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作者：Hodgson, Charles; Lewis, Gregory
作者单位：Yale University; National Bureau of Economic Research
摘要：We develop and estimate a model of consumer search with spatial learning. Consumers make inferences from previously searched objects to unsearched objects that are nearby in attribute space, generating path dependence in search sequences. The estimated model rationalizes patterns in data on online consumer search paths: search tends to converge to the chosen product in attribute space, and consumers take larger steps away from rarely purchased products. Eliminating spatial learning reduces con...
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作者：La Ferrara, Eliana
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作者：Chen, Yiting; Zhong, Songfa
作者单位：Lingnan University; National University of Singapore; Hong Kong University of Science & Technology
摘要：We conduct a series of experiments and document a robust behavioral pattern whereby people behave more morally in uncertain environments than degenerate deterministic ones. We show that this pattern is weakened when the moral implication of behavior is diminished or when uncertainty pertains to others rather than oneself. These findings are incompatible with standard models that respect dominance. We propose a mechanism based on the anxiety aspect of uncertain environments whereby people act m...
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作者：Cerreia-Vioglio, Simone; Dillenberger, David; Ortoleva, Pietro
作者单位：Bocconi University; University of Pennsylvania; Princeton University
摘要：We introduce Cautious Utility, a new model based on the idea that individuals are unsure of trade-offs between goods and apply caution. The model yields an endowment effect, even when gains and losses are treated symmetrically. Moreover, it implies either loss aversion or loss neutrality for risk, but in a way unrelated to the endowment effect, and it captures the certainty effect, providing a novel unified explanation of all three phenomena. Cautious Utility can help organize empirical eviden...
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作者：Almas, Ingvild; Attanasio, Orazio; Jervis, Pamela
作者单位：Stockholm University; Norwegian School of Economics (NHH); Yale University; Norwegian School of Economics (NHH); National Bureau of Economic Research; Universidad de Chile; University of London; London School Economics & Political Science
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作者：Dilme, Francesc
作者单位：University of Bonn
摘要：This paper introduces and analyzes sequentially stable outcomes in extensive-form games. An outcome omega is sequentially stable if, for any epsilon > 0 and any small enough perturbation of the players' behavior, there is an epsilon-perturbation of the players' payoffs and a corresponding equilibrium with outcome close to omega. Sequentially stable outcomes exist for all finite games and are outcomes of sequential equilibria. They are closely related to stable sets of equilibria and satisfy ve...
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作者：Herkenhoff, Kyle; Lise, Jeremy; Menzio, Guido; Phillips, Gordon M.
作者单位：University of Minnesota System; University of Minnesota Twin Cities; National Bureau of Economic Research; New York University; Dartmouth College
摘要：To what extent is a worker's human capital growth affected by the quality of his coworkers? To answer this question, we develop and estimate a model in which the productivity and the human capital growth of an individual depend on the average human capital of his coworkers. The measured production function is supermodular: The marginal product of a more knowledgeable individual is increasing in the human capital of his coworkers. The measured human capital accumulation function is convex: An i...
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作者：Jiang, Zhengyang; Lustig, Hanno; Van Nieuwerburgh, Stijn; Xiaolan, Mindy Z.
作者单位：Northwestern University; National Bureau of Economic Research; National Bureau of Economic Research; Stanford University; Columbia University; Center for Economic & Policy Research (CEPR); University of Texas System; University of Texas Austin
摘要：The government budget constraint ties the market value of government debt to the expected present discounted value of fiscal surpluses. We find evidence that U.S. Treasury investors fail to impose this no-arbitrage restriction in the United States. Both cyclical and long-run dynamics of tax revenues and government spending make the surplus claim risky. In a realistic asset pricing model, this risk in surpluses creates a large gap between the market value of debt and its fundamental value, the ...
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作者：Dziewulski, Pawel; Quah, John K. -H.
作者单位：University of Sussex; National University of Singapore
摘要：We formulate an order over constraint sets A subset of Rl, called the parallelogram order, which guarantees that argmin{p & sdot; x:x is an element of A} increases in the product order as A increases in the parallelogram order, for any vector p is an element of Rl. Using this result, we characterize the utility/production functions that lead to normal demand as well as the closely related class of production functions with marginal costs that increase with factor prices. By generalizing the co...
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作者：Brooks, Benjamin; Du, Songzi
作者单位：University of Chicago; University of California System; University of California San Diego
摘要：We study the design of optimal mechanisms when the designer is uncertain both about the form of information held by the agents and also about which equilibrium will be played. The guarantee of a mechanism is its worst performance across all information structures and equilibria. The potential of an information structure is its best performance across all mechanisms and equilibria. We formulate a pair of linear programs, one of which is a lower bound on the maximum guarantee across all mechanis...
