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作者：Mailath, George J.; Matzkin, Rosa L.
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作者：Bose, Subir; Renou, Ludovic
作者单位：University of Leicester; University of Essex
摘要：This paper considers mechanism design problems in environments with ambiguity-sensitive individuals. The novel idea is to introduce ambiguity in mechanisms so as to exploit the ambiguity sensitivity of individuals. Deliberate engineering of ambiguity, through ambiguous mediated communication, can allow (partial) implementation of social choice functions that are not incentive compatible with respect to prior beliefs. We provide a complete characterization of social choice functions partially i...
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作者：Magnusson, Leandro M.; Mavroeidis, Sophocles
作者单位：University of Western Australia; University of Oxford; University of Oxford
摘要：This paper studies inference in models that are identified by moment restrictions. We show how instability of the moments can be used constructively to improve the identification of structural parameters that are stable over time. A leading example is macroeconomic models that are immune to the well-known (Lucas (1976)) critique in the face of policy regime shifts. This insight is used to develop novel econometric methods that extend the widely used generalized method of moments (GMM). The pro...
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作者：Gilboa, Itzhak; Samuelson, Larry; Schmeidler, David
作者单位：Hautes Etudes Commerciales (HEC) Paris; Tel Aviv University; Yale University; Reichman University; Tel Aviv University
摘要：We argue that the notion of Pareto dominance is not as compelling in the presence of uncertainty as it is under certainty. In particular, voluntary trade based on differences in tastes is commonly accepted as desirable, because tastes cannot be wrong. By contrast, voluntary trade based on incompatible beliefs may indicate that at least one agent entertains mistaken beliefs. We propose and characterize a weaker, No-Betting, notion of Pareto domination which requires, on top of unanimity of pref...
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作者：Alvarez, Fernando; Lippi, Francesco
作者单位：University of Chicago; University of Sassari
摘要：We model the decisions of a multiproduct firm that faces a fixed menu cost: once it is paid, the firm can adjust the price of all its products. We characterize analytically the steady state firm's decisions in terms of the structural parameters: the variability of the flexible prices, the curvature of the profit function, the size of the menu cost, and the number of products sold. We provide expressions for the steady state frequency of adjustment, the hazard rate of price adjustments, and the...
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作者：Gul, Faruk; Pesendorfer, Wolfgang
作者单位：Princeton University
摘要：We introduce and analyze expected uncertain utility (EUU) theory. A prior and an interval utility characterize an EUU decision maker. The decision maker transforms each uncertain prospect into an interval-valued prospect that assigns an interval of prizes to each state. She then ranks prospects according to their expected interval utilities. We define uncertainty aversion for EUU, use the EUU model to address the Ellsberg Paradox and other ambiguity evidence, and relate EUU theory to existing ...
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作者：Sun, Yixiao
作者单位：University of California System; University of California San Diego
摘要：This paper develops the fixed-smoothing asymptotics in a two-step generalized method of moments (GMM) framework. Under this type of asymptotics, the weighting matrix in the second-step GMM criterion function converges weakly to a random matrix and the two-step GMM estimator is asymptotically mixed normal. Nevertheless, the Wald statistic, the GMM criterion function statistic, and the Lagrange multiplier statistic remain asymptotically pivotal. It is shown that critical values from the fixed-sm...
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作者：Heap, Shaun Hargreaves; Rojo Arjona, David; Sugden, Robert
作者单位：University of London; King's College London; Chapman University System; Chapman University; University of East Anglia
摘要：We test the portability of level-0 assumptions in level-k theory in an experimental investigation of behavior in Coordination, Discoordination, and Hide and Seek games with common, non-neutral frames. Assuming that level-0 behavior depends only on the frame, we derive hypotheses that are independent of prior assumptions about salience. Those hypotheses are not confirmed. Our findings contrast with previous research which has fitted parameterized level-k models to Hide and Seek data. We show th...
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作者：Liu, Qingmin; Mailath, George J.; Postlewaite, Andrew; Samuelson, Larry
作者单位：Columbia University; University of Pennsylvania; Yale University
摘要：We formulate a notion of stable outcomes in matching problems with one-sided asymmetric information. The key conceptual problem is to formulate a notion of a blocking pair that takes account of the inferences that the uninformed agent might make. We show that the set of stable outcomes is nonempty in incomplete-information environments, and is a superset of the set of complete-information stable outcomes. We then provide sufficient conditions for incomplete-information stable matchings to be e...
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作者：Abdulkadiroglu, Atila; Angrist, Joshua; Pathak, Parag
作者单位：Duke University; Massachusetts Institute of Technology (MIT)
摘要：Parents gauge school quality in part by the level of student achievement and a school's racial and socioeconomic mix. The importance of school characteristics in the housing market can be seen in the jump in house prices at school district boundaries where peer characteristics change. The question of whether schools with more attractive peers are really better in a value-added sense remains open, however. This paper uses a fuzzy regression-discontinuity design to evaluate the causal effects of...
