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作者：Verdier, Thierry; Zenou, Yves
作者单位：Institut Polytechnique de Paris; Ecole des Ponts ParisTech; Monash University
摘要：This paper studies the population dynamics of cultural traits in a model of intergenerational cultural transmission with a perfectly-forward looking cultural leader. We show that there exists a threshold size in terms of population above which the cultural leader becomes active. We also show that a policy affecting some key parameters (such as the cost of providing the religious good) has a different impact in the short run and in the long run due to over-reactions or under-reactions of the di...
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作者：Huang, Ji
作者单位：Chinese University of Hong Kong
摘要：This paper incorporates shadow banking modeled as off-balance-sheet financing in a continuous-time macro-finance framework. Regular banks pursue regulatory arbitrage via shadow banking, and they support their shadow banks with implicit guarantees. We show that an enforcement problem with implicit guarantees gives rise to an endogenous constraint on leverage for shadow banking. Our model captures that shadow banking is pro-cyclical and that shadow banking increases endogenous risk. Tightening b...
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作者：Nocke, Volker; Rey, Patrick
作者单位：University of California System; University of California Los Angeles; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：We develop a model of interlocking bilateral relationships between upstream firms (manufacturers) that produce differentiated goods and downstream firms (retailers) that compete imperfectly for consumers. Contract offers and acceptance decisions are private information to the contracting parties. We show that both exclusive dealing and vertical integration between a manufacturer and a retailer lead to vertical foreclosure, to the detriment of consumers and society. Finally, we show that firms ...
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作者：Song, Yangwei
作者单位：Humboldt University of Berlin
摘要：We consider a single object allocation problem with multidimensional signals and interdependent valuations. When agents' signals are statistically independent, Jehiel and Moldovanu (2001) show that efficient and Bayesian incentive compatible mechanisms generally do not exist. In this paper, we extend the standard model to accommodate maxmin agents and obtain necessary as well as sufficient conditions under which efficient allocations can be implemented. In particular, we derive a condition tha...
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作者：Chandrasekher, Madhav
摘要：This paper studies the role of informal commitments in dynamic choice under self-control. Informal commitments, in contrast to formal commitments, are ad hoc personal rules of behavior that are not always observable. Moreover, the effectiveness of these rules in constraining future choices is often dependent on the decision-maker. We model informal commitments using an extension of a standard planner doer model, after Thaler and Shefrin (1981). Taking a preference over menus (i.e. formal commi...
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作者：Gao, Feng; He, Alex Xi; He, Ping
作者单位：Tsinghua University; Massachusetts Institute of Technology (MIT)
摘要：Financial intermediaries may reduce welfare losses caused by hyperbolic discounting investors, who may liquidate their investment prematurely when the liquidation cost is low. In a competitive equilibrium, sophisticated investors are offered contracts with perfect commitment, and first best results are achieved; naive investors are attracted by contracts that offer seemingly attractive returns in the long run but introduce discontinuous penalties for early withdrawal. If the investor types are...
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作者：Manzini, Paola; Mariotti, Marco
作者单位：University of Sussex; IZA Institute Labor Economics; University of London; Queen Mary University London; University of Sussex; University of London; Queen Mary University London
摘要：Many prominent regularities of stochastic choice, such as the attraction, similarity and compromise effects, are incompatible with Random Utility Maximisation (RUM) as they violate Monotonicity. We argue that these regularities can be conveniently represented by a variation of RUM in which utility depends on only two states and state probabilities are allowed to depend on the menu. We call this model Dual Random Utility Maximisation (dRUM). dRUM is a parsimonious model that admits violations o...
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作者：Kikuchi, Tomoo; Stachurski, John; Vachadze, George
作者单位：Nanyang Technological University; Australian National University; City University of New York (CUNY) System; College of Staten Island (CUNY); City University of New York (CUNY) System
摘要：We study a model in which income and capital flows between countries are jointly determined in a world economy with integrated financial markets. In a setting that combines risky entrepreneurial activity with moral hazard, we find that a shift from autarky to financial integration leads to boom-bust cycles in capital flows, output and consumption. Moral hazard causes cycles because financial intermediaries incentivize effort by insisting entrepreneurs take an equity share in their own projects...
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作者：Sonmez, Tayfun; Unver, M. Utku; Yilmaz, Ozgur
作者单位：Boston College; Koc University; Koc University
摘要：Even though kidney exchange became an important source of kidney transplants over the last decade with the introduction of market design techniques to organ transplantation, the shortage of kidneys for transplantation is greater than ever. Due to biological disadvantages, patient populations of blood types B/O are disproportionately hurt by this increasing shortage. The disadvantaged blood types are overrepresented among minorities in the US. In order to mitigate the disproportionate harm to t...
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作者：Han, Jungsuk; Sangiorgi, Francesco
作者单位：Stockholm School of Economics; Frankfurt School Finance & Management
摘要：This paper provides a search-based information acquisition framework using an urn model with an asymptotic approach. The underlying intuition of the model is simple: when the scope of information search is more limited, marginal search efforts produce less useful information due to redundancy, but commonality of information among different agents increases. Consequently, limited information searchability induces a trade-off between an information source's precision and its commonality. In a be...
