomatize a subclass of alpha-MEU preferences. If attention is restricted to finite state spaces, we show that any alpha-MEU preference relation, satisfies GMM's axioms if and only if alpha = 0 or ...
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作者：Fudenberg, Drew; Yamamoto, Yuichi
作者单位：Harvard University
摘要：This paper introduces stochastic games with imperfect public signals. It provides a sufficient condition for the folk theorem when the game is irreducible, thus generalizing the results of Dutta (1995) [5] and Fudenberg, Levine, and Maskin (1994) [9] To do this, the paper extends the concept of self-generation (Abreu, Pearce, and Stacchetti, 1990 [1]) to return generation, which explicitly tracks actions and incentives until the next time the state returns to its current value, and asks that p...
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作者：Barseghyan, Levon; Guerdjikova, Ani
作者单位：Cornell University
摘要：We build a dynamic political economy model with a two-class society, workers and the elite, in which the elite formation, the innovation rate and fiscal policy are endogenous. The model generates a mapping between institutions and patterns of growth consistent with empirical evidence. Ex ante, when facing constraints in choosing institutions, the elite may delegate policy control to some of its members, even though such delegation exacerbates the conflict within the elite and causes policy fai...
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作者：Gerlagh, Reyer; Liski, Matti
作者单位：Aalto University; Tilburg University
摘要：We consider a situation where an exhaustible-resource seller faces demand from a buyer who has a substitute but there is a time-to-build delay for the substitute. We find that in this simple framework the basic implications of the Hotelling model (1931) are reversed: over time the stock declines but supplies increase up to the point where the buyer decides to switch. Under such a threat of demand change, the supply does not reflect the current resource scarcity but it compensates the buyer for...
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作者：Lehrer, Ehud; Teper, Roee
作者单位：Tel Aviv University; INSEAD Business School
摘要：We characterize preferences over acts that can be represented by a utility function and a multiple-prior, such that an act f is preferred to act g if there is a prior under which the expected utility induced by f is higher than that induced by g. These preferences are referred to as justifiable preferences. We further introduce a generalized model of ambiguity that involves a collection of multiple-priors, namely, multiple multiple-priors and incorporate Bewley's Knightian model in justifiabil...
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作者：Yilmaz, Ozgur
作者单位：Koc University
摘要：Kidney exchange programs utilize both deceased-donor and live-donor kidneys. One of these programs, a two-way kidney paired donation (KPD), involves two patients exchanging their live donors' kidneys. Another possibility is a list exchange (LE): a living incompatible donor provides a kidney to a candidate on the deceased-donor waitlist and in return the intended recipient of this donor receives a priority on the waitlist. By taking into consideration the fact that transplants from live donors ...
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作者：Frankel, David M.; Volij, Oscar
作者单位：Iowa State University; Ben-Gurion University of the Negev
摘要：Using only ordinal axioms, we characterize several multigroup school segregation indices: the Atkinson indices for the class of school districts with a given fixed number of ethnic groups and the Mutual Information index for the class of all districts. Properties of other school segregation indices are also discussed. In an empirical application, we document a weakening of the effect of ethnicity on school assignment from 1987/1988 to 2007/2008. We also show that segregation between districts ...
