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作者：Balzer, Benjamin; Rosato, Antonio; von Wangenheim, Jonas
作者单位：University of Technology Sydney; University of Queensland; University of Naples Federico II; University of Bonn
摘要：We study Dutch and first-price auctions with expectations-based loss-averse bidders and show that the strategic equivalence between these formats no longer holds. Intuitively, as the Dutch auction unfolds, a bidder becomes more optimistic about her chances of winning; this stronger attachment effect pushes her to bid more aggressively than in the first-price auction. Thus, Dutch auctions raise more revenue than first-price ones. Indeed, the Dutch auction raises the most revenue among standard ...
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作者：Gieczewski, German
作者单位：Princeton University
摘要：This paper models the diffusion of verifiable information on a network populated by biased agents. Some agents, who are exogenously informed, choose whether to inform their neighbors. Informing a neighbor affects her behavior, but also enables her to inform others. Agents cannot lie; they can, however, feign ignorance. The model yields three main results. First, unless a large set of agents is initially informed, learning is incomplete. Second, full learning is more likely for moderate than fo...
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作者：Gerardi, Dino; Grillo, Edoardo; Monzon, Ignacio
作者单位：Collegio Carlo Alberto; University of Turin; University of Padua
摘要：Decision makers often rely on experts' evaluations to decide on complex proposals. Proponents want the approval of their proposals and can work to improve their quality. The scrutiny of experts ought to push proponents to work harder, leading to high-quality proposals. Experts, however, have their own agendas: they may favor or oppose the proposals under their scrutiny. We study how the expert's agenda affects the likelihood that proposals are approved and their quality. We show that an expert...
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作者：Jin, Gu; Zhu, Tao
作者单位：Central University of Finance & Economics; Hong Kong University of Science & Technology
摘要：Real effects of long-run inflation are studied in a standard matching model of money. Depending on the underlying policy, inflation can increase output but decrease ex ante social welfare or can do the opposite. Inflation makes the distribution of wealth more concentrated at the very top. When facing a potential policy change, the poor are much more sensitive to which policy may be adopted than the rich. Decentralized trade plays a critical role in these findings by amplifying the individual r...
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作者：Gilboa, Itzhak; Samuelson, Larry; Schmeidler, David
作者单位：Hautes Etudes Commerciales (HEC) Paris; Tel Aviv University; Yale University
摘要：Beginning with Robert Aumann's 1976 Agreeing to Disagree result, a collection of papers have established conditions under which it is impossible for rational agents to disagree, or bet against each other, or speculate in markets. The subsequent literature has provided many explanations for disagreement and trade, typically exploiting differences in prior beliefs or information processing. We view such differences as arising most naturally in a large worlds setting, where there is no commonly-a...
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作者：Dasgupta, Ani; Ghosh, Sambuddha
作者单位：Massachusetts System of Public Higher Education; Massachusetts Maritime Academy; Boston University; Shanghai University of Finance & Economics
摘要：We propose a simple geometric construct called 'self-accessibility' to study discounted infinitely repeated games with perfect monitoring. Self-accessibility delivers payoffs by computing action paths that keep all continuation payoff vectors close to the target payoff. It unifies the analysis of games with symmetric and asymmetric discounting, dispenses with public randomization, and generates pure on-path strategies. We first use it to simplify Fudenberg and Maskin (1986, 1991) and generaliz...
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作者：Yegane, Ece
作者单位：University System of Maryland; University of Maryland College Park
摘要：We model a decision maker who observes available alternatives according to a list and stochastically forgets some alternatives. Each time the decision maker observes an item in the list, she recalls previous alternatives with some probability, conditional on those alternatives being recalled until this point. The decision maker maximizes a preference relation over the set of alternatives she can recall. We show that if every available alternative is chosen with strictly positive probability, t...
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作者：Kapicka, Marek; Rupert, Peter
作者单位：Czech Academy of Sciences; Economics Institute of the Czech Academy of Sciences; Charles University Prague; Charles University Prague; Czech Academy of Sciences; Economics Institute of the Czech Academy of Sciences; University of California System; University of California Santa Barbara
摘要：The COVID-19 pandemic has killed millions across the globe and government responses have led to tens of millions of jobs lost. This paper combines the SIR epidemic model with a frictional labor market to examine the interaction between infection, wages and unemployment.The labor market is not efficient during the pandemic. Optimal policies show that it is often optimal to shut down businesses and impose a quarantine before the pandemic peaks. A quarantine itself is not enough, however, and mus...
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作者：Li, Jian; Zhou, Junjie; Chen, Ying-Ju
作者单位：Iowa State University; Tsinghua University; Hong Kong University of Science & Technology
摘要：This paper studies the value of network-based targeting within a class of network games with strategic complements, where the designer can target a group of seed players as first movers. We define an effectiveness index, called the relative network synergy equivalent (RNSE), to quantify the effect of a network-based targeting intervention relative to across-the-board peer effect enhancement. We show that, regardless of the targeting policies and network structures, a universal and tight upper ...
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作者：Halim, Edward; Riyanto, Yohanes E.; Roy, Nilanjan
作者单位：Nanyang Technological University; City University of Hong Kong
摘要：We design an infinite-horizon dynamic asset market experiment with perishable consumption and a longlived asset where gains from trade originate from individuals experiencing idiosyncratic income shocks. Our study is based on the consumption-based general equilibrium theory (Lucas (1978)). The presence of traders having induced motive to smooth consumption is not sufficient to eliminate price bubbles. Despite the asset being consistently priced higher than the equilibrium price, traders are ab...
