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作者：Dogan, Battal; Imamura, Kenzo; Yenmez, M. Bumin
作者单位：University of Bristol; University of Tokyo; Washington University (WUSTL); Durham University
摘要：In matching markets, policymakers often pursue complex distributional objectives, such as promoting diversity in student populations. To this end, they embed these objectives into the choice rules of institutions, such as schools, and implement the deferred-acceptance (DA) mechanism based on those rules. Given the institutional choice rules, we introduce a method for characterizing the corresponding DA mechanism through the properties of these choice rules. Utilizing this method, we derive nov...
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作者：Head, Allen; Kam, Timothy; Ng, Sam; Pan, Guangqian
作者单位：Queens University - Canada; Australian National University; University of Macau; University of Sydney
摘要：We develop a monetary economy in which banks have market power emanating from search frictions. Distributions of both deposit and loan interest rates are equilibrium phenomena exhibiting dispersion consistent with new micro-level evidence on U.S. consumer loans and deposits. The theory accounts for incomplete pass-through of monetary policy to the distributions of loan and deposit rates through a novel channel. Imperfect competition links monetary policy to real consumption and welfare through...
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作者：Akoz, Kemal Kivanc; Samsonov, Arseniy
作者单位：HSE University (National Research University Higher School of Economics); Ozyegin University
摘要：We define a (cooperative) informational bargaining problem, where several agents have to agree on the persuasion of a receiver. The bargaining set includes payoff vectors that can be generated by information structures and disagreement leads to an exogenous benchmark that may involve full or no information. We characterize the existence of an agreement that benefits all agents when preferences are state-independent. Our characterization yields conditions that depend only on the payoff structur...
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作者：Nishimura, Kazuo; Pelgrin, Florian; Venditti, Alain
作者单位：Kobe University; Universite Catholique de Lille; EDHEC Business School; Aix-Marseille Universite; Centre National de la Recherche Scientifique (CNRS)
摘要：This paper introduces a novel mechanism driving endogenous business cycle fluctuations within a frictionless three-sector intertemporal equilibrium model. We emphasize the critical role of consumer preferences as a primary driver of cyclical dynamics by considering a consumption bundle composed of a pure consumption good and a mixed consumption-investment good that simultaneously serves as both a final consumption good and a capital-accumulating investment good. Endogenous fluctuations natural...
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作者：Turansick, Christopher
作者单位：Bocconi University; Bocconi University
摘要：We readdress the problem of nonparametric statistical testing of random utility models proposed in Kitamura and Stoye (2018). Although their test is elegant, it is subject to computational constraints which leaves execution of the test infeasible in many applications. We note that much of the computational burden in Kitamura and Stoye's test is due to their test defining a polyhedral cone through its vertices rather than its faces. We propose an alternative but equivalent hypothesis test for r...
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作者：Kreutzkamp, Sophie; Lou, Yichuan
作者单位：University of Manchester; University of Tokyo
摘要：We study a persuasion model with limited commitment in which the sender can commit to a signal ex ante but not to truthful reporting ex post. Sender-optimal signals exploit a key trade-off: although better-quality information allows the sender to communicate more precisely, it adversely affects the credibility of his messages. Building on this observation, we provide sufficient and necessary conditions for the sender to strictly benefit from obtaining an imperfect signal. Under linear preferen...
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作者：Xu, Zhihao; Yu, Changhua
作者单位：Emory University; Peking University
摘要：This paper studies optimal monetary policy in a multisector economy with input-output linkages and distortions. Our model incorporates both the supply side and the demand side effects of monetary policy. We derive a tractable sufficient statistic for the supply side effect, which comprises two reallocation channels resulting from substitution between sectoral products for households and firms, and substitution between labor and intermediate inputs in production. The optimal monetary policy ind...
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作者：Amir, Gideon; Arieli, Itai; Ashkenazi-Golan, Galit; Peretz, Ron
作者单位：Bar Ilan University; Technion Israel Institute of Technology; University of London; London School Economics & Political Science; Bar Ilan University
摘要：We study a model of opinion exchange in social networks where a state of the world is realized and every agent receives a zero-mean noisy signal of the realized state. Golub and Jackson (2010) have shown that under DeGroot (1974) dynamics agents reach a consensus that is close to the state of the world when the network is large. The DeGroot dynamics, however, is highly non-robust and the presence of a single adversarial agent that does not adhere to the updating rule can sway the public consen...
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作者：Huangfu, Bingchao; Liu, Heng
作者单位：Nanjing Audit University
摘要：This paper studies the welfare impact of information spillover in divisible good markets with heterogeneous traders and interdependent values. In a setting where two groups of traders trade two distinct but correlated assets, one within each group, the information contained in the price of one asset spills over to the other market. Some more informed traders who submit demand schedules may condition their demands on the prices of both assets, while others do not. We prove the existence of a li...
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作者：Iijima, Ryota; Oyama, Daisuke
作者单位：Princeton University
摘要：We study how the equilibrium dynamics of a continuum-population game approximate those of large finite-population games. New agents stochastically arrive to replace exiting ones and make irreversible action choices to maximize the expected discounted lifetime payoffs. The key assumption is that they only observe imperfect signals about the action distribution in the population. We first show that the stochastic process of the action distribution in the finite-population game is approximated by...
