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作者：Garcia-Martinez, Jose A.
作者单位：Universidad Miguel Hernandez de Elche
摘要：We consider a selection process and a hierarchical institution in a dynamic model as in Harrington (1998) [4], where agents are climbing the pyramid in a rank-order contest based on the up or out policy. Agents are matched in pairs to compete, and each pair faces a particular environment. They are ranked according to the quality of their performances in this particular environment, and a fraction of the highest ranked agents are promoted. The size of this fraction characterizes the selectivity...
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作者：Keenan, Donald C.; Snow, Arthur
作者单位：CY Cergy Paris Universite; University System of Georgia; University of Georgia
摘要：Variation in the degree of downside risk aversion across decision makers has implications for efficient risk sharing. However, except for small differences in risk preferences, there is no index, analogous to the Arrow-Pratt index of risk aversion, that depends only on local properties of the utility function and indicates the degree of aversion to downside risk. A measure that does depend only on local properties of the utility function u, the index of prudence p =u ''/u '', is related to dow...
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作者：Watanabe, Makoto
作者单位：Universidad Carlos III de Madrid
摘要：I propose a simple model of merchants who are specialized in buying and selling a homogenous good. Facing the same frictions as in the buyer-seller direct trades, merchants can make profits with an ability to buy and sell many units of the good. They set the price to compete in the market and provide buyers with a strong likelihood of obtaining the good. This paper establishes a turnover equilibrium where some agents choose to become merchants endogenously. An interesting multiplicity can emer...
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作者：Chen, Bo
作者单位：Southern Methodist University
摘要：This paper extends the belief-based approach to the repeated prisoners' dilemma with asymmetric private monitoring. We first find that the previous belief-based techniques [T. Sekiguchi, Efficiency in repeated prisoners' dilemma with private monitoring, J. Econ. Theory 76 (1997) 345-361; V. Bhaskar, I. Obara, Belief-based equilibria in the repeated prisoners' dilemma with private monitoring, J. Econ. Theory 102 (2002) 40-69] cannot succeed when players' private monitoring technologies are suff...
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作者：Dutta, Bhaskar; Ehlers, Lars; Kar, Anirban
作者单位：Universite de Montreal; University of Warwick; Universite de Montreal; University of Delhi; Delhi School of Economics
摘要：We provide new characterization results for the value of games in partition function form. In particular, we use the potential of a game to define the value. We also provide a characterization of the class of values which satisfies one form of reduced game consistency. (C) 2010 Elsevier Inc. All rights reserved.
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作者：Chiappori, Pierre-Andre
作者单位：Columbia University
摘要：Although the Transferable Utility (TU) assumption is widely used in micro theory, little is known about its testable consequences, and in particular how one can, from the observation of a group's demand, test whether the TU assumption is satisfied within this group. We derive a set of necessary and sufficient conditions on demand that characterize the TU context. The conditions are of two types. First, TU requires the group to behave as a single decision maker. Secondly, within the unitary set...
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作者：Dudek, Maciej K.
作者单位：Warsaw School of Economics
摘要：Fully rational agents are allowed to optimize over expectations formation technologies in an environment where it is costly to collect and process information. It is shown in a general equilibrium framework that optimization over expectations by rational and forward-oriented agents can lead to endogenous instability. Specifically, we illustrate that resulting equilibria can be both chaotic and self-consistent with the distribution of agents' expected forecasting errors coinciding with the actu...
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作者：Murty, Sushama
作者单位：University of Warwick
摘要：Starrett (1972) [33] and Boyd and Conley (1997) [7] approaches to externality modeling are unified by distinguishing between producible and nonproducible public commodities. Nonconvexities are associated with detrimental producible public commodities but not with nonproducible public commodities in Boyd and Conley (1997) [7]. Disposability properties (costly or costless) imply that producible public commodities are either by-products (e.g., pollution) or joint-products (e.g., national defense)...
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作者：Lester, Benjamin
作者单位：Western University (University of Western Ontario)
摘要：I construct a directed search model in which firms decide whether to enter a market and how many positions to create. Within this framework, the number of firms and the size of each firm are determined endogenously, wages play an allocative role in the matching process, and the frictions inherent in this process derive from the equilibrium behavior of workers and firms. I characterize the (unique) equilibrium. Comparative statics generate testable implications for cross-sectional variation in ...
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作者：Hill, Brian
作者单位：Hautes Etudes Commerciales (HEC) Paris
摘要：This paper elicits an additively separable representation of preferences in the Savage framework (where the objects of choice are acts: measurable functions from an infinite set of states to a potentially finite set of consequences). A preference relation over acts is represented by the integral over the subset of the product of the state space and the consequence space which corresponds to the act, where this integral is calculated with respect to a state-dependent utility measure on this spa...
