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作者：Zhang, Jun; Wang, Ruqu
作者单位：Shanghai University of Finance & Economics; Queens University - Canada; Zhejiang University; Tsinghua University
摘要：In this paper, we examine the optimal mechanism design of selling an indivisible object to one regular buyer and one publicly known buyer, where inter-buyer resale cannot be prohibited. The resale market is modeled as a stochastic ultimatum bargaining game between the two buyers. We fully characterize an optimal mechanism under general conditions. Surprisingly, in this optimal mechanism, the seller never allocates the object to the regular buyer regardless of his bargaining power in the resale...
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作者：Nunez, Marina; Rafels, Caries
作者单位：University of Barcelona
摘要：The existence of von Neumann-Morgenstern solutions (stable sets) for assignment games has been an unsolved question since Shapley and Shubik (1972) [11]. For each optimal matching between buyers and sellers, Shubik (1984) [12] proposed considering the union of the core of the game and the core of the sub-games that are compatible with this matching. We prove in the present paper that this set is the unique stable set for the assignment game that excludes third-party payments with respect to a ...
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作者：Neeman, Zvika; Pavlov, Gregory
作者单位：Tel Aviv University; Western University (University of Western Ontario)
摘要：We study what kind of equilibria of which mechanisms are ex post renegotiation-proof (EPRP), i.e., robust against the possibility of ex post renegotiation under a variety of renegotiation procedures, and which social choice functions are EPRP implementable. In complete information environments with two agents only budget balanced Groves allocations are EPRP implementable, while with three or more agents all ex post efficient allocations are. In environments with independent private values esse...
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作者：Boucekkine, R.; Camacho, C.; Fabbri, G.
作者单位：Aix-Marseille Universite; Centre National de la Recherche Scientifique (CNRS); Centre National de la Recherche Scientifique (CNRS); heSam Universite; Universite Pantheon-Sorbonne; Universite Paris Saclay
摘要：We study the optimal dynamics of an AK economy where population is uniformly distributed along the unit circle. Locations only differ in initial capital endowments. Spatio-temporal capital dynamics are described by a parabolic partial differential equation. The application of the maximum principle leads to necessary but non-sufficient first-order conditions. Thanks to the linearity of the production technology and the special spatial setting considered, the value function of the problem is fou...
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作者：Riella, Gil
作者单位：Universidade de Brasilia
摘要：Dekel, Lipman, and Rustichini [3] characterize preferences over menus of lotteries that can be represented by the use of a unique subjective state space and a prior. We investigate what would be the appropriate version of Dynamic Consistency in such a setup. The condition we find, which we call Flexibility Consistency, is linked to a comparative theory of preference for flexibility. When the subjective state space is finite, we show that Flexibility Consistency is equivalent to a subjective ve...
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作者：Bagues, Manuel; Perez-Villadoniga, Maria J.
作者单位：Universidad Carlos III de Madrid; University of Oviedo
摘要：In this paper we extend the standard model of statistical discrimination to a multidimensional framework where the accuracy of evaluators depends on how knowledgeable they are in each dimension. The model yields two main implications. First, candidates who excel in the same dimensions as the evaluator tend to be preferred. Second, if two equally productive groups of workers differ in their distribution of ability across dimensions group discrimination will arise unless (i) evaluators are well ...
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作者：Matsushima, Hitoshi
作者单位：University of Tokyo
摘要：This paper demonstrates the theoretical foundation that underlies the willingness of rational arbitrageurs to delay and reinforce the speculative attack. The key assumptions are that there is a small probability that arbitrageurs are behavioral and never time the market of their own accord and it is uncertain whether arbitrageurs are behavioral or rational. We model a stock market as a timing game, in which arbitrageurs compete to react quickest. We show that rational arbitrageurs are willing ...
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作者：Fainmesser, Itay P.
作者单位：Brown University
摘要：This paper studies the phenomenon of early hiring in entry-level labor markets affected by social networks. We offer a model in which information is revealed over time. At first, workers have noisy information about their own ability. The early information is 'soft' and non-verifiable, and workers can convey the information credibly only to firms that are connected to them. Later on, 'hard' accurate verifiable information becomes available. We characterize the effects of changes to the network...
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作者：de Haan, Laurens; de Vries, Casper G.; Zhou, Chen
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; Universidade de Lisboa; Chapman University System; Chapman University; European Central Bank; De Nederlandsche Bank NV
摘要：Internet auctions attract numerous agents, but only a few become active bidders. Under the Independent Private Values Paradigm the valuations of the active bidders form a specific record sequence. This record sequence implies that if the number n of potential bidders is large, the number of active bidders is approximately 2 log n, potentially explaining the relative inactivity. Moreover, if the arrival of potential bidders forms a non-homogeneous Poisson process due to a time preference for au...
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作者：Jouini, Elyes; Napp, Clotilde; Nocetti, Diego
作者单位：Universite PSL; Universite Paris-Dauphine; Centre National de la Recherche Scientifique (CNRS); CNRS - Institute for Humanities & Social Sciences (INSHS); Universite PSL; Universite Paris-Dauphine; Clarkson University
摘要：In this note we extend the theory of precautionary saving to the case of multivariate risk. We introduce a notion of multivariate prudence, related to a precautionary premium, and we propose a matrix-measure to capture the strength of the precautionary saving motive. We discuss the usefulness of this measure, in particular for comparing precautionary behavior among individuals. We also characterize the notion of multivariate downside risk aversion as a preference for disaggregating harms acros...
