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作者：Dillenberger, David; Gottlieb, Daniel; Ortoleva, Pietro
作者单位：University of Pennsylvania; University of London; London School Economics & Political Science; University of Southern California; Princeton University
摘要：We study how the separation of time and risk preferences relates to a property called stochastic impatience. We show that, within a broad class of models, stochastic impatience holds if and only if risk aversion and the inverse elasticity of intertemporal substitution are sufficiently close. In the models of Epstein and Zin (1989) and Hansen and Sargent (1995), stochastic impatience is violated for all commonly used parameters. Our result also provides a simple, one-question test for the separ...
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作者：Ely, Jeffrey C.
作者单位：Northwestern University
摘要：Nonpartisan voters can become polarized not because of ideology but because it is optimal for them to remain uninformed and cancel out the votes of uninformed voters on the other side. Indeed, when stuck in such a state of polarization, it is socially optimal to do so. Dynamics can lead an otherwise well-functioning assembly into irreversible polarization. Reputation effects might only make things worse.
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作者：Morgan, John; Tumlinson, Justin; Vardy, Felix
作者单位：University of California System; University of California Berkeley; University of Exeter; Technical University of Munich; International Monetary Fund
摘要：In the context of Krugman's (1979) canonical new trade model, we demonstrate that a country is better off in autarky than in free and costless trade when the productivity of its trading partner is sufficiently low.
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作者：Kubler, Felix; Selden, Larry; Wei, Xiao
作者单位：University of Zurich; Columbia University; Fudan University; Shanghai Institute of International Finance & Economics
摘要：For general choice spaces, standard dynamic preference models cannot simultaneously satisfy the properties of time consistency, the separation of time and risk preferences, and the ability to accommodate an indifference to the timing of when risk is resolved. In the context of a consumption-portfolio choice problem often underlying asset pricing and macro models, we derive necessary and sufficient conditions such that all three properties are satisfied. We also show that quantitatively reasona...
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作者：Agrawal, David R.; Bagh, Adib; Mardan, Mohammed
作者单位：University of Kentucky; Norwegian School of Economics (NHH)
摘要：The conventional wisdom is that a large jurisdiction sets a higher tax rate than a small jurisdiction. We show that this result arises due to simplifying assumptions that imply that tax-base sensitivities are equal across jurisdictions. When more than two jurisdictions compete in commodity taxes, tax-base sensitivities need not be equal across jurisdictions and a small jurisdiction can set a higher tax rate than a large jurisdiction. Our analysis extends to capital and profit taxes, and, more ...
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作者：Deb, Joyee; Ishii, Yuhta
作者单位：New York University; Pennsylvania State University; Pennsylvania State University - University Park; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University
摘要：We study the standard reputation model with a long-run (LR) player facing a sequence of short-run (SR) opponents, with one difference: the SR players are uncertain about the monitoring structure, while the LR player knows it. We construct examples where the standard reputation result breaks down: Even if there is a possibility that the LR player is a commitment type who always plays the action to which he wants to commit, there exist bad equilibria in which the LR player gets payoffs substanti...
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作者：Eliaz, Kfir; Spiegler, Ran
作者单位：Tel Aviv University; University of London; University College London
摘要：We present a model in which news media shape beliefs by providing information (signals about an exogenous state) and narratives (models of what determines outcomes). To amplify consumers' engagement, the media maximize their anticipatory utility. We characterize the optimal monopolistic media strategy, highlighting the synergy between false narratives and biased information. Consumer heterogeneity gives rise to a novel menu-design problem due to an equilibrium data externality among consumers....
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作者：Greinecker, Michael; Nielsen, Michael
作者单位：Texas A&M University System; Texas A&M University College Station
摘要：We show with a counterexample that Theorem 1 of Can intergenerational equity be operationalized? is wrong. The problem with Theorem 1 does not affect the remaining results of the paper, which form its core.
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作者：de Castro, Luciano; Galvao, Antonio F.; Nunes, Daniel
作者单位：University of Iowa; Michigan State University; Instituto Nacional de Matematica Pura e Aplicada (IMPA)
摘要：This paper studies a dynamic quantile model for intertemporal decisions under uncertainty, in which the decision maker maximizes the tau-quantile of the stream of future utilities, for tau is an element of (0,1). We present two sets of contributions. First, we generalize existing results in directions that are important for applications. In particular, the sets of choices and random shocks are general metric spaces, either connected or finite. Moreover, the future state is not exclusively dete...
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作者：Ben-porath, Elchanan; Dekel, Eddie; Lipman, Barton L.
作者单位：Hebrew University of Jerusalem; Hebrew University of Jerusalem; Northwestern University; Tel Aviv University; Boston University
摘要：We explore two interrelated models of hard information. In the evidence-acquisition model, an agent with private information searches for evidence to show the principal about her type. In the signal-choice model, a privately informed agent chooses an action generating a random signal whose realization may be correlated with her type. The signal-choice model is a special case, and as we show, under certain conditions, a reduced form of the evidence-acquisition model. We develop tools for charac...
