-
作者：Balasko, Y; Cres, H
作者单位：heSam Universite; Universite Pantheon-Sorbonne; University of Pennsylvania
摘要：Majority voting aggregates individual preference profiles into a binary relation on the set of alternatives. Condorcet cycles are cycles of the aggregated binary relation. We show that the relative volume of the subset of the (n!-1)-simplex that represents profile distributions such that the aggregated preferences display Condorcet cycles is a decreasing Function of the super majority level tau bounded by the expression n!(1-tau/0.4714)(n!). This expression shows that Condorcet cycles become r...
-
作者：Kohlberg, E; Reny, PJ
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：Relative probabilities compare the likelihoods of any pair of events, even those with probability zero. Definitions of weak and strong independence of random variables on finite relative probability spaces are introduced. The former is defined directly, while the latter is defined in terms of approximations by ordinary probabilities. Our main result is a characterization of strong independence in terms of weak independence and exchangeability. This result is applied to game theory to obtain a ...
-
作者：BenPorath, E; Gilboa, I; Schmeidler, D
作者单位：Northwestern University; University System of Ohio; Ohio State University
摘要：To take into account both es ante and es post inequality considerations, one has ro deal with inequality and uncertainty simultaneously. Under certainty, much of the literature has focused on ''comonotonically linear'' indices: functionals that are linear on cones or income profiles that agree on the social ranking of the individuals. This family generalizes both the Gini index and the egalitarian index (minimal income). However, it does not include functionals such as the average of expected-...
-
作者：Russell, S
摘要：This paper describes a class of overlapging-generations economies that have ''quasifundamental'' (QF) equilibria-equilibria in which the price level and inflation rate are positively correlated with a ''fundamental'' random variable, despite the existence of an alternative, Pareto-dominant equilibrium in which the price level and/or inflation rate are constant. In QF equilibria the inflation rate is ''excessively variable'' using either quantitative or welfare-based variability measures. These...
-
作者：Benhabib, J; Rustichini, A
作者单位：New York University; Tilburg University
摘要：In the problem of optimal taxation in an economy with labor and capital, the optimal solution when the government can commit to a sequence of tax rates entails that the tax on capital tends to zero in the limit, with all the tax burden on labor. It is well known, however, that this solution is time inconsistent; so if the commitment power is not perfect, this second best tax plan will not be sustainable. We model explicitly the trade-off between the cost of revising the tax plan, and the benef...
-
作者：Kim, T; Yannelis, NC
作者单位：Seoul National University (SNU); University of Illinois System; University of Illinois Urbana-Champaign
摘要：We prove the existence of a Bayesian Nash equilibrium for a Bayesian game with infinitely many players. We make three main advances to the existing literature. In particular: 1. We provide existence theorems where the set of agents can be an infinite set (countable or uncountable) as well as a measure space. 2. We use the information partition approach to model the differential information rather than the type set approach and therefore, our equilibrium is in behavioral strategies rather than ...
-
作者：Anderson, SP; Goeree, JK; Ramer, R
作者单位：University of Amsterdam
摘要：We analyze the canonical location-then-price duopoly game with general log concave consumer densities. A unique pure-strategy equilibrium to the two-stage game exists if the density is not ''too asymmetric'' and not ''too concave.'' These criteria are satisfied by many commonly used densities. Equilibrium locations are closer, and prices lower, the tighter the density. Our results apply also to a vertical differentiation specification. Symmetric densities that are ''too concave'' have no symme...
-
作者：Gollier, C; Lindsey, J; Zeckhauser, RJ
作者单位：Universite de Toulouse; Harvard University
摘要：The hypothesis examined in this paper is that the greater the investor's flexibility, the easier it is for him to change his portfolio depending on his results, the more willing he will be to accept risks. When the investor has no control on the size of the risky investment, but can choose between one risky and one riskless asset, this conjecture is shown to be correct. However, if there is more than one risky asset each period, counterexamples demonstrate that flexibility rarely ensures great...
-
作者：Park, IU
摘要：This paper shows generic determinacy of equilibria for sender-receiver cheap-talk games: for a generic set of utilities on outcomes, there are a finite number of reduced form equilibria. A corollary is that generically the set of probability distributions over outcomes generated by equilibria is finite. Because of the identification of terminal nodes for utility purposes, Sard's theorem is not applicable in the way used in Kreps and Wilson [1], and a new proof strategy is developed. It is also...
-
作者：Ohashi, K
作者单位：Hitotsubashi University
摘要：We study the optimal futures information in a dynamic economy and investigate how the results obtained in a static economy should be modified due to the possibility of dynamic trading. We analyze three different notions of ex ante optimality, depending on the authority's ability to redistribute wealth among the investors and characterize the optimal futures innovation in each sense. (C) 1997 Academic Press.
