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作者：Pablo Rincon-Zapatero, Juan; Santos, Manuel S.
作者单位：Universidad Carlos III de Madrid; University of Miami
摘要：This paper studies first-order differentiability properties of the value function in concave dynamic programs. Motivated by economic considerations, we dispense with commonly imposed interiority assumptions. We suppose that the correspondence of feasible choices varies with the vector of state variables, and we allow the optimal solution to belong to the boundary of this correspondence. Under minimal assumptions we prove that the value function is continuously differentiable. We then discuss t...
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作者：Degan, Arianna; Merlo, Antonio
作者单位：University of Pennsylvania; University of Quebec; University of Quebec Montreal; National Bureau of Economic Research
摘要：In this paper we address the following question: To what extent is the hypothesis that voters vote ideologically (i.e., they always vote for the candidate who is ideologically closest to them) testable or falsifiable? We show that using data only on how individuals vote in a single election, the hypothesis that voters vote ideologically is irrefutable, regardless of the number of candidates competing in the election. On the other hand, using data on how the same individuals vote in multiple el...
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作者：Amarante, Massimiliano
作者单位：Universite de Montreal; Universite de Montreal
摘要：We study an axiomatic model of preferences, which contains as special cases Subjective Expected Utility, Choquet Expected Utility, Maxmin and Maxmax Expected Utility and many other models. First, we give a complete characterization of the class of functionals representing these preferences. Then, we show that any such functional can be represented as a Choquet integral I(f) = integral kappa(f)d nu where kappa : B(Sigma) -> A (C) is the canonical mapping from the space of bounded Sigma-measurab...
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作者：Farmer, Roger E. A.; Waggoner, Daniel F.; Zha, Tao
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Atlanta; University of California System; University of California Los Angeles; Emory University
摘要：We develop a set of necessary and sufficient conditions for equilibria to be determinate in a class of forward-looking Markov-switching rational expectations models and we develop an algorithm to check these conditions in practice. We use three examples, based on the new-Keynesian model of monetary policy, to illustrate our technique. Our work connects applied econometric models of Markov-switching with forward looking rational expectations models and allows an applied researcher to construct ...
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作者：Hong, Lu; Page, Scott
作者单位：Loyola University Chicago; University of Michigan System; University of Michigan
摘要：Private information is typically modeled as signals. A joint probability distribution captures relationships between signals and between signals and relevant variables. In this paper, we define and contrast two types of signals: generated and interpreted. We demonstrate that even though the standard assumption of conditional independence is a reasonable benchmark assumption for generated signals, it imposes a specific, and unlikely structure on interpreted signals. We also show that independen...
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作者：Garcia, Diego; Vanden, Joel M.
作者单位：University of North Carolina; University of North Carolina Chapel Hill; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We study the formation of mutual funds by generalizing the standard competitive noisy rational expectations framework. In our model, informed agents set up mutual funds as a means of selling their private information to uninformed agents. We study the case of imperfect competition among fund managers, where uninformed agents invest simultaneously in multiple mutual funds. The size of the assets under management in the mutual fund industry is determined by endogenizing the agents' information a...
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作者：Noor, Jawwad
作者单位：Boston University
摘要：Experiments on static intertemporal choice find evidence of particularly extreme impatience toward immediate rewards. While this is often taken as support for hyperbolic discounting, it could also arise because the most likely participants in experiments may be those with the most immediate need for money. We conduct a calibration exercise and find that the extreme impatience observed in experiments can be accommodated by a standard exponential discounting model with no discounting and expecta...
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作者：Haeringer, Guillaume; Klijn, Flip
作者单位：Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE); Autonomous University of Barcelona
摘要：Recently, several school districts in the US have adopted or consider adopting the Student-Optimal Stable mechanism or the Top Trading Cycles mechanism to assign children to public schools. There is evidence that for school districts that employ (variants of) the so-called Boston mechanism the transition would lead to efficiency gains. The first two mechanisms are strategy-proof, but in practice student assignment procedures typically impede a student to submit a preference list that contains ...
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作者：Fadel, Ronald; Segal, Ilya
作者单位：Stanford University
摘要：We consider how many bits need to be exchanged to implement a given decision rule when the mechanism must be ex post or Bayesian incentive compatible. For ex post incentive compatibility, the communication protocol must reveal enough information to calculate monetary transfers to the agents to motivate them to be truthful (agents' payoffs are assumed to be quasilinear in such transfers). For Bayesian incentive compatibility, the protocol may need to hide some information from the agents to pre...
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作者：Liu, Qingmin
作者单位：University of Pennsylvania
摘要：A type structure is non-redundant if no two types of a player represent the same hierarchy of beliefs over the given set of basic uncertainties, and it is redundant otherwise. Under a mild necessary and sufficient condition termed separativity, we show that any redundant structure can be identified with a non-redundant structure with an extended space of basic uncertainties. The belief hierarchies induced by the latter structure, when marginalized, coincide with those induced by the former. We...
