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作者：Chakrabarti, SK
作者单位：Purdue University System; Purdue University; Purdue University in Indianapolis
摘要：We show that Markov perfect equilibrium exists for stochastic games which have transition probabilities that are Markovian and product measurable in past period's realisation of the states of nature and actions, and. norm continuous in past period's actions. The transition probabilities are assumed to be absolutely continuous with respect to some measure v(t) every period. We then show that if the stochastic game is stationary and the measure: v is nonatomic, then there exists a semi-Markov eq...
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作者：Chattopadhyay, S; Gottardi, P
作者单位：Universitat d'Alacant; Universita Ca Foscari Venezia; Yale University
摘要：For a general class of pure exchange OLG economies under uncertainty, we provide a complete characterization of the efficiency properties of competitive equilibria when markers are only sequentially complete and the criterion of efficiency is conditional Pareto optimality. We also consider a particular case in which markets fail to be even sequentially complete and provide a characterization when the criterion of efficiency is weakened to ex post Pareto optimality. Journal of Economic Literatu...
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作者：Neeman, Z; Orosel, GO
作者单位：Boston University; University of Vienna
摘要：We present a model of social learning in an environment with common values where informational cascades and herding arise in combination with the winner's curse. A seller of an object sequentially obtains bids from potential buyers. We characterize three classes of equilibria that differ widely in their information aggregation properties and in the size of the rent the seller captures from the buyers. We compare the procedure of sequentially soliciting bids from the buyers to conducting an Eng...
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作者：Armstrong, M
作者单位：University of Oxford
摘要：This paper presents an analysis of optimal regulation of a firm that has private information about both its cost and demand functions. An earlier paper on the same topic, Lewis and Sappington (Rand J. Econ. 19 (1998), 438-457), is reviewed, a difficulty with their analysis is discussed, and an alternative formulation of their model is proposed. Two broad classes of problem are considered: (i) the case where social and private incentives are roughly aligned, which implies optimal prices are (we...
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作者：Marinacci, M
作者单位：University of Bologna
摘要：In this paper we prove several limit laws for non-additive probabilities. In particular, we prove that, under a multiplicative notion of independence and a regularity condition, if the elements of a sequence {X-k}(k greater than or equal to 1) are i.i.d. random variables relative to a totally monotone and continuous capacity v, then v({integral X-1 dv less than or equal to lim inf(n) 1/n (k=1)Sigma(n) X-k less than or equal to lim sup(n) 1/n (k=1)Sigma(n) X-k less than or equal to - integral -...
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作者：Balinski, M; Sönmez, T
作者单位：Centre National de la Recherche Scientifique (CNRS); Institut Polytechnique de Paris; Ecole Polytechnique; University of Michigan System; University of Michigan
摘要：A new class of matching problems that models centralized college admissions via standardized tests is presented. The allocation mechanism that is used in real-life applications of this problem in Turkey is analyzed. It is shown that this mechanism, multi-category serial dictatorship, has a number of serious deficiencies, most notably inefficiency, vulnerability to manipulation, and the potential of penalizing students for improved test scores. Exploiting the relation between this class of prob...
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作者：Balasko, Y
摘要：The usual assumptions about preferences and production technologies are easily justified when they involve elementary goods (differentiated by dates, locations, and states of nature). But it is far less easy to come up with direct justifications when only composite goods are traded. We show that the equilibria defined by the equality of supply and demand of composite goods coincide with the Walrasian equilibria of suitably defined economies whose commodity space is the composite commodity spac...
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作者：Da Rocha, JM; de Frutos, MA
作者单位：Universidade de Vigo; Universidad Carlos III de Madrid
摘要：We analyze the advantages of centralization and decentralization in industries in which production takes place in several stages and the costs are privately observed by the agents in charge of production. We demonstrate that ''informational diseconomies arise when uncorrelated information is concentrated in the hands of a single agent. These diseconomies arise when the stages of production are different activities with different cost supports. Journal of Economic Literature Classification Numb...
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作者：Krasa, S
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Vienna
摘要：The paper considers an exchange economy with incomplete information in-which agents can retrade goods until all gains From trade are exhausted. Unimprovable allocations are defined to be those allocations from which agents would not wish to deviate either by retrading goods or by revealing further Information. The concept of unimprovability is then used to analyze a lemons market and an adverse selection insurance marker in which agents can renegotiate after information has been revealed. Fina...
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作者：Watson, J
作者单位：University of California System; University of California San Diego
摘要：This paper develops a model of a long-term partnership with two-sided incomplete information. The partners jointly determine the stakes of their relationship and individually decide whether to cooperate with or betray each other over time. An equilibrium in which the partners start small is studied and shown to be uniquely selected by a strong renegotiation condition. The characterization offers new insights into how relationships change as parties learn about each other and qualitative differ...
