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作者：Battaglini, M
摘要：In previous work on cheap talk, uncertainty has almost always been modeled using a single-dimensional state variable. In this paper we prove that the dimensionality of the uncertain variable has an important qualitative impact on results and yields interesting insights into the mechanics of information transmission. Contrary to the unidimensional case, if there is more than one sender, full revelation of information in all states of nature is generically possible, even when the conflict of int...
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作者：Chen, ZJ; Epstein, L
作者单位：Universite PSL; Universite Paris-Dauphine
摘要：Models of utility in stochastic continuous-time settings typically assume that beliefs are represented by a probability measure, hence ruling out a priori any concern with ambiguity. This paper formulates a continuous-time intertemporal version of multiple-priors utility, where aversion to ambiguity is admissible. In a representative agent asset market setting, the model delivers restrictions on excess returns that admit interpretations reflecting a premium for risk and a separate premium for ...
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作者：Wilson, R
摘要：Liberalization of infrastructure industries presents classic economic issues about how organization and procedure affect market performance. These issues are examined in wholesale power markets. The perspective from game theory complements standard economic theory to examine effects on efficiency and incentives.
