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作者：Aliprantis, CD; Monteiro, PK; Tourky, R
作者单位：University of Melbourne; Getulio Vargas Foundation; Purdue University System; Purdue University
摘要：This paper presents a surprising example that shows that the lattice theoretic properties in Mas-Colell's (1986) seminal work are relevant to the existence of equilibrium even when the commodity space is finite dimensional. The example is a two-period securities model with a three-dimensional portfolio space and two traders. The paper identifies a non-marketed call option that fails to have a minimum cost super-replicating portfolio. Using this option, we construct an economy that satisfies al...
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作者：Skrzypacz, A; Hopenhayn, H
作者单位：Stanford University; University of Rochester
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作者：Levy, G
作者单位：University of London; London School Economics & Political Science; Tel Aviv University
摘要：This paper presents a new model of political parties. I assume that the role of parties is to increase the commitment ability of politicians vis-a-vis the voters. Whereas a politician running alone can only offer his ideal policy, the set of policies that a party can commit to is the Pareto set of its members. I show that the commitment mechanisms provided by the institution of parties has no effect when the policy space is unidimensional; the policies parties can induce in equilibrium arise a...
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作者：Nehring, K
作者单位：Institute for Advanced Study - USA; University of California System; University of California Davis
摘要：A theory of cooperative choice under incomplete information is developed in which agents possess private information at the time of contracting and have agreed on a utilitarian standard of evaluation governing choices under complete information. The task is to extend this standard to situations of incomplete information. Our first main result generalizes Harsanyi's (J. Polit. Econ. 63 (1955) 309) classical result to situations of incomplete information, assuming that group preferences satisfy ...
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作者：Shachat, J; Walker, M
作者单位：University of Arizona; International Business Machines (IBM); IBM USA
摘要：We describe an experiment based on a simple two-person game designed so that different learning models make different predictions. Econometric analysis of the experimental data reveals clear heterogeneity in the subjects' learning behavior. But the subjects follow only a few decision rules for basing their play on their information, and these rules have simple cognitive interpretations. There is a unique equilibrium in pure strategies, and many equilibria in mixed strategies. We find that the ...
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作者：Cooley, TF; Quadrini, V
作者单位：University of Southern California; New York University
摘要：In this paper, we study optimal monetary policy in a model that integrates the modern theory of unemployment with a liquidity model of monetary transmission. Two policy environments are considered: period-by-period optimization (time consistency) and full commitment (Ramsey allocation). When the economy is subject to productivity shocks, the optimal policy is pro-cyclical. We also characterize the long-term properties of monetary policy and show that with commitment the optimal inflation rate ...
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作者：Porter, R; Shoham, Y; Tennenholtz, M
作者单位：Stanford University; Technion Israel Institute of Technology
摘要：We introduce a new mechanism-design problem called fair imposition. In this setting a center wishes to fairly allocate tasks among a set of agents whose cost structures are known only to them, and thus will not reveal their true costs without appropriate incentives. The center, with the power to impose arbitrary tasks and payments on the agents, has the additional goal that his net payment to these agents is never positive (or, that it is tightly bounded if a loss is unavoidable). We consider ...
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作者：Weinberger, S
作者单位：University of Chicago
摘要：The main goal of this paper is to show that if a finite connected CW complex admits a continuous, symmetric, and unanimous choice function for some number n > 1 of agents, then the choice space is contractible. On the other hand, if one removes the finiteness, we give a complete characterization of the possible spaces in particular, noncontractible spaces are indeed possible. These results extend earlier well-known results of Chichilnisky and Heal. (C) 2003 Elsevier Inc. All rights reserved.
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作者：Levin, D; Ozdenoren, E
作者单位：University of Michigan System; University of Michigan; University System of Ohio; Ohio State University
摘要：We investigate bidders' and seller's responses to ambiguity about the number of bidders ill the first price auction (FPA) and the second price auction (SPA) with independent private valuations. We model ambiguity aversion using the maxmin expected utility model. We find that bidders prefer the number of bidders to be revealed in the FPA, are indifferent between revealing and concealing in the SPA, and prefer the SPA to the FPA. If bidders are more pessimistic than the seller then the seller pr...
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作者：Ghirardato, P; Maccheroni, F; Marinacci, M
作者单位：University of Turin; University of Turin; Bocconi University; Bocconi University
摘要：The objective of this paper is to show how ambiguity, and a decision maker (DM)'s response to it, can be modelled formally in the context of a general decision model. We introduce a relation derived from the DM's preferences, called unambiguous preference, and show that it can be represented by a set of probabilities. We provide such set with a simple differential characterization, and argue that it is a behavioral representation of the ambiguity that the DM may perceive. Given such revealed a...
