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作者：Ivanov, Maxim
作者单位：McMaster University
摘要：This paper investigates communication between an informed expert and an uninformed principal via a strategic mediator. We demonstrate that, for any bias in the parties' preferences, there exists a strategic mediator that provides the highest expected payoff to the principal, as if the players had communicated through an optimal non-strategic mediator. (C) 2009 Elsevier Inc. All rights reserved.
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作者：Ochs, Jack; Park, In-Uck
作者单位：University of Bristol; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：We analyze a multi-period entry game among privately informed agents who differ with respect to the number of agents who must enter in order for their own entry to be profitable. In each period agents who have not yet joined decide whether to subscribe to a network. There exists a unique equilibrium that approximates any symmetric equilibrium arbitrarily closely as the discount factor approaches one. This resolves the coordination problem. Ex-post efficiency is necessarily achieved asymptotica...
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作者：Carbonell-Nicolau, Oriol
作者单位：Rutgers University System; Rutgers University New Brunswick
摘要：A Nash equilibrium x of a normal-form game G is essential if any perturbation of G has an equilibrium close to x. Using payoff perturbations, we show that for games that are generic in the set of compact, quasiconcave, and generalized payoff secure games with upper semicontinuous sum of payoffs, all equilibria are essential. Some variants of this result are also established. (C) 2009 Elsevier Inc. All rights reserved.
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作者：Klaus, Bettina; Klijn, Flip; Walzl, Markus
作者单位：University of Lausanne; Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE); Otto Friedrich University Bamberg
摘要：We show that for any roommate market the set of stochastically stable matchings coincides with the set of absorbing matchings. This implies that whenever the core is non-empty (e.g., for marriage markets), a matching is in the core if and only if it is stochastically stable, i.e., stochastic stability is a characteristic of the core. Several solution concepts have been proposed to extend the core to all roommate markets (including those with an empty core). An important implication of our resu...
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作者：Eeckhout, Jan; Kircher, Philipp
作者单位：University of Pennsylvania; ICREA; Pompeu Fabra University; University of Oxford
摘要：In a market where sellers compete by posting trading mechanisms, we allow for a general search technology and show that its features crucially affect the equilibrium mechanism. Price posting prevails when meetings are rival, i.e., when a meeting by one buyer reduces another buyer's meeting probability. Under price posting buyers reveal their type by sorting ex-ante. Only if the meeting technology is sufficiently non-rival, price posting is not an equilibrium. Multiple buyer types then visit th...
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作者：Grochulski, Borys; Piskorski, Tomasz
作者单位：Columbia University; Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：We study the structure of optimal wedges and capital taxes in a dynamic Mirrlees economy with endogenous distribution of skills. Human capital is a private, stochastic state variable that drives the skill process of each individual. Building on the findings of the labor literature, we construct a tractable life-cycle model of human capital evolution with risky investment and stochastic depreciation. In this setting, we demonstrate the optimality of (a) a human capital premium, i.e., an excess ...
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作者：Guo, Jang-Ting; Harrison, Sharon G.
作者单位：Columbia University; University of California System; University of California Riverside
摘要：We examine a two-sector real business cycle (RBC) model with sector-specific externalities in which household utility exhibits no income effect on the demand for leisure. Unlike in the one-sector counterpart, indeterminacy can result with sufficiently high returns-to-scale in the investment sector. Moreover, the smaller the labor Supply elasticity, the lower the level of externalities needed for indeterminacy. This finding is the opposite of that in all existing RBC-based indeterminacy studies...
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作者：Krueger, Dirk; Lustig, Hanno
作者单位：University of California System; University of California Los Angeles; University of Pennsylvania; National Bureau of Economic Research
摘要：In a standard incomplete markets model with a continuum of households that have constant relative risk aversion (CRRA) preferences, the absence of insurance markets for idiosyncratic labor income risk has no effect on the premium for aggregate risk if the distribution of idiosyncratic risk is independent of aggregate shocks and aggregate consumption growth is independent over time. In equilibrium, households Only use the stock market to smooth consumption; the bond market is inoperative. Furth...
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作者：Filipe Martins-da-Rocha, V.
作者单位：Getulio Vargas Foundation
摘要：Recently Kajii and Ui (2009) [17] proposed to characterize interim efficient allocations in an exchange economy under asymmetric information when uncertainty is represented by multiple posteriors. When agents have Bewley's incomplete preferences, Kajii and Ui (2009) [17] proposed a necessary and sufficient condition on the set of posteriors. However, when agents have GilboaSchmeidler's MaxMin expected utility preferences, they only propose a sufficient condition. The objective of this paper is...
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作者：Gollier, Christian
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：Which rates should we use to discount costs and benefits of different natures at different time horizons? We answer this question by considering a representative agent consuming two goods whose availability evolves over time in a stochastic way. We extend the Ramsey rule by taking into account the degree of substitutability between the two goods and of the uncertainty surrounding the economic and environmental growths. The rate at which environmental impacts should be discounted is in general ...
