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作者：Kalai, E; Solan, E
作者单位：Northwestern University; Northwestern University; Tel Aviv University
摘要：Randomization adds beneficial flexibility to the construction of optimal simple plans in dynamic environments. A decision-maker, restricted to the use of simple plans, may find a stochastic plan that strictly outperforms all deterministic ones. This is true even in noninteractive deterministic environments where the decision-maker's choices have no influence on his signals nor on the future evolution of the system. We describe a natural decomposition of simple plans into two components: an act...
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作者：Peck, J; Spear, SE
作者单位：University System of Ohio; Ohio State University; Carnegie Mellon University
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作者：Carlier, G; Dana, RA
作者单位：Universite PSL; Universite Paris-Dauphine; Universite de Bordeaux
摘要：This paper characterizes the core of a differentiable convex distortion of a probability measure on a nonatomic space by identifying it with the set of densities which dominate the derivative of the distortion, for second order stochastic dominance. The densities that have the same distribution as the derivative of the distortion are the extreme points of the core. These results are applied to the differentiability of a Yaari's or Rank Dependent Expected utility function. The superdifferential...
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作者：Lagos, R; Wright, R
作者单位：University of Pennsylvania; New York University
摘要：This paper pursues a line of Cass and Shell, who advocate monetary models that are genuinely dynamic and fundamentally disaggregative and incorporate diversity among households and variety among commodities. Recent search-theoretic models fit this description. We show that, like overlapping generations models, search models generate interesting dynamic equilibria, including cycles, chaos, and sunspot equilibria. This helps us understand how alternative models are related, and lends support to ...
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作者：Wang, T
作者单位：University of British Columbia
摘要：This paper axiomatizes updating rules for preferences that are not necessarily in the expected utility class. Two sets of results are presented. The first is the axiomatization of conditional preferences. The second consists of the axiomatization of three updating rules: the traditional Bayes rule, the Dempster-Shafer rule, and the generalized Bayes rule. The last rule can be regarded as the updating rule for the multi-prior expected utility (Gilboa and Schmeidler, J. Math. Econom. 18 (1989) 1...
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作者：Yoshihara, N
作者单位：Hitotsubashi University
摘要：In production economies with unequal skills, this paper characterizes bargaining solutions by using axioms on allocation rules rather than axioms on classical bargaining solutions. We introduce a new axiom, consistency w. r. t. technological innovations, so that the non-weltaristic characterizations of bargaining solutions in the production economies are provided. By the characterizations, we can classify the three bargaining solutions (the Nash, the Kalai-Smorodinsky, and the Egalitarian solu...
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作者：Alkan, A; Gale, D
作者单位：Sabanci University; University of California System; University of California Berkeley
摘要：Baiou and Balinski (Math. Oper. Res., 27 (2002) 485) studied schedule matching where one determines the partnerships that form and how much time they spend together, under the assumption that each agent has a ranking on all potential partners. Here we study schedule matching under more general preferences that extend the substitutable preferences in Roth (Econometrica 52 (1984) 47) by an extension of the revealed preference approach in Alkan (Econom. Theory 19 (2002) 737). We give a generaliza...
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作者：Bhattacharya, J; Russell, S
作者单位：Indiana University System; Indiana University Indianapolis; Iowa State University
摘要：We study the properties of two-period monetary cycles in simple pure exchange overlapping generations economies in which the households live for three periods. We demonstrate that these economics can support cycles under a much broader-and, arguably, more plausible-range of assumptions than the analogous two-period economies. We show that economies that fail the well-known Grandmont (Econometrica 53 (1985) 995) condition can have cycles, and that economies that satisfy the condition can fail t...
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作者：Karp, L; Lee, IH
作者单位：University of California System; University of California Berkeley; Seoul National University (SNU); University of Southampton
摘要：In many cases the optimal open-loop policy to influence agents who solve dynamic problems is time inconsistent. We show how to construct a time-consistent open-loop policy rule. We also consider an additional restriction under which the time-consistent open-loop policy is stationary. We use examples to illustrate the properties of these tax rules. (C) 2003 Elsevier Science (USA). All rights reserved.
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作者：Coles, MG; Eeckhout, J
作者单位：University of Pennsylvania; University of Essex
摘要：The directed search approach assumes each seller posts a fixed price and, ex post, randomly allocates the good should more than one buyer desire the good. This paper assumes sellers can post prices which are contingent on ex post realized demand; e.g. all advertisement might state the Bertrand price should there be more than one buyer, which corresponds to an auction outcome. Competition in fixed prices and ex post rationing describes equilibrium behavior. There is also real market indetermina...
