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作者：Chen, Kong-Pin; Ho, Szu-Hsien; Liu, Chi-Hsiang; Wang, Chien-Ming
作者单位：Academia Sinica - Taiwan; National Taiwan University; Hubei University of Economics
摘要：This article proposes a unified framework to completely characterize the seller's optimal listing strategy in the online auction as a function of her rate of time impatience. Specifically, the fixed-price listing, the regular auction, and the buy-it-now (BIN) auction are each a solution of the seller's single optimization problem under different values of the rate of intertemporal discount: The perfectly patient seller adopts the regular auction, the sellers with a medium range of time impatie...
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作者：Kovrijnykh, Natalia; Livshits, Igor
作者单位：Arizona State University; Arizona State University-Tempe; Western University (University of Western Ontario)
摘要：We propose a parsimonious model with adverse selection where delinquency, renegotiation, and bankruptcy all occur in equilibrium as a result of a simple screening mechanism. A borrower has private information about her endowment, and a lender uses random contracts to screen different types of borrowers. In equilibrium, some borrowers choose not to repay and thus become delinquent. The lender renegotiates with some delinquent borrowers. In the absence of renegotiation, delinquency leads to bank...
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作者：Ju, Biung-Ghi; Moreno-Ternero, Juan D.
作者单位：Seoul National University (SNU); Universidad Pablo de Olavide; Universite Catholique Louvain
摘要：We model problems of allocating disputed properties as generalized exchange economies. Therein, agents have preferences and claims over multiple goods, and the social endowment of each good may not be sufficient to satisfy all individual claims. We focus on market-based allocation rules that impose a two-step procedure: assignment of rights based on claims first and voluntary exchange based on the assigned rights afterward. We characterize three focal egalitarian rights-assignment rules that g...
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作者：Harrison, Rodrigo; Lagunoff, Roger
作者单位：Pontificia Universidad Catolica de Chile; Universidad Catolica del Norte; Georgetown University
摘要：We model dynamic mechanisms for a global commons. Countries value both consumption and conservation of an open access resource. A country's relative value of consumption to conservation is privately observed and evolves stochastically. An optimal quota maximizes world welfare subject to being implementable by Perfect Bayesian equilibria. With complete information, the optimal quota is first best; it allocates more of the resource each period to countries with high consumption value. Under inco...
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作者：Vial, Bernardita; Zurita, Felipe
作者单位：Pontificia Universidad Catolica de Chile
摘要：This article analyzes entry-exit decisions in a market where reputation determines the price that firms may charge, within a rational-expectation model of competition in a nonatomic market under heterogeneous reputations. The analysis focuses on the class of name-switching reputational equilibria, in which a firm discards its name if and only if its reputation falls below the entrants' reputation. The main technical result is the existence of a unique steady-state equilibrium within this class...
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作者：Chatterjee, Satyajit; Eyigungor, Burcu
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：An analytically tractable city model with external increasing returns is presented. The equilibrium city structure is either monocentric or decentralized. Regardless of which structure prevails, intracity variation in endogenous variables displays exponential decay from the city center, where the decay rates depend only on parameters. Given population, the equilibrium of the model is generically unique. Tractability permits explicit expressions for when a central business district (CBD) will e...
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作者：Chudik, Alexander; Ma, Yanlei
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Dallas; European Central Bank
摘要：One common, simplifying assumption in open economy macroliterature is that the rest of the world can be thought of as a representative economy. This article formally investigates conditions under which this assumption can be justified using a multicountry general equilibrium model as a laboratory. We derive the conditions that ensure the existence of the equilibrium and study the properties of the equilibrium using large N asymptotics. Thereby, we show that the two-country framework is a valid...
