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作者：Fleurbaey, Marc; Zuber, Stephane
作者单位：Princeton University; Princeton University; Paris School of Economics; Centre National de la Recherche Scientifique (CNRS)
摘要：We provide a general method for extending social preferences defined for riskless economic environments to the context of risk and uncertainty. We apply the method to the problems of managing unemployment allowances (in the context of macroeconomic fluctuations) and catastrophic risks (in the context of climate change). The method guarantees ex post fairness and pays attention to individuals' risk attitudes, while ensuring rationality properties for social preferences, revisiting basic ideas f...
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作者：Kim, Kyungmin
作者单位：University of Miami
摘要：This paper studies the role of time-on-the-market information in dynamic trading environments under adverse selection. I consider a sequential search model in which (informed) sellers receive price offers from (uninformed) buyers and analyze both the case in which buyers receive no information about sellers' trading histories and the case in which buyers observe sellers' time-on-the-market. I analyze how the observability of time-on-the-market influences agents' trading behavior and investigat...
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作者：Prummer, Anja; Siedlarek, Jan-Peter
作者单位：University of London; Queen Mary University London; Federal Reserve System - USA; Federal Reserve Bank - Cleveland
摘要：We explain persistent differences in cultural traits of immigrant groups with the presence of community leaders. Leaders influence the cultural traits of their community, which have an impact on the group's earnings. They determine whether a community will be more assimilated and wealthier or less assimilated and poorer. With a leader cultural integration remains incomplete. The leader chooses more distinctive cultural traits in high productivity environments and if the community is more conne...
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作者：Mangin, Sephorah
作者单位：Monash University
摘要：This paper develops a search-theoretic model of the labor market in which heterogeneous firms compete directly to hire unemployed workers. This process of direct competition simultaneously determines both the expected match output and workers' effective bargaining power. The framework delivers a unified aggregate production and matching technology, and firms are paid both productivity rents and matching rents. Both the curvature of the endogenous production technology and the distribution of o...
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作者：Giraud, Raphael; Thomas, Lionel
作者单位：Universite Marie et Louis Pasteur
摘要：We investigate the effect of ambiguity and ambiguity attitude on the shape and properties of the optimal contract in an adverse selection model with a continuum of types, using the NEO-additive model. We show that it necessarily features efficiency and a jump at the top and pooling at the bottom of the distribution. Conditional on the degree of ambiguity, the pooling section may be supplemented by a separating section. As a result, ambiguity adversely affects the principal's ability to solve t...
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作者：Cabrales, Antonio; Gossner, Olivier; Serrano, Roberto
作者单位：University of London; University College London; Institut Polytechnique de Paris; Ecole Polytechnique; Centre National de la Recherche Scientifique (CNRS); University of London; London School Economics & Political Science; Brown University
摘要：Consider agents who are heterogeneous in their preferences and wealth levels. These agents may acquire information prior to choosing an investment that has a property of no-arbitrage, and each piece of information bears a corresponding cost. We associate a numeric index to each information purchase (information-cost pair). This index describes the normalized value of the information purchase: it is the risk-aversion level of the unique CARA agent who is indifferent between accepting and reject...
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作者：Nunez, Matias; Xefteris, Dimitrios
作者单位：Universite PSL; Universite Paris-Dauphine; Centre National de la Recherche Scientifique (CNRS); University of Cyprus
摘要：We focus on the single-peaked domain and study the class of Generalized Approval Mechanisms (GAMs): First, players simultaneously select subsets of the outcome space and scores are assigned to each alternative; and, then, a given quantile of the induced score distribution is implemented. Our main finding is that essentially for every Nash-implementable welfare optimum including the Condorcet winner alternative there exists a GAM that Nash-implements it. Importantly, the GAM that Nash-implement...
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作者：Kamada, Yuichiro; Kojima, Fuhito
作者单位：University of California System; University of California Berkeley; Stanford University
摘要：Many real matching markets are subject to distributional constraints. To guide market designers faced with constraints, we propose new stability concepts. A matching is strongly stable if satisfying blocking pairs inevitably violates a constraint. We show that a strongly stable matching may not exist, and that existence is guaranteed if and only if all distributional constraints are trivial. To overcome this difficulty, we propose a more permissive concept, weak stability. We demonstrate a wea...
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作者：Bella, Giovanni; Mattana, Paolo; Venturi, Beatrice
作者单位：University of Cagliari
摘要：This paper shows that chaotic dynamics and global indeterminacy may characterize the Lucas (1988) endogenous growth model in its local determinacy region of the parameter space. This is achieved by means of the Shilnikov (1965) theorem, which exploits the existence of a family of homoclinic orbits doubly asymptotic to the balanced growth path, when it is a saddle-focus. The economic implications of these results are also discussed. (C) 2017 Elsevier Inc. All rights reserved.
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作者：Janssen, Maarten C. W.; Parakhonyak, Alexei; Parakhonyak, Anastasia
作者单位：University of Vienna; HSE University (National Research University Higher School of Economics); University of Oxford; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：Reservation price equilibria (RPE) do not accurately assess market power in consumer search markets. In most search markets, consumers do not know important elements of the environment in which they search (such as, for example, firms' cost). We argue that when consumers learn when searching, RPE suffer from theoretical issues, such as non-existence and critical dependence on specific out-of-equilibrium beliefs. We characterize equilibria where consumers rationally choose search strategies tha...
