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作者：Atakan, Alp; Richter, Michael; Tsur, Matan
作者单位：University of London; Queen Mary University London; City University of New York (CUNY) System; Baruch College (CUNY); University of London; Royal Holloway University London; University of Bristol
摘要：We study markets where heterogeneous agents first make investment decisions and then engage in a costly search to form productive matches. The trading process is a random search and bargaining with explicit search costs. Despite potential hold-up and matching problems, we prove that the constrained efficient allocation is an equilibrium: the agents' private incentives to invest and to accept/reject potential partners as they search are perfectly aligned with the social benefit. Furthermore, we...
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作者：Lang, Matthias; Wasser, Cedric
作者单位：University of Basel
摘要：We study the welfare effects of ambiguous product information for a buyer with alpha-max-min preferences and a price-setting seller. The buyer privately receives information about her valuation. We show that both the seller and the buyer can benefit when this information is ambiguous, and we characterize all possible combinations of producer and consumer surplus, as evaluated under ambiguity-sensitive preferences. Ambiguity concerning the valuation perceived by the buyer when making the purcha...
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作者：Vellodi, Nikhil
作者单位：Paris School of Economics; Centre National de la Recherche Scientifique (CNRS)
摘要：I study the impact of consumer reviews on the incentives for firms to participate in the market. I develop a model of endogenous entry in which firms produce goods of heterogeneous, unknown quality. Consumers engage in directed search, and prices are exogenously fixed. A rater uses consumer reviews to construct firm-specific ratings that are informative of quality and help consumers direct their search. The main insight of the paper is that suppressing the reviews of highly-rated firms strengt...
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作者：Amendola, Nicola; Araujo, Luis; Ferraris, Leo
作者单位：University of Rome Tor Vergata; Sapienza University Rome; Michigan State University; Getulio Vargas Foundation; University of Milano-Bicocca
摘要：This paper compares digital and physical currency, focusing on a single intrinsic difference: digital, unlike physical currency, allows the monetary authority to trace the monetary flows in and out of the accounts. We show that this technological advance in recordkeeping can be used by the monetary authority to improve upon physical currency and achieve efficiency in a wide range of circumstances.
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作者：Bergstrom, Katy; Dodds, William
作者单位：Tulane University
摘要：This paper develops a general theory to recover the inverse welfare function that rationalizes a given tax schedule as optimal. Our theory allows for complex environments including the presence of multidimensional tax schedules, bunching/jumping behavior, optimization frictions, general equilibrium effects, and externalities. We show that inverse welfare functions can be used to test for Pareto efficiency, construct Pareto improving reforms, and characterize the set of welfare improving local ...
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作者：Hebert, Benjamin; Zhong, Weijie
作者单位：Stanford University; University of Cambridge
摘要：We investigate the management of information provision to maximize user engagement. A principal sequentially reveals signals to an agent who has a limited amount of information processing capacity and can choose to exit at any time. We identify a dilution strategy-sending rare but highly informative signals-that maximizes user engagement. The platform's engagement metric shapes the direction and magnitude of biases in provided information relative to a user-optimal benchmark. Even without inte...
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作者：Ely, Jeffrey C.
作者单位：Northwestern University
摘要：Nonpartisan voters can become polarized not because of ideology but because it is optimal for them to remain uninformed and cancel out the votes of uninformed voters on the other side. Indeed, when stuck in such a state of polarization, it is socially optimal to do so. Dynamics can lead an otherwise well-functioning assembly into irreversible polarization. Reputation effects might only make things worse.
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作者：Morgan, John; Tumlinson, Justin; Vardy, Felix
作者单位：University of California System; University of California Berkeley; University of Exeter; Technical University of Munich; International Monetary Fund
摘要：In the context of Krugman's (1979) canonical new trade model, we demonstrate that a country is better off in autarky than in free and costless trade when the productivity of its trading partner is sufficiently low.
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作者：Eliaz, Kfir; Spiegler, Ran
作者单位：Tel Aviv University; University of London; University College London
摘要：We present a model in which news media shape beliefs by providing information (signals about an exogenous state) and narratives (models of what determines outcomes). To amplify consumers' engagement, the media maximize their anticipatory utility. We characterize the optimal monopolistic media strategy, highlighting the synergy between false narratives and biased information. Consumer heterogeneity gives rise to a novel menu-design problem due to an equilibrium data externality among consumers....
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作者：Moreno-Garcia, Emma; Torres-Martinez, Juan Pablo
作者单位：University of Salamanca; Universidad de Chile
摘要：We compare the degree of coalitional manipulability across stable school-choice mechanisms. Although no stable mechanism is group strategy-proof for all school choice contexts, we show that the student-optimal stable mechanism is the least manipulable by coalitions, whereas the school-optimal stable mechanism is the most coalitionally manipulable. These results still hold when students can only report truncated preferences, when the set of coalitions is limited, or when schools cannot be decla...
