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作者：Nehring, Klaus
作者单位：University of California System; University of California Davis
摘要：Coherent imprecise probabilistic beliefs are modeled as incomplete comparative likelihood relations admitting a multiple-prior representation. Under a structural assumption of Equidivisibility, we provide an axiomatization of such relations and show uniqueness of the representation. In the second part of the paper, we formulate a behaviorally general Likelihood Compatibility axiom relating preferences and probabilistic beliefs and characterize its implications for the class of invariant bisepa...
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作者：Galenianos, Manolis; Kircher, Philipp
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Pennsylvania
摘要：We develop an equilibrium directed search model of the labor market where workers can simultaneously apply for multiple jobs. Our main theoretical contribution is to integrate the portfolio choice problem faced by workers into an equilibrium framework. All equilibria of our model exhibit wage dispersion. Consistent with stylized facts, the density of wages is decreasing and higher wage firms receive more applications per vacancy. Unlike most models of directed search, the equilibria are not co...
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作者：Garleanu, Nicolae
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：This paper studies portfolio choice and pricing in markets in which immediate trading may be impossible. It departs from the literature by removing restrictions on asset holdings, and finds that optimal positions depend significantly and naturally on liquidity: When expected future liquidity is high, agents take more extreme positions, given that they do not have to hold those positions for long when they become undesirable. Consequently, larger trades should be observed in markets with more f...
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作者：Do, Quy-Toan; Levchenko, Andrei A.
作者单位：University of Michigan System; University of Michigan; International Monetary Fund
摘要：This paper investigates the relationship between international trade and the quality of economic institutions. We model institutions as fixed costs of entry, in a framework that has two key features. First, preferences over entry costs differ across firms and depend on firm size. Larger firms prefer to set higher costs of entry, in order to reduce competition. Second, these costs are endogeneously determined in a political economy equilibrium. Trade opening can lead to higher entry costs when ...
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作者：Kirkegaard, Rene
作者单位：Brock University
摘要：A new approach to asymmetric first price auctions is proposed which circumvents the need to examine bidding strategies directly. Specifically, the ratio of bidders' (endogenous) payoffs is analyzed and compared to the ratio of the (exogenous) distribution functions that describe beliefs. Most of the results are inferred from this comparison. In the existing theoretical literature, assumptions of first order stochastic dominance or stronger imply that the latter ratio has very specific properti...
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作者：Bag, Parimal Kanti; Sabourian, Hamid; Winter, Eyal
作者单位：University of Cambridge; National University of Singapore; Hebrew University of Jerusalem
摘要：A class of voting procedures based on repeated ballots and elimination of one candidate in each round is shown to always induce an outcome in the top cycle and is thus Condorcet consistent, when voters behave strategically. This is an important class as it covers multi-stage, sequential elimination extensions of all standard one-shot voting rules (with the exception of negative voting), the same one-shot rules that would fail Condorcet consistency. The necessity of repeated ballots and sequent...
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作者：Kesten, Onur
作者单位：Carnegie Mellon University
摘要：We consider the problem of randomly assigning it indivisible objects to n agents. Recent research introduced a promising mechanism, the probabilistic serial that has superior efficiency properties than the most common real-life mechanism random priority. On the other hand, mechanisms based on Gale's celebrated top trading cycles method have long dominated the indivisible goods literature (with the exception of the present context) thanks to their outstanding efficiency features. We present an ...
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作者：Sandholm, William H.
作者单位：University of Wisconsin System; University of Wisconsin Madison
摘要：We offer a parsimonious definition of large population potential games, provide some alternate characterizations, and demonstrate the advantages of the new definition over the existing definition, but also show the equivalence of the two definitions. (C) 2009 Elsevier Inc. All rights reserved.
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作者：Figueroa, Nicolas; Skreta, Vasiliki
作者单位：Universidad de Chile; New York University
摘要：This paper studies revenue-maximizing auctions when buyers' outside options depend on their private information and are endogenously chosen by the seller. We show that the revenue-maximizing assignment of the object can depend crucially on the outside options that the seller can choose as threats. Depending on the shape of outside options, sometimes an optimal mechanism allocates the object in an ex-post efficient way, and, other times, buyers obtain the object more often than is efficient. (C...
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作者：Momi, Takeshi
作者单位：Doshisha University
摘要：We demonstrate that information on the aggregate excess demand function of an incomplete real asset market economy is not helpful toward predicting the equilibrium of a new economy to which unredundant assets are added. An innovation of assets can completely change the aggregate excess demand functions. (C) 2009 Elsevier Inc. All rights reserved.
