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作者：Chen, Enxian; Qiao, Lei; Sun, Xiang; Sun, Yeneng
作者单位：Nankai University; Shanghai University of Finance & Economics; Wuhan University; National University of Singapore; National University of Singapore
摘要：Perfect equilibrium and its refinements are widely studied and typically rely on full-support perturbations. We introduce a S-localized notion of perfection for games with a continuum of players. It confines perturbations within a S-neighborhood of the underlying action distribution and eliminates undesirable equilibria from a local perspective. We establish the existence of a pure strategy S-localized perfect equilibrium and show that it is equivalent to S-admissible Nash equilibrium. We also...
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作者：Gu, Chao; Wang, Lu; Wright, Randall
作者单位：University of Missouri System; University of Missouri Columbia; University of Western Australia; Zhejiang University; University of Wisconsin System; University of Wisconsin Madison
摘要：We study dynamics in frictional markets with intermediated trade, where middlemen can buy goods or assets from sellers, hold them as inventory, and sell when contacting appropriate buyers. Importantly, buyers have heterogeneous match-specific valuations, letting us characterize equilibrium in terms of reservation trading strategies (related papers with homogeneous valuations imply bang-bang solutions that are awkward for the economics and mathematics). Using bifurcation theory, we show there a...
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作者：Azrieli, Yaron
作者单位：University System of Ohio; Ohio State University
摘要：Consider a population of agents who repeatedly compete for awards, as in the case of researchers annually applying for grants. Noise in the selection process may encourage entry of low-quality proposals, forcing the principal to commit large resources to reviewing applications and further increasing award misallocation. A temporary exclusion policy prohibits an agent from applying in the current period if they received a low evaluation in the previous. We study the steadystate equilibria under...
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作者：Marinacci, Massimo; Principi, Giulio; Stanca, Lorenzo
作者单位：Bocconi University; Bocconi University; New York University; University of Turin; University of Turin
摘要：Monotonicity and recursivity are central assumptions in intertemporal consumption problems under ambiguity. We show that monotone recursive preferences admit both a recursive and an ex-ante representation, and that the certainty equivalent functionals associated with these representations are translation invariant. Translation invariance implies that the decision maker's ambiguity attitudes are constant, in the sense that they do not vary with the level of welfare or utility. Finally, we estab...
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作者：Kornbluth, Daniel; Kushnir, Alexey; Nguyen, Thanh; Vohra, Rakesh
作者单位：Harvard University; Mohammed VI Polytechnic University; Purdue University System; Purdue University; University of Pennsylvania; University of Pennsylvania
摘要：Nguyen et al. (2016) introduce the Bundled Probabilistic Serial and Bundled Probabilistic Serial under Limited Complementarities mechanisms for allocating bundles of indivisible objects under ordinal preferences over bundles. They present efficiency, fairness, and incentive properties of the two mechanisms, showing both to be ordinally efficient, weakly envy-free, weakly strategy-proof, and asymptotically strategy-proof. We provide counterexamples demonstrating that the Bundled Probabilistic S...
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作者：Martins-da-Rocha, V. Filipe; Phan, Toan; Vailakis, Yiannis
作者单位：Getulio Vargas Foundation; Centre National de la Recherche Scientifique (CNRS); Laboratoire dEconomie de Dauphine LEDa; Institut de Recherche pour le Developpement (IRD); Laboratoire dEconomie de Dauphine LEDa; Universite PSL; Universite Paris-Dauphine; Laboratoire dEconomie de Dauphine LEDa; Federal Reserve System - USA; Federal Reserve Bank - Richmond; University of Glasgow
摘要：We show that a temporary tightening of unsecured credit limits can raise welfare in competitive economies with limited commitment. When default excludes agents from borrowing but not saving, the value of default becomes price-dependent. Because agents do not internalize the effects of borrowing limits on equilibrium prices and participation constraints, laissez-faire limits need not be welfare-maximizing. A pre-announced, transitory tightening raises bond prices (lowers interest rates), reduce...
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作者：Giebe, Thomas; Gurtler, Oliver
作者单位：Linnaeus University; University of Cologne
摘要：In competitive settings, disparities in player strength are common. It is intuitively unclear whether a stronger player would opt for larger or smaller effort compared to weaker players. Larger effort could leverage their strength, while lower effort might be justified by their higher probability of winning regardless of effort. We analyze multi-prize contests with three or more heterogeneous players, exploring when stronger players exert larger or lower effort. To rank efforts, it suffices to...
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作者：Guennewig, Maxi
作者单位：European Central Bank
摘要：Blockchain capacity constraints induce congestion when many users want to transact at the same time. This paper argues that blockchain capacity constraints, coupled with the need to incentivize miners to maintain blockchain security, lead to low inflation outcomes when cryptocurrencies compete for user demand. If two coins are both used as medium of exchange, a low-inflation coin must experience higher congestion than a high-inflation coin; otherwise demand for the latter is zero. Lowering coi...
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作者：Coreno, Jacob; Balbuzanov, Ivan
作者单位：University of Lausanne; University of Melbourne
摘要：Drafts are sequential round-robin allocation procedures for distributing heterogeneous and indivisible objects among agents subject to some priority order (e.g., allocating players' contract rights to teams in professional sports leagues). Agents report ordinal preferences over objects and bundles are partially ordered by pairwise comparison. We provide a simple characterization of draft rules: they are the only allocation rules that are respectful of apriority (RP), envy-free up to one object...
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作者：de la Vega, Casilda Lasso; Volij, Oscar
作者单位：University of Basque Country; Ben-Gurion University of the Negev
摘要：We provide an axiomatic characterization of the segregation order represented by the Isolation index, which is increasingly used by economists to measure segregation and related concepts. We extend this result to a broad family of segregation orders that includes the Atkinson and Entropy orders.
