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作者：Hayashi, Takashi
作者单位：University of Glasgow
摘要：In a dynamic environment, this paper builds a model of layers of meta-preferences which explains endogenous preference formation as a consequence of subjective judgment by the decision maker's current self about welfare of her successor self. The model allows us to describe how much the decision maker is willing to pay for investment in her preference formation. The paper provides a recursive utility representation of the layers of meta-preferences and applies it to the problems of investment ...
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作者：Chen, Sihao; Cook, David; Fan, Haichao; Xu, Juanyi
作者单位：Hong Kong Baptist University; Hong Kong University of Science & Technology; Fudan University; Shanghai Institute of International Finance & Economics
摘要：In this paper, we study the impact of labor mobility on the welfare cost of a currency union in an open economy New Keynesian model. We find that the relationship between labor mobility and exchange rate flexibility depends on the source of asymmetric regional shocks. With demand shocks, labor mobility reduces the welfare cost of a union by reducing the cost of shifting labor to concentrated areas of high demand. With supply shocks, flexible exchange rates can work in conjunction with higher l...
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作者：Alger, Ingela; Weibull, Jorgen W.; Lehmann, Laurent
作者单位：Communaute d'universites et etablissements de Toulouse (Comue); Universite Toulouse 1 Capitole; Toulouse School of Economics; Centre National de la Recherche Scientifique (CNRS); Stockholm School of Economics; University of Lausanne
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作者：Kim, Eungsik; Spear, Stephen
作者单位：University of Kansas; Carnegie Mellon University
摘要：This paper studies the impact of imperfect competition on life-cycle consumption profiles and consumption-risk sharing, along with its policy implications. We develop a framework by incorporating the Shapley-Shubik market game into a stochastic overlapping generations model. We characterize the inverse income-marginal price relationship under market power, where wealthy agents face lower prices for identical goods compared to a perfectly competitive economy. We present several novel findings d...
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作者：Xiong, Yan; Yang, Liyan
作者单位：University of Hong Kong; University of Toronto
摘要：Big data and data technology have facilitated the widespread adoption of personalized pricing practices. While price personalization enables firms to extract greater rent from consumers, it often reduces price transparency, which can negatively impact firm profits in situations involving consumer coordination. In such contexts, a firm's commitment to pricing strategies can become essential for restoring profitability. We explore several commitment devices available to firms and discuss their i...
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作者：Asseyer, Andreas
作者单位：Free University of Berlin
摘要：This paper studies information orders in screening models. I amend a general screening problem with a signal about the agent's type. The principal prefers one signal to another for any preferences of principal and agent if and only if the signals are ranked by Blackwell's order. Under a standard regularity condition, a novel information order - the hazard rate spread (HRS) order - characterizes a robust ranking of signals by the principal. I relate the HRS order to wellknown information orders...
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作者：Kim, Jin Yeub; Lee, Jong Jae
作者单位：Yonsei University; Catholic University of Korea
摘要：This paper presents a theory of mediator selection in conflicts that compares biased and unbiased mediation. We characterize optimal mechanisms used by biased mediators when they are selected into mediation, and determine when and how parties in dispute accept a biased mediator in equilibrium. We find that when asymmetric information is significant, parties accept biased mediation as long as the degree of mediator bias is not too strong. Biased mediators care more about the payoffs of their fa...
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作者：Cao, Wenbin; Chen, Xiaowei; Ye, Yinghui; Yuan, Wei
作者单位：Texas State University System; Sam Houston State University; Nankai University; Sun Yat Sen University
摘要：We develop a verification theorem for infinite-horizon optimal stopping under G-Brownian motion and apply it to several stopping problems of economic interest. The theorem gives sufficient conditions under which a candidate solution to a system of variational inequalities is the value function under volatility, covariance, or joint drift-volatility ambiguity. In the canonical irreversible investment problem, volatility ambiguity advances investment because the worst-case scenario selects the l...
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作者：Chade, Hector; Eeckhout, Jan
作者单位：Arizona State University; Arizona State University-Tempe; ICREA; Centre de Recerca en Economia Internacional (CREI); Pompeu Fabra University
摘要：In many economic settings, matching takes place under imperfect information about agents' characteristics that are payoff-relevant to the match. This paper develops a matching model in which agents' payoff-relevant characteristics are realized after matching takes place, and matching is based on the agents' observable ex-ante characteristics, which stochastically determine the payoff-relevant ones. We derive conditions for positive and negative sorting. The conditions differ depending on wheth...
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作者：Sun, Yang; Zhao, Wei; Zhou, Junjie
作者单位：Southwestern University of Finance & Economics - China; Tsinghua University
摘要：We examine dynamic network formation from a centralized perspective, where a forward-looking social planner constructs one new link between previously unconnected nodes in each period. The planner derives utility from the discounted sum of benefits generated throughout the formation process. Assuming the planner's instantaneous utility depends monotonically on the aggregate number of walks of various lengths within the network, we derive several key results. First, it is always optimal to form...
