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作者：Fudenberg, Drew; He, Kevin
作者单位：Massachusetts Institute of Technology (MIT); Harvard University
摘要：Which equilibria will arise in signaling games depends on how the receiver interprets deviations from the path of play. We develop a micro-foundation for these off-path beliefs, and an associated equilibrium refinement, in a model where equilibrium arises through non-equilibrium learning by populations of patient and long-lived senders and receivers. In our model, young senders are uncertain about the prevailing distribution of play, so they rationally send out-of-equilibrium signals as experi...
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作者：Chambers, Christopher P.; Echenique, Federico
作者单位：Georgetown University; California Institute of Technology
摘要：We study the problem of resolving conflicting discount rates via a social choice approach. We introduce several axioms, seeking to capture the tension between allowing for intergenerational comparisons of utility, and imposing intergenerational fairness. Depending on which axioms are judged appropriate, we are led to one of several conclusions: a utilitarian, maxmin, or a multi-utilitarian rule, whereby a utility stream is judged by the worst in a set of utilitarian weighting schemes across di...
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作者：Back, Kerry; Collin-Dufresne, Pierre; Fos, Vyacheslav; Li, Tao; Ljungqvist, Alexander
作者单位：Rice University; Rice University; Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne; Swiss Finance Institute (SFI); Center for Economic & Policy Research (CEPR); Boston College; City University of Hong Kong; Swedish House of Finance; Stockholm School of Economics; National Bureau of Economic Research
摘要：We analyze dynamic trading by an activist investor who can expend costly effort to affect firm value. We obtain the equilibrium in closed form for a general activism technology, including both binary and continuous outcomes. Variation in parameters can produce either positive or negative relations between market liquidity and economic efficiency, depending on the activism technology and model parameters. Two results that contrast with the previous literature are that (a) the relationship betwe...
