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作者：Chakraborty, Shankha; Thompson, Jon C.; Yehoue, Etienne B.
作者单位：University of Oregon; Willamette University; International Monetary Fund
摘要：We study the cultural process through which a society inculcates an entrepreneurial spirit. People work for a guaranteed wage or operate a firm whose risky return depends on business expertise. The latter is culturally acquired, within the family or outside, and people may choose an occupation different from the one they were socialized into. A cultural bias towards safer occupations from colonial and post-colonial policies leads to stagnation where entrepreneurs do not upgrade technology beca...
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作者：Mueller, Christoph
作者单位：University of Queensland
摘要：Bergemann and Morris (2009b) show that static mechanisms cannot robustly virtually implement non constant social choice functions if preferences are sufficiently interdependent. Without any knowledge of how agents revise their beliefs this impossibility result extends to dynamic mechanisms. In contrast, we show that if the agents revise their beliefs according to the forward-induction logic embedded in strong rationalizability, admitting dynamic mechanisms leads to considerable gains. We show ...
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作者：Kobayashi, Hajime; Ohta, Katsunori; Sekiguchi, Tadashi
作者单位：Kansai University; Wakayama University; Kyoto University
摘要：This paper extends a model of repeated partnerships by Radner et al. (1986) allowing heterogeneous partners to choose their sharing rule. A sharing rule is optimal if the repeated game under the sharing rule has a public strategy equilibrium whose payoff sum is not improved by any public strategy equilibrium under any sharing rule. Two key factors for the analysis are the efficiency loss from allowing only the more productive partner to work and the efficiency loss in any cooperative equilibri...
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作者：Han, Bing; Tang, Ya; Yang, Liyan
作者单位：University of Toronto; Peking University
摘要：We develop a rational expectations equilibrium model in which noise trading comes from discretionary liquidity traders. The equilibrium quantity of aggregate noise trading is endogenously determined by the population size of liquidity traders active in the financial market. By improving market liquidity, public information reduces the expected trading loss of liquidity traders and thus attracts more such traders to the market, which negatively affects information aggregation. Analyzing an alte...
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作者：Matsuyama, Kiminori; Sushko, Iryna; Gardini, Laura
作者单位：Northwestern University; National Academy of Sciences Ukraine; Institute of Mathematics of NASU; Kyiv School of Economics; University of Urbino
摘要：We revisit the model of endogenous credit cycles by Matsuyama (2013, Sections 2-4). First, we show that the same dynamical system that generates the equilibrium trajectory is obtained under a much simpler setting. Such a streamlined presentation should help to highlight the mechanism through which financial frictions cause instability and recurrent fluctuations. Then, we discuss the nature of fluctuations in greater detail when the final goods production function is Cobb Douglas. For example, ...
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作者：Groneck, Max; Ludwig, Alexander; Zimper, Alexander
作者单位：Stockholm School of Economics; Goethe University Frankfurt; University of Pretoria
摘要：Based on a cognitive notion of neo-additive capacities reflecting likelihood insensitivity with respect to survival chances, we construct a Choquet Bayesian learning model over the life-cycle that generates a motivational notion of neo-additive survival beliefs expressing ambiguity attitudes. We embed these neo-additive survival beliefs as decision weights in a Choquet expected utility life-cycle consumption model and calibrate it with data on subjective survival beliefs from the Health and Re...
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作者：Nishimura, Hiroki; Ok, Efe A.
作者单位：University of California System; University of California Riverside; New York University; New York University
摘要：The objective of this paper is to provide continuous utility representation theorems analogous to Debreu's classic utility representation theorem, albeit for preference relations that may fail to be complete and/or transitive. Specifically, we show that every (continuous and) reflexive binary relation on a (compact) metric space can be represented by means of the maxmin, or dually, minmax, of a (compact) set of (compact) sets of continuous utility functions. This notion of maxmin multi-utility...
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作者：Grant, S.; Kline, J.; Meneghel, I.; Quiggin, J.; Tourky, R.
作者单位：Australian National University; University of Queensland
摘要：Thought experiments are commonly used in the theory of behavior in the presence of risk and uncertainty to test the plausibility of proposed axiomatic postulates. The prototypical examples of the former are the Allais experiments and of the latter are the Ellsberg experiments. Although the lotteries from the former have objectively specified probabilities, the participants in both kinds of experiments may be susceptible to small deviations in their subjective beliefs. These may result from a v...
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作者：Gul, Faruk; Pesendorfer, Wolfgang
作者单位：Princeton University
摘要：We provide a preference framework for situations in which intentions matter. A behavioral type describes the individual's observable characteristics and the individual's personality. We define a canonical behavioral type space and provide a condition that identifies collections of behavioral types that are equivalent to components of the canonical type space. We also develop a reciprocity model within our framework and show how it enables us to distinguish between strategic (or instrumental) g...
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作者：Mishra, Debasis
作者单位：Indian Statistical Institute; Indian Statistical Institute Delhi
摘要：We study deterministic voting mechanisms by considering an ordinal notion of Bayesian incentive compatibility (OBIC). If the beliefs of agents are independent and generic, we show that a mechanism is OBIC and satisfies an additional condition called elementary monotonicity if and only if it is a dominant strategy incentive compatible mechanism. Our result works in a large class of preference domains (that include the unrestricted domain, the single-peaked domain, the single-dipped domain, and ...
