-
作者：Caplin, Andrew; Dean, Mark
作者单位：New York University; Brown University
摘要：With complete information, choice of one option over another conveys preference. Yet when search is incomplete, this is not necessarily the case. It may instead reflect unawareness that a superior alternative was available. To separate these phenomena, we consider nonstandard data on the evolution of provisional choices with contemplation time. We characterize precisely when the resulting data could have been generated by a general form of sequential search. We characterize also search that te...
-
作者：Siniscalchi, Marciano
作者单位：Northwestern University
摘要：This paper analyzes dynamic choice for decision makers whose preferences violate Savage's sure-thing principle (Savage 1954) and, therefore, give rise to violations of dynamic consistency. The consistent-planning approach introduced by Strotz (1955-1956) provides one way to deal with dynamic inconsistencies; however, consistent planning is typically interpreted as a solution concept for a game played by multiple selves of the same individual. The main result of this paper shows that consistent...
-
作者：Chassang, Sylvain; Takahashi, Satoru
作者单位：Princeton University
摘要：This paper extends the framework of Kajii and Morris (1997) to study the question of robustness to incomplete information in repeated games. We show that dynamically robust equilibria can be characterized using a one-shot robustness principle that extends the one-shot deviation principle. Using this result, we compute explicitly the set of dynamically robust equilibrium values in the repeated prisoners' dilemma. We show that robustness requirements have sharp intuitive implications regarding w...
-
作者：Eliaz, Kfir; Spiegler, Ran
作者单位：Brown University; University of London; University College London; Tel Aviv University
摘要：When a firm decides which products to offer or put on display, it takes into account the products' ability to attract attention to the brand name as a whole. Thus, the value of a product to the firmemanates from the consumer demand it directly meets, as well as the indirect demand it generates for the firms' other products. We explore this idea in the context of a stylized model of competition between media content providers (broadcast TV channels, internet portals, newspapers) over consumers ...
-
作者：Hayashi, Takashi; Miao, Jianjun
作者单位：University of Texas System; University of Texas Austin; Boston University; Central University of Finance & Economics; Zhejiang University
摘要：In this paper, we establish an axiomatically founded generalized recursive smooth ambiguity model that allows for a separation among intertemporal substitution, risk aversion, and ambiguity aversion. We axiomatize this model using two approaches: the second-order act approach a la Klibanoff et al. (2005) and the two-stage randomization approach a la Seo (2009). We characterize risk attitude and ambiguity attitude within these two approaches. We then discuss our model's application in asset pri...
-
作者：Pathak, Parag A.; Sethuraman, Jay
作者单位：Massachusetts Institute of Technology (MIT); Columbia University
摘要：This paper formally examines two competing methods of conducting a lottery to assign students to schools, motivated by the design of the centralized high school student assignment system in New York City. The main result of the paper is that single and multiple lottery mechanisms are equivalent for the problem of allocating students to schools in which students have strict preferences and the schools are indifferent. In proving this result, a new approach is introduced that simplifies and unif...
-
作者：Dizdar, Deniz; Gershkov, Alex; Moldovanu, Benny
作者单位：University of Bonn; Hebrew University of Jerusalem
摘要：We analyze maximization of revenue in the dynamic and stochastic knapsack problem where a given capacity needs to be allocated by a given deadline to sequentially arriving agents. Each agent is described by a two-dimensional type that reflects his capacity requirement and his willingness to pay per unit of capacity. Types are private information. We first characterize implementable policies. Then we solve the revenue maximization problem for the special case where there is private information ...
-
作者：Mauleon, Ana; Vannetelbosch, Vincent J.; Vergote, Wouter
作者单位：Universite Catholique Louvain
摘要：We adopt the notion of von Neumann-Morgenstern (vNM) farsightedly stable sets to determine which matchings are possibly stable when agents are farsighted in one-to-one matching problems. We provide the characterization of vNM farsightedly stable sets: a set of matchings is a vNM farsightedly stable set if and only if it is a singleton subset of the core. Thus, contrary to the vNM (myopically) stable sets (Ehlers 2007), vNM farsightedly stable sets cannot include matchings that are not in the c...
-
作者：Bikhchandani, Sushil; Segal, Uzi
作者单位：University of California System; University of California Los Angeles; Boston College
摘要：Preferences may arise from regret, i.e., from comparisons with alternatives forgone by the decision maker. We ask whether regret-based behavior is consistent with nonexpected utility theories of transitive choice and show that the answer is no. If choices are governed by ex ante regret and rejoicing, then nonexpected utility preferences must be intransitive.
-
作者：Kojima, Fuhito
作者单位：Stanford University
摘要：In a matching problem between students and schools, a mechanism is said to be robustly stable if it is stable, strategy-proof, and immune to a combined manipulation, where a student first misreports her preferences and then blocks the matching that is produced by the mechanism. We find that even when school priorities are publicly known and only students can behave strategically, there is a priority structure for which no robustly stable mechanism exists. Our main result shows that there exist...
