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作者：O'Brien, Daniel P.
摘要：An all-units discount is a price reduction applied to all units purchased if the customer's total purchases equal or exceed a given quantity threshold. Since the discount is paid on all units rather than marginal units, the tariff is discontinuous and exhibits a negative marginal price (cliff) at the threshold that triggers the discount. This paper shows that all-units discounts arise in optimal agency contracts between upstream and downstream firms that face double moral hazard. I present con...
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作者：Trudeau, Christian; Vidal-Puga, Juan
作者单位：University of Windsor; Universidade de Vigo; Universidade de Vigo
摘要：Minimal cost spanning tree problems connect agents efficiently to a source when agents are located at different points and the cost of using an edge is fixed. We propose a method, based on the concept of marginal games, to generate all extreme points of the corresponding core. We show that three of the most famous solutions to share the cost of mcst problems, the Bird, folk and cycle-complete solutions, are closely related to our method. (C) 2017 Elsevier Inc. All rights reserved.
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作者：Schoch, Daniel
作者单位：University of Nottingham Malaysia
摘要：We extend the classical mean-variance preference model underlying modern portfolio theory to include deviation measures (Rockafellar et al., 2006a). Deviation measures have characteristics similar to a norm, save that they are not symmetric. The significance of this study is given by the fact that the class of agents following a CAPM-like investment strategy with a certain deviation measure which is tantamount to always selecting a certain personal master portfolio can be described by having g...
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作者：Kang, Kee-Youn
作者单位：Yonsei University
摘要：We construct a search theoretic model of money in which counterfeit money can be produced at a cost, but agents can screen for fake money, also at a cost. Counterfeiting can occur in equilibrium when both costs and the inflation rate are sufficiently low. Optimal monetary policy is the Friedman rule. However, the rationale for the Friedman rule in an economy with circulation of counterfeit money differs from the conventional mechanism that holds in the model when counterfeiting does not occur....
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作者：Meroni, Claudia; Pimienta, Carlos
作者单位：University of Verona; University of New South Wales Sydney
摘要：We show that many results on the structure and stability of equilibria in finite games extend to Poisson games. In particular, the set of Nash equilibria of a Poisson game consists of finitely many connected components and at least one of them contains a stable set (De Sinopoli et al., 2014). In a similar vein, we prove that the number of Nash equilibria in Poisson voting games under plurality, negative plurality, and (when there are at most three candidates) approval rule, as well as in Poiss...
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作者：Karni, Edi; Viero, Marie-Louise
作者单位：Johns Hopkins University; University of Warwick; Queens University - Canada
摘要：In the wake of growing awareness, decision makers anticipate that they might acquire knowledge that, in their current state of ignorance, is unimaginable. Supposedly, this anticipation manifests itself in the decision makers' choice behavior. In this paper we model the anticipation of growing awareness, lay choice based axiomatic foundations to a subjective expected utility representation of beliefs about the likelihood of discovering unknown consequences, and assign utility to consequences th...
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作者：Helland, Leif; Moen, Espen R.; Preugschat, Edgar
作者单位：BI Norwegian Business School; Dortmund University of Technology
摘要：We experimentally investigate buyer and seller behavior in small markets with two kinds of frictions. First, a subset of buyers may have (severely) limited information about prices, and choose a seller at random. Second, sellers may not be able to serve all potential customers. Such capacity constraints can lead to coordination frictions where some sellers and buyers may not be able to trade. Theory predicts very different equilibrium outcomes when we vary the set-up along these two dimensions...
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作者：Huang, Chong
作者单位：University of California System; University of California Irvine
摘要：This paper studies how speculative attacks and regime change arise from the interaction between a policy maker's reputation for defending against speculative attacks and speculators' learning of the policy maker's type. If speculators receive conditionally independent and identically distributed private signals about the policy maker's type in every period, then no matter how precise their per-period private signals are, there can be no equilibrium with attacks. If the speculators receive priv...
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作者：Herrenbrueck, Lucas; Geromichalos, Athanasios
作者单位：Simon Fraser University; University of California System; University of California Davis
摘要：Assets have indirect liquidity if they cannot be used as media of exchange, but can be traded to obtain a medium of exchange (money) and thereby inherit monetary properties. This essay describes a simple dynamic model of indirect asset liquidity, provides closed form solutions for real and nominal assets, and discusses properties of the solutions. Some of these are standard: assets and money are imperfect substitutes, asset demand curves slope down, and money is not always neutral. Other prope...
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作者：Francesconi, Marco; Ghiglino, Christian; Perry, Motty
作者单位：University of Essex; University of Warwick
摘要：This paper presents a non-cooperative evolutionary model to explain the widespread diffusion of lifelong monogamous families. The essential condition, unique to humans, is the overlap of children of different ages. Under this condition, together with the salience of paternal investment and fatherhood uncertainty, monogamy attains a greater survivorship than serial monogamy and polygyny. This result is robust to a number of extensions, including the presence of kin ties, resource inequality, gr...
