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作者：Schenone, Pablo
作者单位：Arizona State University; Arizona State University-Tempe
摘要：Consider a decision-maker (DM) who must select an alternative from a set of mutually exclusive alternatives but must take this decision sequentially. If the DM's choice correspondence over subsets of alternatives satisfies the weak axiom of revealed preference (WARP), then the subgame perfect Nash equilibrium (SPNE) and backward induction (BI) strategies coincide. We study the relation between the SPNE and BI strategies when the DM's choice correspondence fails to satisfy WARP. First, Sen's ax...
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作者：Silva, Francisco
作者单位：Pontificia Universidad Catolica de Chile
摘要：The literature initiated by Green and Laffont (1986) studies principal-agent models with hard evidence. Evidence is modeled by assuming that the message set of the agent is type dependent. In this setup, Glazer and Rubinstein (2004, 2006) and Sher (2011) show that when the agent's utility function is type independent there is no advantage for the principal in having commitment power. This paper shows that this way of modeling evidence implicitly assumes it to be perfectly accurate and that the...
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作者：Gersbach, Hans
作者单位：Swiss Federal Institutes of Technology Domain; ETH Zurich; Centre for Economic Policy Research - UK
摘要：We introduce history-bound reelections. In their simple form, they consist in a score-replication rule. Under such a rule, an incumbent has to match the highest vote share he or she has obtained in any previous election in order to be reelected. We develop a simple three-period model to examine score-replication rules. We show that suitable variants of such rules can improve welfare, as they reduce the tendency of reelected incumbents to indulge in their own preferences, and they ensure that a...
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作者：Kendall, Chad
作者单位：University of Southern California
摘要：In a market rush., the fear of future adverse price movements causes traders to trade before they become well informed, reducing the informational efficiency of the market. I derive theoretical conditions under which market rushes are equilibrium behavior and study how well these conditions organize trading behavior in a laboratory implementation of the model. Market rushes, including both panics and frenzies, occur more frequently when predicted by theory. However, subjects use commonly discu...
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作者：Lashkaripour, Ahmad
作者单位：Indiana University System; Indiana University Bloomington
摘要：Export price levels exhibit tremendous cross-national and spatial variation, even within narrowly defined industries. Standard theories attribute this variation to within-industry quality specialization. This paper argues that a significant portion of the export price variation is driven by rich and remote economies specializing in high-market power segments of industries. I also argue that this particular pattern of specialization (i) accounts for 30 percent of the overall gains from trade, a...
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作者：Waldman, Michael; Zax, Ori
作者单位：Cornell University; Ashkelon Academic College
摘要：In a world characterized by asymmetric learning, promotions can serve as signals of worker ability, and this, in turn, can result in inefficient promotion decisions. If the labor market is competitive, the result will be practices that reduce this distortion. We explore how this logic affects human capital investment decisions. We show that, if commitment is possible, investments will be biased toward the accumulation of firm-specific human capital. We also consider what happens when commitmen...
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作者：Wilson, Alistair J.; Vespa, Emanuel
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University of California System; University of California Santa Barbara
摘要：We experimentally examine how information transmission functions in an ongoing relationship. Where the one-shot-cheap-talk literature documents substantial overcommunication and preferences for honesty, the outcomes in our repeated setting are more consistent with uninformative babbling outcomes. This is particularly surprising, as honest revelation is supportable as an equilibrium outcome in our repeated setting. We show that inefficient outcomes are driven by a coordination failure on how to...
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作者：Mass, Helene; Fugger, Nicolas; Gretschko, Vitali; Wambach, Achim
作者单位：University of Bonn; University of Cologne; Leibniz Association; Zentrum fur Europaische Wirtschaftsforschung (ZEW)
摘要：Procurement regulation. aimed at curbing discrimination requires equal treatment of sellers. However, Deb and Pai (2017) show that such regulation imposes virtually no restrictions on the ability to discriminate. We propose a simple rule-imitation perfection-that restricts discrimination significantly. It ensures that in every equilibrium, bidders with the same valuation distribution and the same valuation earn the same expected utility. If all bidders are homogeneous, revenue and social surpl...
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作者：Hatfield, John William; Jagadeesan, Ravi; Kominers, Scott Duke
作者单位：University of Texas System; University of Texas Austin; Harvard University; Harvard University; Harvard University; Harvard University
摘要：Hatfield and Kominers (2012) introduced a model of matching in networks with bilateral contracts and showed that stable outcomes exist in supply chains when firms' preferences over contracts are fully substitutable. Hatfield and Kominers (2012) also asserted that in their setting, full substitutability is equivalent to the assumption that all indirect utility representations of each firm's preferences are quasisubmodular; we show here that this claimed equivalence result does not hold in gener...
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作者：Eldar, Ofer; Magnolfi, Lorenzo
作者单位：Duke University; University of Wisconsin System; University of Wisconsin Madison
摘要：This article develops an empirical model of firms' choice of corporate laws under inertia. Delaware dominates the incorporation market, though recently Nevada, a state whose laws are highly protective of managers, has acquired a sizable market share. Using a database of firm incorporation decisions from 1995 to 2013, we show that most firms dislike protectionist laws, such as anti-takeover statutes and liability protections for officers, and that Nevada's rise is due to the preferences of smal...
