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作者：Mengel, Friederike; Orlandi, Ludovica; Weidenholzer, Simon
作者单位：University of Essex; Lund University; Nottingham Trent University; Lund University; Nottingham Trent University
摘要：Experimental studies of infinitely repeated games typically consist of several indefinitely repeated games (matches) played in sequence with different partners each time, whereby match length, i.e. the number of stages of each game is randomly determined. Using a large meta data set on indefinitely repeated prisoner's dilemma games (Dal Bo and Frechette, 2018) we demonstrate that the realized length of early matches has a substantial impact on cooperation rates in subsequent matches. We estima...
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作者：Werner, Jan
摘要：Ambiguous beliefs may lead to speculative trade and speculative bubbles. We demonstrate this by showing that the classical Harrison and Kreps (1978) example of speculative trade among agents with heterogeneous beliefs can be replicated with agents having common but ambiguous beliefs. More precisely, we show that the same asset prices and pattern of trade can be obtained in equilibrium with agents' having recursive multiple-prior expected utilities with common set of priors. While learning abou...
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作者：Liu, Shuo; Migrow, Dimitri
作者单位：Peking University; University of Edinburgh
摘要：We revisit the classic problem of optimally allocating decision rights in a multi-divisional organization. To be able to adapt its decisions to local conditions, the organization has to rely on self-interested division managers to collect and disseminate the relevant information. We show that if division managers are certain about how the headquarter (HQ) weights each division's performance, centralization may always dominate decentralization in generating information, and therefore even lead ...
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作者：Liu, Zehao; Sinclair, Andrew J.
作者单位：Renmin University of China; University of Hong Kong; California Institute of Technology
摘要：We propose a model of collateralized lending in which (1) borrowers endogenously determine collateral quality and (2) lenders can produce costly information about collateral payoffs. Our model yields several novel predictions: wealthier economies use lower quality collateral in equilibrium, have more severe finan-cial crises, and have less frequent crises. We provide both micro and macro empirical evidence. In the U.S. mortgage market wealthier lenders accept lower quality collateral, and, loo...
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作者：Chakravarty, Surajeet; Kelsey, David; Teitelbaum, Joshua C.
作者单位：University of Exeter; University of Nottingham; Georgetown University
摘要：Karni and Vier empty set (2013) propose a model of belief revision under growing awareness-reverse Bayesianism-which posits that as a person becomes aware of new acts, consequences, or act-consequence links, she revises her beliefs over an expanded state space in a way that preserves the relative likelihoods of events in the original state space. A key feature of the model is that reverse Bayesianism does not fully determine the revised probability distribution. We provide an assumption-act in...
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作者：Chen, Yi-Chun; Mueller-Frank, Manuel; Pai, Mallesh M.
作者单位：National University of Singapore; National University of Singapore; University of Navarra; IESE Business School; Rice University
摘要：We investigate how a principal's knowledge of agents' higher-order beliefs impacts their ability to robustly implement a given social choice function. We adapt a formulation of Oury and Tercieux (2012): a social choice function is continuously implementable if it is partially implementable for types in an initial model and nearby types. We characterize when a social choice function is truthfully continuously implementable, i.e., using game forms corresponding to direct revelation mechanisms fo...
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作者：Gerasimou, Georgios
摘要：We clarify that Theorem 1 in Gerasimou (2021) is correct when the following minor changes are made to the definitions of two of its components: (1) the Translocation Consistency axiom requires an equivalence rather than a one-way implication; (2) a strict inequality on the left hand side of the lateral consistency property of preference intensity functions implies a strict inequality on its right hand side. We also clarify that the additional preference intensity orderings allowed for by Baner...
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作者：Toxvaerd, Flavio; Rowthorn, Robert
作者单位：University of Cambridge; Centre for Economic Policy Research - UK; University of Cambridge
摘要：This paper considers a susceptible-infected-recovered type model of infectious diseases, such as COVID-19 or swine flu, in which costly treatment or vaccination confers immunity on recovered individuals. Once immune, individuals indirectly protect the remaining susceptibles, who benefit from a measure of herd immunity. Treatment and vaccination directly induce such herd immunity, which builds up over time. Optimal treatment is shown to involve intervention at early stages of the epidemic, whil...
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作者：Konishi, Teruki
作者单位：Kyoto University
摘要：This note reexamines the condition of Proposition 4 in Futagami and Iwaisako (2007) and then provides an alternative proof of the proposition without relying on any additional parameter conditions. The generalized version of Proposition 4 now shows that the dynamics in an economy with a finite patent length alwaysinvolve nonmonotonic convergence of the equilibrium path. (C) 2022 Elsevier Inc. All rights reserved.
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作者：Erdil, Aytek; Kitahara, Minoru; Kumano, Taro; Okumura, Yasunori
作者单位：University of Cambridge; Osaka Metropolitan University; Yokohama National University
摘要：We identify an error in Proposition 3 by Erdil and Kumano (2019). We then recover the result by replacing the substitutability condition on priority structures with a new condition which we call bridging. We further show that the priorities in both applications in Erdil and Kumano (2019) satisfy the bridging property, which in turn ensures that their Propositions 5 and 6 are still valid. (C) 2022 Elsevier Inc. All rights reserved.
