-
作者：Topkis, DM
摘要：Complementarities arise naturally in diverse models of optimal decision-making in a firm. Theoretical properties of supermodular functions provide a powerful tool for analyzing qualitative properties in such circumstances. This paper considers a general model of the firm and gives sufficient conditions for complementarities to hold and for optimal decisions to be monotone with a parameter. A variety of specific models of the firm are shown to satisfy these conditions. Necessary conditions deli...
-
作者：MONGIN, P
摘要：We investigate the aggregation of first nonatomic probabilities and second Savagean orderings, subject to the following consistency constraints: (i) the aggregate is a subjective probability or a Savagean ordering, respectively; and (ii) it satisfies the Pareto principle. Aggregation is viewed here as a single-profile exercise. We show that affine rules are the only solutions to the problem of aggregating nonatomic probabilities. Assuming weak Pareto conditions and technical restrictions, we s...
-
作者：CONLON, JR
摘要：A shorter and more intuitive proof is given of Dekel's implicit expected utility representation of a preference ordering satisfying the betweenness property. (C) 1995 Academic Press, Inc.
-
作者：WEYMARK, JA
摘要：This article provides an alternative proof of Ben Porath and Gilboa's (J. Econ. Theory 64 (1994), 443-467) characterization theorem for the class of Generalized Gini equality indices for the pure distribution problem. (C) 1995 Academic Press, Inc.
-
作者：Baliga, S; Serrano, R
作者单位：Brown University
摘要：We study a multilateral procedure in which responders are told only their own shares. The proposal becomes common knowledge after the response stags and responders have optimistic beliefs after off-equilibrium offers. When discounting is high, the set of equilibrium agreements is a singleton; when it is low. there is a large multiplicity of equilibrium payoffs. In contrast to earlier work, our multiple equilibria are constructed by using strategy profiles in which a responder rejects any offer...
-
作者：BOYLAN, RT
摘要：Biologists and economists have analyzed populations in which each individual interacts with randomly selected individuals. Because random matching generates a very complicated stochastic process, biologists and economists frequently approximate the population dynamics by a deterministic process. This paper examines the limit of random matching schemes as the population grows, matches occur very frequently, and the proportion of the population paired in a matching becomes very small. In the lim...
-
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...
-
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...
-
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...
-
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.
