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作者：Liu, Liqun; Meyer, Jack
作者单位：Texas A&M University System; Texas A&M University College Station; Michigan State University
摘要：This paper defines the rate of substitution of one stochastic change to a random variable for another. It then focuses on the case where one of these changes is an nth degree risk increase, and the other is an mth degree risk increase, where n > m >= 1. The paper shows that the rate of substitution for these two risk increases can be used to provide a broader definition and two additional characterizations of the nth degree Ross more risk averse partial order. The implications for local intens...
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作者：Sugaya, Takuo; Takahashi, Satoru
作者单位：Stanford University; National University of Singapore
摘要：Players coordinate continuation play in repeated games with public monitoring. We investigate the robustness of such equilibrium behavior with respect to ex-ante small private-monitoring perturbations. We show that with full support of public signals, no perfect public equilibrium is robust if it induces a regular 2 x 2 coordination game in the continuation play. This regularity condition is violated in all belief-free equilibria. Indeed, with an individual full rank condition, every interior ...
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作者：Cherchye, Laurens; Demuynck, Thomas; De Rock, Bram
作者单位：KU Leuven; Universite Libre de Bruxelles
摘要：We consider the testable implications of the Cournot model of market competition. Our approach is nonparametric in the sense that we abstain from imposing any functional specification on market demand and firm cost functions. We derive necessary and sufficient conditions for (reduced form) equilibrium market price and quantity functions to be consistent with the Cournot model. In addition, we present identification results for the corresponding inverse market demand function and the firm cost ...
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作者：Gumen, Anna; Savochkin, Andrei
作者单位：New York University; Collegio Carlo Alberto
摘要：In the framework of dynamic choice under uncertainty, we define dynamic stability as a combination of two assumptions prevalent in the literature: dynamic consistency and the requirement that updated preferences have the same structure as ex ante ones. Dynamic stability also turns out to be a defining characteristic of the multiplier preferences of Hansen and Sargent (2001) [24] within the scope of variational preferences. Generally, for any class of invariant preferences, dynamic stability is...
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作者：Li, Fei; Tian, Can
作者单位：University of Pennsylvania
摘要：We consider the impact of job rotation in a directed search model in which firm sizes are endogenously determined and match quality is initially unknown. A large firm benefits from the opportunity to rotate workers so as to partially overcome the loss of mismatch. As a result, in the unique symmetric equilibrium, large firms have higher labor productivity and lower separation rates. In contrast to the standard directed search model with multi-vacancy firms, this model can generate a positive c...
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作者：Petrosky-Nadeau, Nicolas
作者单位：Carnegie Mellon University
摘要：The financial crisis of 2008 was followed by sharp contractions in aggregate output and employment and an unusual increase in aggregate total factor productivity (TFP). This paper attempts to explain these facts by modeling the creation and destruction of jobs in the presence of heterogeneity in firm productivity and frictional credit and labor markets. The aggregate level of TFP is determined by both the underlying distribution of firm productivity and the structures of the credit and labor m...
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作者：Kadan, Ohad; Swinkels, Jeroen M.
作者单位：Washington University (WUSTL); Northwestern University
摘要：We study the moral hazard problem without the first-order approach or other common structure. We present sufficient conditions under which the shadow value of simultaneously tightening the minimum payment and individual rationality constraints has a simple and intuitive expression. We then show how this expression can be used to perform comparative statics exercises in which we study (i) the effect of a change in the agent's wealth on the well-being of the principal; and (ii) the effects of th...
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作者：Korpela, Ville
作者单位：University of Turku
摘要：In an important step forward Maskin [E. Maskin, Nash equilibrium and welfare optimality, Rev. Econ. Stud. 66 (1999) 23-38] showed that two properties - monotonicity and no veto power - are together sufficient for Nash implementation. In contrast to the vast literature that followed, this characterization has two major advantages: First, it is often easy to verify, and second, it has an elegant and simple interpretation. However, there does not exist a similar condition for social choice corres...
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作者：Danan, Eric; Gajdos, Thibault; Tallon, Jean-Marc
作者单位：CY Cergy Paris Universite; Centre National de la Recherche Scientifique (CNRS); Aix-Marseille Universite; Paris School of Economics; Centre National de la Recherche Scientifique (CNRS)
摘要：We analyze the preference aggregation problem without the assumption that individuals and society have fully determined and observable preferences. More precisely, we endow individuals and society with sets of possible von Neumann-Morgenstern utility functions over lotteries. We generalize the classical Pareto and Independence of Irrelevant Alternatives axioms and show they imply a generalization of the classical neutrality assumption. We then characterize the class of neutral social welfare f...
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作者：Luz, Vitor Farinha
作者单位：Yale University
摘要：We characterize revenue maximizing mechanisms in auction settings with 'rich' type spaces, where bidders obtain information from sources other than their own valuation. By considering a relaxed problem, we provide an upper bound on revenue extraction that explicitly builds on the richness of the information structure. We provide a condition under which this upper bound is achieved and describe an optimal mechanism. Under this condition, we also show that the optimal revenue can be achieved thr...
