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作者：Klibanoff, Peter; Marinacci, Massimo; Mukerji, Sujoy
作者单位：University of Turin; Collegio Carlo Alberto; Northwestern University; University of Oxford
摘要：This paper axiomatizes an intertemporal version of the Smooth Ambiguity decision model developed in [P. Klibanoff, M. Marinacci, S. Mukerji, A smooth model of decision making under ambiguity, Econometrica 73 (6) (2005) 1849-1892]. A key feature of the model is that it achieves a separation between ambiguity, identified as a characteristic of the decision maker's subjective beliefs, and ambiguity attitude, a characteristic of the decision maker's tastes. In applications one may thus specify/var...
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作者：Zhang, Yuzhe
作者单位：University of Iowa
摘要：In this paper, we develop continuous-time methods for solving dynamic principal-agent problems in which the agent's privately observed productivity shocks are persistent over time. We characterize the optimal contract as the solution to a system of ordinary differential equations and show that, under this contract, the agent's utility converges to its lower bound-immiserization occurs. Unlike under risk-neutrality, the wedge between the marginal rate of transformation and a low-productivity ag...
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作者：Hansen, Gary D.; Imrohoroglu, Selahattin
作者单位：University of California System; University of California Los Angeles; University of Southern California
摘要：We study the effects of on-the-job skill accumulation on average hours worked by age and the volatility of hours over the life cycle in a calibrated general equilibrium model. Two forms of skill accumulation are considered: learning by doing and on-the-job training. In our economy with learning by doing, individuals supply more labor early in the life cycle and less as they approach retirement than they do in an economy without this feature. The impact of this feature on the volatility of hour...
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作者：Boergers, Tilman; Postl, Peter
作者单位：University of Birmingham; University of Michigan System; University of Michigan
摘要：Two agents must select one of three alternatives. Their ordinal rankings are commonly known and diametrically opposed. Efficiency requires choosing the alternative the agents rank second whenever the weighted sum of their von Neumann Morgenstern utilities is higher than under either agent's favorite alternative. The agents' utilities of the middle-ranked alternative are i.i.d., privately observed random variables. In our setup, which is closely related to a public goods problem where agents fa...
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作者：Hagedorn, Marcus
作者单位：University of Zurich
摘要：An auctioneer wants to sell an indivisible object to one of multiple bidders, who have private information about their valuations of the object. A bidder's information structure determines the accuracy with which the bidder knows her private valuation. The main result of the paper is that the auctioneer's revenue is a convex function of bidders' information structures. One implication is that assigning asymmetric information structures instead of symmetric information structures to bidders is ...
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作者：Klaus, Bettina; Klijn, Flip; Nakamura, Toshifumi
作者单位：Harvard University; Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE); Bank of Japan
摘要：We correct an omission in the definition of the domain of weakly responsive preferences introduced in [B. Klaus, F. Klijn, Stable matchings and preferences of couples, J. Econ. Theory 121 (2005) 75-106] or KK05 for short. The proof of the existence of stable matchings [KK05, Theorem 3.3] and a maximal domain result [KK05, Theorem 3.5] are adjusted accordingly. (C) 2009 Elsevier Inc. All rights reserved.
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作者：Adao, Bernardino; Correia, Isabel; Teles, Pedro
作者单位：Centre for Economic Policy Research - UK
摘要：This paper assesses the relevance of the exchange rate regime for stabilization policy. Using both fiscal and monetary policy, we conclude that the exchange rate regime is irrelevant. This is the case independently of the severity of price rigidities, independently of asymmetries across countries in shocks and transmission mechanisms. The only relevant conditions are on the mobility of labor and financial assets. The results can be summarized with the claim that every currency area is an optim...
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作者：Bade, Sophie; Haeringer, Guillaume; Renou, Ludovic
作者单位：University of Leicester; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Autonomous University of Barcelona
摘要：We consider non-cooperative environments in which two players have the power to gradually and Unilaterally rule out some of their actions. Formally, we embed a strategic-form game into a multi-stage game, in which players can restrict their action spaces in all but the final stage, and select among the remaining actions in the last stage. We say that an action profile is implementable by commitment if this action profile is played in the last stage of a subgame-perfect equilibrium path. We pro...
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作者：Aoyagi, Masaki; Frechette, Guillaume
作者单位：New York University
摘要：This paper uses laboratory experiments to test the implications of the theory of repeated games on equilibrium payoffs and estimate strategies in an infinitely repeated prisoners' dilemma game with imperfect public monitoring. We find that subjects' payoffs (i) decrease as noise increases, and (ii) are lower than the theoretical maximum for low noise, but exceed it for high noise. Under the assumption that the subjects' strategy uses thresholds on the public signal for transition between coope...
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作者：Ergin, Haluk; Gul, Faruk
作者单位：Princeton University; Washington University (WUSTL)
摘要：We develop a Savage-type model of choice under uncertainty in which agents identify uncertain prospects with subjective compound lotteries. Our theory permits issue preference; that is, agents may not be indifferent among gambles that yield the same probability distribution if they depend on different issues. Hence, we establish subjective foundations for the Anscombe-Aumann framework and other models with two different types of probabilities. We define second-order risk as risk that resolves ...
