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作者：de Castro, Luciano; Galvao, Antonio F.
作者单位：University of Iowa; University of Arizona
摘要：This paper develops a dynamic model of rational behavior under uncertainty, in which the agent maximizes the stream of future tau-quantile utilities, for tau is an element of (0,1). That is, the agent has a quantile utility preference instead of the standard expected utility. Quantile preferences have useful advantages, including the ability to capture heterogeneity and allowing the separation between risk aversion and elasticity of intertemporal substitution. Although quantiles do not share s...
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作者：Hara, Kazuhiro; Ok, Efe A.; Riella, Gil
作者单位：Getulio Vargas Foundation; New York University; New York University; Getulio Vargas Foundation
摘要：This paper begins by observing that any reflexive binary (preference) relation (over risky prospects) that satisfies the independence axiom admits a form of expected utility representation. We refer to this representation notion as the coalitional minmax expected utility representation. By adding the remaining properties of the expected utility theorem, namely, continuity, completeness, and transitivity, one by one, we find how this representation gets sharper and sharper, thereby deducing the...
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作者：Sentana, Enrique
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作者：Carroll, Gabriel; Egorov, Georgy
作者单位：Stanford University; Northwestern University; National Bureau of Economic Research
摘要：A receiver wants to learn multidimensional information from a sender, and she has the capacity to verify just one dimension. The sender's payoff depends on the belief he induces, via an exogenously given monotone function. We show that by using a randomized verification strategy, the receiver can learn the sender's information fully in many cases. We characterize exactly when it is possible to do so. In particular, when the exogenous payoff function is submodular, we can explicitly describe a ...
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作者：Abeler, Johannes; Nosenzo, Daniele; Raymond, Collin
作者单位：University of Oxford; Leibniz Association; Ifo Institut; University of Nottingham; Purdue University System; Purdue University
摘要：Private information is at the heart of many economic activities. For decades, economists have assumed that individuals are willing to misreport private information if this maximizes their material payoff. We combine data from 90 experimental studies in economics, psychology, and sociology, and show that, in fact, people lie surprisingly little. We then formalize a wide range of potential explanations for the observed behavior, identify testable predictions that can distinguish between the mode...
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作者：Caliendo, Lorenzo; Dvorkin, Maximiliano; Parro, Fernando
作者单位：Yale University; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - St. Louis; Johns Hopkins University
摘要：We develop a dynamic trade model with spatially distinct labor markets facing varying exposure to international trade. The model captures the role of labor mobility frictions, goods mobility frictions, geographic factors, and input-output linkages in determining equilibrium allocations. We show how to solve the equilibrium of the model and take the model to the data without assuming that the economy is at a steady state and without estimating productivities, migration frictions, or trade costs...
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作者：Uslu, Semih
作者单位：Johns Hopkins University
摘要：I develop a search-and-bargaining model of endogenous intermediation in over-the-counter markets. Unlike the existing work, my model allows for rich investor heterogeneity in three simultaneous dimensions: preferences, inventories, and meeting rates. By comparing trading-volume patterns that arise in my model and are observed in practice, I argue that the heterogeneity in meeting rates is the main driver of intermediation patterns. I find that investors with higher meeting rates (i.e., fast in...
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作者：Jha, Saumitra; Shayo, Moses
作者单位：Stanford University; Hebrew University of Jerusalem
摘要：Can participation in financial markets lead individuals to reevaluate the costs of conflict, change their political attitudes, and even their votes? Prior to the 2015 Israeli elections, we randomly assigned Palestinian and Israeli financial assets to likely voters and incentivized them to actively trade for up to 7 weeks. No political messages or nonfinancial information were included. The treatment systematically shifted vote choices toward parties more supportive of the peace process. This e...
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作者：Kock, Anders Bredahl; Preinerstorfer, David
作者单位：University of Oxford; CREATES; Aarhus University; Universite Libre de Bruxelles
摘要：Fan, Liao, and Yao (2015) recently introduced a remarkable method for increasing the asymptotic power of tests in high-dimensional testing problems. If applicable to a given test, their power enhancement principle leads to an improved test that has the same asymptotic size, has uniformly non-inferior asymptotic power, and is consistent against a strictly broader range of alternatives than the initially given test. We study under which conditions this method can be applied and show the followin...
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作者：Demuynck, Thomas; Herings, P. Jean-Jacques; Saulle, Riccardo D.; Seel, Christian
作者单位：Universite Libre de Bruxelles; Maastricht University
摘要：We introduce a new solution concept for models of coalition formation, called the myopic stable set (MSS). The MSS is defined for a general class of social environments and allows for an infinite state space. An MSS exists and, under minor continuity assumptions, it is also unique. The MSS generalizes and unifies various results from more specific applications. It coincides with the coalition structure core in coalition function form games when this set is nonempty; with the set of stable matc...
