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作者：Sugaya, Takuo; Wolitzky, Alexander
作者单位：Stanford University; Massachusetts Institute of Technology (MIT)
摘要：The communication revelation principle (RP) of mechanism design states that any outcome that can be implemented using any communication system can also be implemented by an incentive-compatible direct mechanism. In multistage games, we show that in general the communication RP fails for the solution concept of sequential equilibrium (SE). However, it holds in important classes of games, including single-agent games, games with pure adverse selection, games with pure moral hazard, and a class o...
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作者：Haanwinckel, Daniel; Soares, Rodrigo R.
作者单位：University of California System; University of California Los Angeles; Insper; Columbia University
摘要：We develop a search model of informal labour markets with realistic labour regulations, including minimum wage, and heterogeneous workers and firms. Smaller firms and lower wages in the informal sector emerge endogenously as firms and workers decide whether to comply with regulations. Because skilled and unskilled workers are imperfect substitutes in production, the model uniquely captures the informality consequences of shocks that affect returns to skill, such as rising educational levels. T...
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作者：Boar, Corina
作者单位：New York University
摘要：This article documents that parents accumulate savings to insure their children against income risk. I refer to this behaviour as dynastic precautionary saving. Using a sample of matched parent-child pairs from the Panel Study of Income Dynamics, I test for dynastic precautionary savings by examining the response of parental consumption to the child's permanent income uncertainty. I exploit variation in permanent income risk across age and industry-occupation groups to confirm that, all else e...
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作者：Qu, Zhongjun; Zhuo, Fan
作者单位：Boston University
摘要：Markov regime-switching models are very common in economics and finance. Despite persisting interest in them, the asymptotic distributions of likelihood ratio-based tests for detecting regime switching remain unknown. This study examines such tests and establishes their asymptotic distributions in the context of nonlinear models, allowing multiple parameters to be affected by regime switching. The analysis addresses three difficulties: (i) some nuisance parameters are unidentified under the nu...
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作者：Montez, Joao; Schutz, Nicolas
作者单位：University of Lausanne; Centre for Economic Policy Research - UK; University of Mannheim; University of Mannheim
摘要：We study production in advance in a setting where firms first source inventories that remain unobservable to rivals, and then simultaneously set prices. In the unique equilibrium, each firm occasionally holds a sale relative to its reference price, resulting in firms sometimes being left with unsold inventory. In the limit as inventory costs become fully recoverable, the equilibrium converges to an equilibrium of the game where firms only choose prices and produce to order-the associated Bertr...
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作者：Hatfield, John William; Kominers, Scott Duke; Westkamp, Alexander
作者单位：University of Texas System; University of Texas Austin; Harvard University; Harvard University; University of Cologne
摘要：We characterize when a stable and strategy-proof mechanism is guaranteed to exist in the setting of many-to-one matching with contracts. We introduce three novel conditions-observable substitutability, observable size monotonicity, and non-manipulability via contractual terms-and show that when these conditions are satisfied, the cumulative offer mechanism is the unique mechanism that is stable and strategy-proof (for workers). Moreover, we show that our three conditions are, in a sense, neces...
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作者：Kets, Willemien; Sandroni, Alvaro
作者单位：University of Oxford; Northwestern University
摘要：We identify a new mechanism through which cultural diversity affects economic outcomes, based on a model of culture as shared cognition. Under this view, cultural diversity matters because it increases strategic uncertainty. The model can help better understand a variety of disparate evidence, including why homogeneous societies can be more conformist, why diverse societies may get stuck in a low-trust trap, why companies with a strong culture may fail to adopt superior work practices, and why...
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作者：Schindler, David; Westcott, Mark
作者单位：Tilburg University
摘要：Can attitudes towards minorities, an important cultural trait, be changed? We show that the presence of African American soldiers in the UK during World War II reduced anti-minority prejudice, a result of the positive interactions which took place between soldiers and the local population. The change has been persistent: in locations in which more African American soldiers were posted there are fewer members of and voters for the UK's leading far-right party, less implicit bias against blacks ...
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作者：Angelucci, Manuela; Bennett, Daniel
作者单位：University of Texas System; University of Texas Austin; University of Southern California; University of Southern California
摘要：Asymmetric information in the marriage market may cause adverse selection and delay marriage if partner quality is revealed over time. Sexual safety is an important but hidden partner attribute, especially in areas where HIV is endemic. Amodel of positive assortative matching with both observable (attractiveness) and hidden (sexual safety) attributes predicts that removing the asymmetric information about sexual safety accelerates marriage and pregnancy for safe respondents, and more so if the...
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作者：Li, Jin; Mukherjee, Arijit; Vasconcelos, Luis
作者单位：University of Hong Kong; Michigan State University; University of Technology Sydney; Universidade Nova de Lisboa
摘要：An agent may privately learn which aspects of his job are more important by shirking on some of them, and use that information to shirk more effectively in the future. In a model of long-term employment relationship, we characterize the optimal relational contract in the presence of such learning-by-shirking and highlight how the performance measurement system can be managed to sharpen incentives. Two related policies are studied: intermittent replacement of existing measures, and adoption of ...
