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作者：Lo, Kin Chung
作者单位：York University - Canada
摘要：We modify the epistemic conditions for Nash equilibrium only to accommodate Gilboa and Schmeidler's [I. Gilboa, D. Schmeidler, Maxmin expected utility with nonunique prior, J. Math. Econ. 18 (1989) 141-153] maxmin expected utility preferences, and identify the equilibrium concept in n-player strategic games that characterizes the modified epistemic conditions. The epistemic characterization supports the equilibrium concept as a minimal generalization of Nash equilibrium, in the sense that it d...
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作者：McQuillin, Ben
作者单位：University of East Anglia
摘要：The Shapley value assigns, to each game that is adequately represented by its characteristic function, an outcome for each player. An elaboration on the Shapley value that assigns, to characteristic function games, a partition function outcome is broadly established and accepted, but elaborations to encompass games with externalities (represented by partition functions) are not. Here, I show that simultaneous consideration of the two elaborations (generalization and extension) obtains a unique...
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作者：Galenianos, Manolis; Kircher, Philipp
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Pennsylvania
摘要：We develop an equilibrium directed search model of the labor market where workers can simultaneously apply for multiple jobs. Our main theoretical contribution is to integrate the portfolio choice problem faced by workers into an equilibrium framework. All equilibria of our model exhibit wage dispersion. Consistent with stylized facts, the density of wages is decreasing and higher wage firms receive more applications per vacancy. Unlike most models of directed search, the equilibria are not co...
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作者：Garleanu, Nicolae
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：This paper studies portfolio choice and pricing in markets in which immediate trading may be impossible. It departs from the literature by removing restrictions on asset holdings, and finds that optimal positions depend significantly and naturally on liquidity: When expected future liquidity is high, agents take more extreme positions, given that they do not have to hold those positions for long when they become undesirable. Consequently, larger trades should be observed in markets with more f...
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作者：Figueroa, Nicolas; Skreta, Vasiliki
作者单位：Universidad de Chile; New York University
摘要：This paper studies revenue-maximizing auctions when buyers' outside options depend on their private information and are endogenously chosen by the seller. We show that the revenue-maximizing assignment of the object can depend crucially on the outside options that the seller can choose as threats. Depending on the shape of outside options, sometimes an optimal mechanism allocates the object in an ex-post efficient way, and, other times, buyers obtain the object more often than is efficient. (C...
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作者：Zhang, Yuzhe
作者单位：University of Iowa
摘要：In this paper, we develop continuous-time methods for solving dynamic principal-agent problems in which the agent's privately observed productivity shocks are persistent over time. We characterize the optimal contract as the solution to a system of ordinary differential equations and show that, under this contract, the agent's utility converges to its lower bound-immiserization occurs. Unlike under risk-neutrality, the wedge between the marginal rate of transformation and a low-productivity ag...
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作者：Pavan, Alessandro; Calzolari, Giacomo
作者单位：Northwestern University; University of Bologna
摘要：This paper considers dynamic games in which multiple principals contract sequentially and noncooperatively with the same agent. We first show that when contracting is private, i.e. when downstream principals do not observe the mechanisms offered upstream and the decisions taken in these mechanisms, all PBE outcomes can be characterized through pure-strategy profiles in which the principals offer menus of contracts and delegate to the agent the choice of the contractual terms. We then show that...
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作者：Yamamoto, Yuichi
作者单位：Harvard University
摘要：The present paper studies repeated games with private monitoring, and characterizes the set of belief-free equilibrium payoffs in the limit as the discount factor approaches one and the noise on private information vanishes. Contrary to the conjecture by Ely et al. [J.C. Ely, J. Mmer, W. Olszewski, Belief-free equilibria in repeated games, Econometrica 73 (2005) 377-415], the equilibrium payoff set is computed by the same formula, no matter how many players there are. As an application of this...
