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作者：Mandler, Michael; Manzini, Paola; Mariotti, Marco
作者单位：University of St Andrews; University of London; Royal Holloway University London
摘要：Several decision models in marketing science and psychology assume that a consumer chooses by proceeding sequentially through a checklist of desirable properties. These models are contrasted to the utility maximization model of rationality in economics. We show on the contrary that the two approaches are nearly equivalent. Since the number of preference discriminations that an agent can make increases exponentially in the number of properties used, checklists provide a rapid procedural basis f...
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作者：Strulik, Holger
作者单位：Leibniz University Hannover
摘要：This paper introduces wealth-dependent time preference into a simple model of endogenous growth. The model generates adjustment dynamics in line with the historical facts on savings and economic growth in Europe from the High Middle Ages to today. Along a virtuous cycle of development more wealth leads to more patience, which leads to more savings and further increasing wealth. Savings rates and income growth rates are thus jointly increasing during the process of development until they conver...
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作者：Meyer, Margaret; Strulovici, Bruno
作者单位：University of Oxford; University of Oxford; Northwestern University
摘要：Orderings of interdependence are useful in many economic contexts: in assessing ex post inequality under uncertainty; in comparing multidimensional inequality; in valuing portfolios of assets or insurance policies; and in assessing systemic risk. We explore five orderings of interdependence for multivariate distributions: greater weak association, the supermodular ordering, the convex-modular ordering, the dispersion ordering, and the concordance ordering. For two dimensions, all five are equi...
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作者：Moyes, Patrick
作者单位：Universite de Bordeaux; Centre National de la Recherche Scientifique (CNRS); CNRS - Institute for Humanities & Social Sciences (INSHS)
摘要：We are interested in the comparisons of standard-of-living across societies when observations of both income and household structure are available. We generalise the approach of A.B. Atkinson and F. Bourguignon (1987) [3] to the case where the marginal distributions of needs can vary across the household populations under comparison. We assume that a sympathetic observer uses a utilitarian social welfare function in order to rank heterogeneous income distributions. Insofar as any individual ca...
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作者：Azevedo, Eduardo M.; Gottlieb, Daniel
作者单位：University of Pennsylvania; Harvard University
摘要：This paper considers the problem of a risk-neutral firm offering a gamble to consumers with preferences given by prospect theory. Under conditions satisfied by virtually all functional forms used in the literature, firms can extract arbitrarily high expected values from consumers. Moreover, for any given lottery, there exists another lottery that makes both the firm and the consumer better off. As a consequence, equilibria and Pareto optimal allocations do not exist in standard monopolistic or...
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作者：Okada, Akira
作者单位：Hitotsubashi University
摘要：In an exchange economy with incomplete information, the signaling core is defined by the set of state-contingent allocations to which no coalitions object under informational leakage through proposals by informed agents. An objection underlying the signaling core is supported by a sequential equilibrium of an ultimatum bargaining game with an informed proposer. We prove that a stationary sequential equilibrium allocation in a Rubinstein-type sequential bargaining game with a restart rule belon...
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作者：Amador, Manuel; Weill, Pierre-Olivier
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：We study the diffusion of dispersed private information in a large economy, where agents learn from the actions of others through two channels: a public channel, such as equilibrium market prices, and a private channel, for example local interactions. We show that, when agents learn only from the public channel, an initial release of public information increases agents' total knowledge at all times and increases welfare. When a private learning channel is present, this result is reversed: more...
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作者：Mitra, Tapan; Roy, Santanu
作者单位：Cornell University; Southern Methodist University
摘要：In a stochastic economy, long run consumption and output may not be bounded away from zero even when productivity is arbitrarily high near zero and uncertainty is arbitrarily small. In the one-sector stochastic optimal growth model with i.i.d. production shocks, we characterize the nature of preferences that lead to this phenomenon for a stochastic Cobb-Douglas technology. For the general version of the model, we outline sufficient conditions under which the economy expands its capital stock n...
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作者：Xefteris, Dimitrios
作者单位：University of Cyprus
摘要：This note complements Aragones and Palfrey (2002) [2] by providing upper and lower bounds of the equilibrium payoff of the advantaged (disadvantaged) candidate for any symmetric distribution of the median voter's ideal policy and any (even or odd) number of equidistant locations. These bounds point to a negative (positive) relationship between the equilibrium payoff of the (dis)advantaged candidate and the uncertainty regarding the median voter's preferences. (C) 2011 Elsevier Inc. All rights ...
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作者：Oberfield, Ezra; Trachter, Nicholas
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：A prominent feature of the Kiyotaki Wright model of commodity money is multiplicity of dynamic equilibria. We show that the extent of multiplicity hinges on the frequency of search. Holding fixed the average number of meetings over time, we vary search frequency by altering the interval between search opportunities. To isolate the role of search frequency, we focus on symmetric equilibria in a symmetric environment. For each frequency we characterize the entire set of payoffs, strategies, and ...
