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作者：JOHNSON, MR
摘要：Ideals are used to provide necessary and sufficient conditions for classes of semigroups to be associated with classes of choice functions satisfying the Strong Axiom of Preference, the Weak Axiom of Revealed Preference, or Path Independence. Semigroups whose choice functions are not path indpendent are demonstrated to lack proper ideal structures. A subsemigroup which is a monoid is identified. A motivation for interest in these structures is that the semigroup property is required of all fin...
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作者：LEWIS, TR; SAPPINGTON, DEM
摘要：We examine optimal insurance policies in a setting where some individuals are perfectly informed about the benefits they would receive under any proposed plan, and others share the insurance provider's imperfect knowledge about likely benefits. The optimal insurance policy is shown to take on a particularly simple linear form, providing full insurance for the smallest and the largest wealth realizations, and no insurance for a range of intermediate wealth realizations. This basic form of the o...
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作者：VINCENT, DR
摘要：This note shows by means of an example that in a common-value auction a seller with a random reservation value can increase her ex ante expected profits by following a policy of conducting an auction in which her reserve price is kept secret compared to an auction in which the reserve price is announced. By keeping the reserve price secret, the seller is able to encourage greater participation from the bidders and can, therefore, increase the linkage of the price paid to the value of the purch...
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作者：DEMANGE, G; LAROQUE, G
摘要：The privileged information that the owners have on their firms may discourage rational financial investors and consequently may prevent the entrepreneurs from floating their company on the market. The paper studies the validity of this argument in a model similar to that of Grossman and Stiglitz [8]: an entrepeneur who contemplates issuing a new security faces a trade-off between speculative gains, which arise from his privileged information, and an insurance motive, associated with the insura...
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作者：KAN, R
摘要：A recursive method is given for constructing all Pareto optimal allocations for a dynamic economy under Markov certainty in which consumer preferences are recursive. (C) 1995 Academic Press, Inc.
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作者：CREANE, A
摘要：Can a firm (F) cause a rival (R) to learn less about R? Does F care? I explore F's ability and incentive to affect, or ''jam,'' R's private learning about R. The model developed does not have unobserved actions or ex ante asymmetric information which previous jamming models require. I find that F wants R not to learn and the more uncertain F believes R is, the more F wants to jam R's learning. Entry deterrence increases with an entrant's uncertainty, causing R to want F to believe that R is mo...
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作者：OHASHI, K
作者单位：University of Tsukuba
摘要：This paper studies the determination of the number of futures contracts created by an exchange. We show that though the exchange can create the futures contracts costlessly; if the investors have differential information, there may be an upper bound on the number of contracts that the exchange is willing to create. In a stylized economy, we investigate what type of contracts and how many of these the exchange is willing to create. Journal of Economic Literature Classification Numbers: D52, D82...
