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作者：Gars, Johan; Olovsson, Conny
作者单位：Royal Swedish Academy of Sciences; Global Economic Dynamics & Biosphere - The Erling-Persson Family Academy Program; Royal Swedish Academy of Sciences; Beijer Institute of Ecological Economics; Sveriges Riksbank
摘要：Using data for 134 countries, we document that countries deriving a larger share of their energy from fossil fuel are richer and grow faster. We then set up an endogenous growth model where final output is produced with a non-energy and two substitutable energy intermediate goods: fossil fuel and biofuel. With non-energy and energy goods being gross complements, and with higher costs for improving the energy efficiency for biofuel than for fossil fuel, there exist two balanced growth paths: on...
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作者：Scotchmer, Suzanne; Shannon, Chris
作者单位：University of California System; University of California Berkeley; University of California System; University of California Berkeley; National Bureau of Economic Research; University of California System; University of California Berkeley
摘要：We consider group formation in markets with asymmetric information. Our model nests standard matching problems, including one-to-one, many-to-one, and many-to-many matching, as well as matching with salaries or contracts and matching with incomplete information. Prices for group positions and private goods as well as the groups that form are determined endogenously in equilibrium, as a result of demand and supply forces. The setup includes problems as diverse as moral hazard in teams, screenin...
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作者：Charness, Gary; Naef, Michael; Sontuoso, Alessandro
作者单位：University of California System; University of California Santa Barbara; University of London; Royal Holloway University London; University of Pennsylvania
摘要：We study strategic interactions that may be affected by belief-dependent, conformist preferences. Specifically, we propose that beliefs about the behavior of individuals in the same role (i.e., beliefs about peer behavior) directly affect a player's utility. In examining conformism we propose an experimental design that verifies the presence of the relevant causality direction. Our data reveal opportunistically conformist behavior, as subjects are more likely to follow the purported majority i...
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作者：Zhang, Jun
作者单位：Nanjing Audit University
摘要：We study the assignment of indivisible objects to agents without using monetary transfers. We prove that, regardless of whether the number of objects is sufficient, a mechanism that satisfies ex-post Pareto efficiency, equal treatment of equals, equal total assignment (ETA), and uniform-head fairness (UHF) must be strongly manipulable by a group of agents. In other words, by misreporting their preferences, all group members can obtain lotteries that strictly first-order stochastically dominate...
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作者：Chemla, Gilles; Hennessy, Christopher A.
作者单位：Imperial College London; Centre for Economic Policy Research - UK; Centre for Economic Policy Research - UK; University of London; London Business School; University of London; London Business School
摘要：We develop a formal model of placebo effects. If subjects in seemingly-ideal single-stage RCTs update beliefs about breakthroughs based upon personal physiological responses, mental effects differ across medications received, treatment versus control. Consequently, the average cross-arm health difference becomes a biased estimator. Constructively, we show: bias can be altered through choice of control; higher-efficacy controls mitigate upward bias; and efficacy states can be revealed through c...
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作者：Wesselius, Tobias
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作者：Dillenberger, David; Raymond, Collin
作者单位：University of Pennsylvania; Purdue University System; Purdue University
摘要：Individuals often tend to conform to the choices of others in group decisions, compared to choices made in isolation. We show that this behavior - which we term the consensus effect - is equivalent to a well-known violation of expected utility, namely strict quasi-convexity of preferences, which is shared by many popular non-expected utility models. In contrast to the equilibrium outcome when individuals are expected utility maximizers, quasi-convexity of preferences imply that group decisions...
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作者：Kolb, Aaron M.
作者单位：Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：I study hidden investment in quality in a dynamic persuasion game. A seller, such as a project manager or startup company, controls an asset and wants to convince a potential buyer, such as an acquiring company or a regulator, that it has high quality. The buyer observes exogenous news with quality-dependent drift and holds a call option on the asset; the seller is privately informed about quality and can wait (at a flow cost), upgrade (at a fixed cost) or exit the market. For low upgrade cost...
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作者：Meyer-Gohde, Alexander
作者单位：Goethe University Frankfurt
摘要：I provide a model uncertainty foundation to the power certainty equivalent of Epstein-Zin-Weil risk sensitive preferences (EZ), enabling the analysis of these preferences using detection probabilities (DEPs) and worst case models. This completes the connection between these preferences and the model uncertainty of Hansen and Sargent (2007) (HS) that was previously limited to the special case of unit elasticity of intertemporal substitution. The connection between EZ and HS rests on a powerlike...
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作者：Minardi, Stefania; Savochkin, Andrei
作者单位：Hautes Etudes Commerciales (HEC) Paris; New Economic School
摘要：We depart from Savage's (1954) common state space assumption and introduce a model that allows for a subjective understanding of uncertainty. Within the revealed preference paradigm, we take the analyst's perspective and uniquely identify the agent's subjective state space via her preferences conditional on incoming information. According to our representation, the agent's subjective contingencies correspond to sets of the analyst's states and, as such, are coarse. The agent uses an additively...
