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作者：Raith, Michael
作者单位：University of Rochester
摘要：I study optimal incentive contracting in a two-period model in which an agent's action generates an output with delay, and a noisy signal of output early. Under very general conditions, the optimal contract depends on the early signal as well as on output even if the signal is uninformative of effort, given output, and even if the agent has access to credit. An important characteristic of any performance measure, therefore, is the time at which it is generated. The results shed light on the us...
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作者：Jaramillo, Paula; Manjunath, Vikram
作者单位：Universite de Montreal; Universidad de los Andes (Colombia)
摘要：We study problems of allocating objects among people. Some objects may be initially owned and the rest are unowned. Each person needs exactly one object and initially owns at most one object. We drop the common assumption of strict preferences. Without this assumption, it suffices to study problems where each person initially owns an object and every object is owned. For such problems, when preferences are strict, the top trading cycles algorithm provides the only rule that is efficient, strat...
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作者：Luo, Guo Ying
作者单位：McMaster University
摘要：This paper examines the impact of conservative traders on market efficiency in an evolutionary model of a commodity futures market. This paper shows that the long-run market outcome is informationally efficient, as long as in every period there is a positive probability that entering traders are more conservative than their predecessors. Conservative traders are those who correctly predict the spot price with a positive probability, and more importantly, who in their mistakes err on the side o...
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作者：Chambers, Christopher P.; Hayashi, Takashi
作者单位：University of Texas System; University of Texas Austin; University of California System; University of California San Diego
摘要：We propose an abstract method of systematically assigning a rational ranking to non-rationalizable choice data. Our main idea is that any method of ascribing welfare to an individual as a function of choice is subjective, and depends on the economist undertaking the analysis. We provide a simple example of the type of exercise we propose. Namely, we define an individual welfare functional as a mapping from stochastic choice functions into weak orders. A stochastic choice function (or choice di...
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作者：Bommier, Antoine; Chassagnon, Arnold; Le Grand, Francois
作者单位：Swiss Federal Institutes of Technology Domain; ETH Zurich; Paris School of Economics; Universite PSL; Universite Paris-Dauphine; emlyon business school
摘要：We consider a formal approach to comparative risk aversion and apply it to intertemporal choice models. This allows us to ask whether standard classes of utility functions, such as those inspired by Kihlstrom and Mirman (1974) [16], Selden (1978) [27], Epstein and Zin (1989) [10] and Quiggin (1982) [25] are well ordered in terms of risk aversion. Moreover, opting for this model-free approach allows us to establish new general results on the impact of risk aversion on savings behaviors. In part...
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作者：Le Breton, Michel; Michelangeli, Alessandra; Peluso, Eugenio
作者单位：University of Verona; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; University of Milano-Bicocca
摘要：This note suggests a bridge between stochastic dominance (Rothschild and Stiglitz, 1970 [17], 1973 [18]), inequality measurement (Atkinson, 1970 [1]) and discrimination measurement (Gastwirth, 1975 [10]). Discrimination orderings are defined and illustrated through discrimination curves, in the same spirit as stochastic dominance analysis. The main result, which links the second order discrimination curve and the Gastwirth discrimination index, also generalizes the equivalence between Generali...
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作者：Ghiglino, Christian
作者单位：University of Essex
摘要：This paper examines a search model in which knowledge is created as rational, but poorly informed, innovators obtain new ideas from combinations of existing ideas. We assume that the productivity of an idea is stochastic and depends on the productivity of the parental ideas. Importantly, we assume that the contribution of these parents to the productivity of the final idea is enhanced by prior use of these in knowledge creation. We identify conditions on the search costs leading to two propert...
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作者：Azrieli, Yaron; Peck, James
作者单位：University System of Ohio; Ohio State University
摘要：We consider a bank runs model a la Diamond and Dybvig (1983) [3] with a continuum of agent types, indexed by the degree of patience. Much of our understanding based on the two-type model must be modified. The endogenous determination of a cutoff type is central to the analysis. In the case where the bank can credibly commit to a contract, the optimal contract results in socially excessive early withdrawals in every equilibrium of the post-deposit subgame. Thus, even at the best equilibrium the...
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作者：Chew, Soo Hong; Sagi, Jacob S.
作者单位：Vanderbilt University; National University of Singapore; National University of Singapore; Hong Kong University of Science & Technology
摘要：Few papers in the literature on inequality measurement deal with uncertainty, particularly when the ranking of cohorts may not be fixed. We present a set of axioms implying such a class of inequality measures under uncertainty that is a one-parameter extension of the generalized Gini mean over the distribution of average allocations. The extension consists of a quadratic term accounting for inter-personal correlations. In particular, our measure can simultaneously accommodate a preference for ...
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作者：Ventura, Jaume
作者单位：Centre de Recerca en Economia Internacional (CREI); Pompeu Fabra University
摘要：This paper presents a stylized model of international trade and asset price bubbles. Its central insight is that bubbles tend to appear and expand in countries where productivity is low relative to the rest of the world. These bubbles absorb local savings, eliminating inefficient investments and liberating resources that are in part used to invest in high-productivity countries. Through this channel, bubbles act as a substitute for international capital flows, improving the international alloc...
