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作者：Gaertner, Dennis L.; Schmutzler, Armin
作者单位：University of Zurich
摘要：We consider a setting in which two potential merger partners each possess private information pertaining both to the profitability of the merged entity and to stand-alone profits, and we investigate the extent to which this private information makes ex-post regret an unavoidable phenomenon in merger negotiations. To this end, we consider ex-post incentive compatible mechanisms, which use both players' reports to determine whether or not a merger will take place and what each player will earn i...
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作者：Houy, Nicolas; Tadenuma, Koichi
作者单位：Hitotsubashi University; Centre National de la Recherche Scientifique (CNRS); Institut Polytechnique de Paris; Ecole Polytechnique
摘要：This paper considers two distinct procedures to lexicographically compose multiple criteria for social or individual decision making. The first procedure composes M binary relations into one, and then selects its maximal elements. The second procedure first selects the set of maximal elements of the first binary relation, and then within that set, chooses the maximal elements of the second binary relation, and iterates the procedure until the Mth binary relation. We show several distinct sets ...
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作者：Benaim, Michel; Hofbauer, Josef; Hopkins, Ed
作者单位：University of Edinburgh; University of Neuchatel; University of Vienna
摘要：We propose a new concept for the analysis of games, the TASP, which gives a precise prediction about non-equilibrium play in games whose Nash equilibria are mixed and are unstable under fictitious play-like learning. We show that, when players learn using weighted stochastic fictitious play and so place greater weight on recent experience, the time average of play often converges in these unstable games, even while mixed strategies and beliefs continue to cycle. This time average, the TASP, is...
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作者：Callander, Steven; Hoerner, Johannes
作者单位：Northwestern University; Yale University
摘要：We consider a simple variant of the canonical model of social learning and show that in many Situations it is optimal for an agent to abandon her own information and follow the minority rather than the majority. This possibility depends on two economically meaningful requirements: agents are differentially informed and observe only the number of agents having chosen each option, such as consumers observing only market shares. We show that minority wisdom arises when information is sufficiently...
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作者：Kikuchi, Tomoo; Stachurski, John
作者单位：National University of Singapore; Kyoto University
摘要：We study a two-country version of Matsuyama's [K. Matsuyama, Financial market globalization, symmetry-breaking, and endogenous inequality of nations, Econometrica 72 (2004) 853-884] world economy model. As in Matsuyama's model, symmetry-breaking can be observed, and symmetry-breaking generates endogenously determined levels of inequality. In addition, we show that when the countries differ in population size, their interaction through credit markets may lead to persistent endogenous fluctuatio...
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作者：Do, Quy-Toan; Levchenko, Andrei A.
作者单位：University of Michigan System; University of Michigan; International Monetary Fund
摘要：This paper investigates the relationship between international trade and the quality of economic institutions. We model institutions as fixed costs of entry, in a framework that has two key features. First, preferences over entry costs differ across firms and depend on firm size. Larger firms prefer to set higher costs of entry, in order to reduce competition. Second, these costs are endogeneously determined in a political economy equilibrium. Trade opening can lead to higher entry costs when ...
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作者：Kirkegaard, Rene
作者单位：Brock University
摘要：A new approach to asymmetric first price auctions is proposed which circumvents the need to examine bidding strategies directly. Specifically, the ratio of bidders' (endogenous) payoffs is analyzed and compared to the ratio of the (exogenous) distribution functions that describe beliefs. Most of the results are inferred from this comparison. In the existing theoretical literature, assumptions of first order stochastic dominance or stronger imply that the latter ratio has very specific properti...
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作者：Sandholm, William H.
作者单位：University of Wisconsin System; University of Wisconsin Madison
摘要：We offer a parsimonious definition of large population potential games, provide some alternate characterizations, and demonstrate the advantages of the new definition over the existing definition, but also show the equivalence of the two definitions. (C) 2009 Elsevier Inc. All rights reserved.
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作者：Momi, Takeshi
作者单位：Doshisha University
摘要：We demonstrate that information on the aggregate excess demand function of an incomplete real asset market economy is not helpful toward predicting the equilibrium of a new economy to which unredundant assets are added. An innovation of assets can completely change the aggregate excess demand functions. (C) 2009 Elsevier Inc. All rights reserved.
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作者：Adao, Bernardino; Correia, Isabel; Teles, Pedro
作者单位：Centre for Economic Policy Research - UK
摘要：This paper assesses the relevance of the exchange rate regime for stabilization policy. Using both fiscal and monetary policy, we conclude that the exchange rate regime is irrelevant. This is the case independently of the severity of price rigidities, independently of asymmetries across countries in shocks and transmission mechanisms. The only relevant conditions are on the mobility of labor and financial assets. The results can be summarized with the claim that every currency area is an optim...
