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作者：Erol, Selman; Parise, Francesca; Teytelboym, Alexander
作者单位：Carnegie Mellon University; Cornell University; University of Oxford
摘要：The analysis of threshold contagion processes in large networks is challenging. While the lack of accurate network data is often a major obstacle, finding optimal interventions is computationally intractable even in well-measured large networks. To obviate these issues we consider threshold contagion over networks sampled from a graphon-a flexible stochastic network formation model-and show that in this case the contagion outcome can be predicted by only exploiting information about the grapho...
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作者：Kirkegaard, Rene
作者单位：University of Guelph
摘要：Economic agents are motivated to undertake costly actions by the prospect of being rewarded for successes and punished for failures. But what determines what a success looks like? This paper endogenizes the criteria for success in an otherwise standard principal-agent model with risk neutrality and limited liability. The set of feasible contracts is constrained by incentive constraints and possibly by a budget constraint. The first-order approach is not required to solve the problem. If the pr...
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作者：van Buggenum, Hugo; Rabinovich, Stanislav
作者单位：Swiss Federal Institutes of Technology Domain; ETH Zurich; University of North Carolina; University of North Carolina Chapel Hill
摘要：Under what conditions are money and credit jointly essential for trade? We answer this question by apply-ing a mechanism-design approach to a standard monetary search model, augmented with two types of credit technologies. First, payment can be enforced up to some exogenous amount (enforcement-based credit). Second, default on past promises can be partially monitored by future trading partners (monitoring-based credit). We characterize implementable allocations subject to individual rationalit...
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作者：Lyu, Chen
作者单位：Peking University Shenzhen Graduate School (PKU Shenzhen); Peking University
摘要：I study optimal information provision by a search goods seller. While the seller controls a consumer's pre-search information, he cannot control post-search information because the consumer will inevitably learn the product's match after search. A relaxed problem approach is developed to solve the optimal design, which accommodates both continuous value distributions and ex-ante heterogeneous consumers with privately known outside options. The optimal design is shown to crucially depend on the...
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作者：Jurado, Kyle
作者单位：Duke University
摘要：This paper solves a dynamic rational inattention problem by formulating it in the frequency domain. The main result is a rational inattention version of the classical Wiener-Kolmogorov filter. This filter permits an infinite-dimensional state vector, provides a new line of attack for obtaining closed-form solutions, and can be implemented numerically using a simple iterative algorithm. The frequency-domain approach also sheds new light on why rational inattention produces forward-looking behav...
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作者：Kubler, Felix; Scheidegger, Simon
作者单位：University of Zurich; University of Geneva; University of Lausanne
摘要：We consider dynamic stochastic economies with heterogeneous agents and introduce the concept of uniformly self-justified equilibria (USJE)-temporary equilibria for which expectations satisfy the following rationality requirements: i) individuals' forecasting functions for the next period's endogenous variables are assumed to lie in a compact, finite-dimensional set of functions, and ii) the forecasts constitute the best uniform approximation to a selection of the equilibrium correspondence. We...
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作者：Chatterjee, Kalyan; Hu, Tai -Wei
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Bristol
摘要：Bayesian analysis is considered the optimal way of processing information. However, it often leads to problems for decision-makers with constrained cognitive capacity. Modeling such constrained capacity by finite automata, we answer two questions in the context of Wald's (1947) sequential analysis, namely in what environments is optimal Bayesian analysis possible even with constraints; also, when it is not possible what simplifications in the analysis enable us to obtain a satisfactory outcome...
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作者：Babus, Ana; Hachem, Kinda
作者单位：Washington University (WUSTL); University of Virginia; National Bureau of Economic Research
摘要：We develop a theory of financial innovation in which both market structure and the payoffs of the claims being traded are determined endogenously. Intermediaries use the cash flows of an underlying asset to design securities for investors. Demand for securities arises as investors choose markets then trade using strategies represented by quantity-price schedules. We show that intermediaries create increasingly riskier asset-backed securities when facing deeper markets in which investors trade ...
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作者：Ekmekci, Mehmet; Kos, Nenad
作者单位：Boston College; Bocconi University
摘要：We study the interplay between information acquisition and signaling. A sender decides whether to learn his type at a cost prior to taking a signaling action. A receiver observes the signaling action and responds. We characterize equilibria and apply a version of never a weak best response refinement in the environment where the information acquisition is observable as well as in the environment where it is covert. Covert information acquisition always leads to information acquisition when inf...
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作者：Rommeswinkel, Hendrik; Chang, Hung -Chi; Hsu, Wen -Tai
作者单位：Waseda University; National Taiwan University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University System of Maryland; University of Maryland College Park
摘要：We examine the subjective value of gaining knowledge in a version of Savage's model for decisions under uncertainty in which the received outcome provides information about which event has obtained. Decision makers commonly value such knowledge either because they want to use it in future decisions or because they are personally interested in it. We find that in our model, the sure-thing principle and several other axioms of Savage are inconsistent with this value for knowledge about events. W...
