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作者：Kuran, Timur; Sandholm, William H.
作者单位：Duke University; University of Wisconsin System; University of Wisconsin Madison
摘要：A community's culture is defined by the preferences and equilibrium behaviours of its members. Contacts among communities alter individual cultures through two interrelated mechanisms: behavioural adaptations driven by pay-offs to coordination, and preference changes shaped by socialization and self-persuasion. This paper explores the workings of these mechanisms through a model of cultural integration in which preferences and behaviours vary continuously. It identifies a broad set of conditio...
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作者：Beckert, Walter; Blundell, Richard
作者单位：University of London; University College London
摘要：This paper considers structural non-parametric random utility models for continuous choice variables with unobserved heterogeneity. We provide sufficient conditions on random preferences to yield reduced-form systems of non-parametric stochastic demand functions that allow global invertibility between demands and non-separable unobserved heterogeneity. Invertibility is essential for global identification of structural consumer demand models, for the existence of well-specified probability mode...
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作者：Caruana, Guillermo; Einav, Liran
作者单位：Stanford University; National Bureau of Economic Research
摘要：Commitment is typically modelled by assigning to one of the players the ability to take an initial binding action. The weakness of this approach is that the fundamental question of who has the opportunity to commit cannot be addressed, as it is assumed. This paper presents a framework in which commitment power arises endogenously from the fundamentals of the model. We construct a finite dynamic game in which players are given the option to change their minds as often as they wish, but pay a sw...
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作者：Bandi, F. M.; Russell, J. R.
作者单位：University of Chicago
摘要：A recent and extensive literature has pioneered the summing of squared observed intra-daily returns, realized variance, to estimate the daily integrated variance of financial asset prices, a traditional object of economic interest. We show that, in the presence of market microstructure noise, realized variance does not identify the daily integrated variance of the frictionless equilibrium price. However, we demonstrate that the noise-induced bias at very high sampling frequencies can be approp...
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作者：Horner, Johannes; Jamison, Julian
作者单位：Northwestern University; University of California System; University of California Berkeley; University of Southern California
摘要：We study an infinitely repeated first-price auction with common values. We focus on one-sided incomplete information, in which one bidder learns the objects' value, which itself does not change over time. Learning by the uninformed bidder occurs only through observation of the bids. The proprietary information is eventually revealed, and the seller extracts essentially the entire rent (for large discount factors). Both players' pay-offs tend to 0 as the discount factor tends to 1. However, the...
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作者：Myatt, David P.; Wallace, Chris
作者单位：University of Oxford; University of Oxford; University of Oxford
摘要：This paper studies collective-action games in which the production of a public good requires teamwork. A leading example is a threshold game in which provision requires the voluntary participation of m out of n players. Quantal-response strategy revisions allow play to move between equilibria in which a team successfully provides, and an equilibrium in which the collective action fails. A full characterization of long-run play reveals the determinants of success; these include the correlation ...
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作者：Postlewaite, Andrew; Samuelson, Larry; Silverman, Dan
作者单位：University of Pennsylvania; University of Wisconsin System; University of Wisconsin Madison; Yale University; University of Michigan System; University of Michigan
摘要：We examine an economy in which the cost of consuming some goods can be reduced by making commitments that reduce flexibility. We show that such consumption commitments can induce consumers with risk-neutral underlying utility functions to be risk averse over small variations in income, but sometimes to seek risk over large variations. As a result, optimal employment contracts will smooth wages conditional on being employed, but may incorporate a possibility of unemployment.
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作者：Pavlova, Anna; Rigobon, Roberto
作者单位：University of London; London Business School; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：We study the comovement among stock prices and exchange rates in a three-good, three-country, Centre-Periphery, dynamic equilibrium model in which the Centre's agents face portfolio constraints. We characterize equilibrium in closed form for a broad class of portfolio constraints, solving for stock prices, terms of trade, and portfolio holdings. We show that portfolio constraints generate wealth transfers between the Periphery countries and the Centre, which increase the comovement of the stoc...
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作者：Klein, Paul; Krusell, Per; Rios-Rull, Jose-Victor
作者单位：Western University (University of Western Ontario); Princeton University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; University of Minnesota System; University of Minnesota Twin Cities; Center for Economic & Policy Research (CEPR); University of Pennsylvania
摘要：In this paper we study how a benevolent government that cannot commit to future policy should trade off the costs and benefits of public expenditure. We characterize and solve for Markov-perfect equilibria of the dynamic game between successive governments. The characterization consists of an inter-temporal first-order condition (a generalized Euler equation) for the government, and we use it both to gain insight into the nature of the equilibrium and as a basis for computations. For a calibra...
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作者：Board, Simon
作者单位：University of California System; University of California Los Angeles; University of Toronto
摘要：This paper solves for the profit-maximizing strategy of a durable-goods monopolist when incoming demand varies over time. We first characterize the consumers' optimal purchasing decision by a cut-off rule. We then show that, under a monotonicity condition, the profit-maximizing cut-offs can be derived through a myopic algorithm, which has an intuitive marginal revenue interpretation. Consumers' ability to delay creates an asymmetry in the optimal price path, which exhibits fast increases and s...
