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作者：Amir, Rabah; Lazzati, Natalia
作者单位：University of Arizona; University of Michigan System; University of Michigan
摘要：This paper analyzes oligopolistic markets with network externalities. Exploiting a minimal complementarity structure on the model primitives that allows for pure network goods, we prove existence of non-trivial fulfilled-expectations equilibrium. We formalize the concept of industry viability, investigate its determinants, and show that it improves with more firms in the market and/or by technological progress. These results enlighten some well-known conclusions from case studies in the manage...
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作者：Stoye, Joerg
作者单位：Cornell University
摘要：This paper unifies and extends the recent axiomatic literature on minimax regret. It compares several models of minimax regret, shows how to characterize the according choice correspondences in a unified setting, extends one of them to choice from convex (through randomization) sets, and connects them by defining a behavioral notion of perceived ambiguity. Substantively, a main idea is to behaviorally identify ambiguity with failures of independence of irrelevant alternatives. Regarding proof ...
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作者：Hoy, Michael; Zheng, Buhong
作者单位：University of Guelph; University of Colorado System; University of Colorado Denver; University of Colorado Anschutz Medical Campus; Children's Hospital Colorado
摘要：This paper presents an axiomatic framework for measuring lifetime poverty over multiple periods. For an individual, we argue that lifetime poverty is influenced by both the snapshot poverty of each period and the poverty level of the permanent lifetime consumption; it is also influenced by how poverty spells are distributed over the lifetime. We axiomatically characterize classes of lifetime poverty indices and derive dominance conditions of poverty orderings for both individual and societal l...
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作者：Toikka, Juuso
作者单位：Massachusetts Institute of Technology (MIT)
摘要：I extend Myerson's R. Myerson, Optimal auction design, Math. Oper. Res. 6 (1981) 58-73] ironing technique to more general objective functions. The approach is based on a generalized notion of virtual surplus which can be maximized pointwise even when the monotonicity constraint implied by incentive compatibility binds. It is applicable to quasilinear principal-agent models where the standard virtual surplus is weakly concave in the allocation or appropriately separable in the allocation and ty...
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作者：Hu, Audrey; Offerman, Theo; Zou, Liang
作者单位：University of Amsterdam; Ruprecht Karls University Heidelberg; University of Amsterdam
摘要：In a premium auction, the seller offers some payback, called premium, to a set of high bidders at the end of the auction. This paper investigates how the performance of such premium tactics is related to the bidders' risk preferences. We analyze a two-stage English premium auction model with symmetric interdependent values, in which the bidders may be risk averse or risk preferring. Upon establishing the existence and uniqueness of a symmetric equilibrium, we show that the premium causes the e...
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作者：Hoffmann, Florian; Inderst, Roman
作者单位：Imperial College London
摘要：In markets as diverse as that for specialized industrial equipment or that for retail financial services, sellers or intermediaries may earn profits both from the sale of products and from the provision of pre-sale consultation services. We study how a seller optimally chooses the costly quality of pre-sale information, next to the price of information and the product price, and obtain clear-cut predictions on when information is over- and when it is underprovided, even though we find that inf...
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作者：Ben-Porath, Elchanan; Heifetz, Aviad
作者单位：Hebrew University of Jerusalem; Hebrew University of Jerusalem; Open University Israel
摘要：Consider an exchange economy with asymmetric information. What is the set of outcomes that are consistent with common knowledge of rationality and market clearing? To address this question we define an epistemic model for the economy that provides a complete description not only of the beliefs of each agent on the relationship between states of nature and prices but also of the whole system of interactive beliefs. The main result, Theorem 1, provides a characterization of outcomes that are con...
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作者：Szech, Nora
作者单位：University of Bonn
摘要：We study a symmetric independent private values auction model where the revenue-maximizing seller faces a cost c(n) of attracting is bidders to the auction. If the distribution of valuations possesses an increasing failure rate (IFR), the seller overinvests in attracting bidders compared to the social optimum. Conversely, if the distribution is DFR, the seller underinvests compared to the social optimum. If the distribution of valuations becomes more dispersed, both, a revenue- and a welfare-m...
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作者：Cres, Herve; Gilboa, Itzhak; Vieille, Nicolas
作者单位：Hautes Etudes Commerciales (HEC) Paris; Institut d'Etudes Politiques Paris (Sciences Po); Tel Aviv University
摘要：Experts are asked to provide their advice in a situation of uncertainty. They adopt the decision maker's utility function, but each has a potentially different set of prior probabilities, and so does the decision maker. The decision maker and the experts maximize the minimal expected utility with respect to their sets of priors. We show that a natural Pareto condition is equivalent to the existence of a set Lambda of probability vectors over the experts, interpreted as possible allocations of ...
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作者：Ghiglino, Christian; Venditti, Alain
作者单位：University of Essex; Centre National de la Recherche Scientifique (CNRS); Universite Catholique de Lille; EDHEC Business School
摘要：We explore the link between wealth inequality and output fluctuations in a general two-sector neoclassical growth model with endogenous labor and heterogeneous agents. When agents have homogeneous CRRA preferences and individual wealth is Pareto distributed, a sufficiently large rise in the Gini index typically leads to an increase in endogenous fluctuations of output. For general economies, we show that under plausible conditions on the fundamentals, wealth inequality is still a destabilizing...
