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作者：Auster, Sarah; Pavoni, Nicola
作者单位：University of Bonn; Bocconi University
摘要：We study the delegation problem between a principal and an agent, who not only has better information about the performance of the available actions but also superior awareness of the set of actions that are actually feasible. We provide conditions under which the agent finds it optimal to leave the principal unaware of relevant options. By doing so, the agent increases the principal's cost of distorting the agent's choices and increases the principal's willingness to grant him higher informat...
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作者：Liang, Annie; Madsen, Erik
作者单位：Northwestern University; New York University
摘要：Big data gives markets access to previously unmeasured characteristics of individual agents. Policymakers must decide whether and how to regulate the use of this data. We study how new data affects incentives for agents to exert effort in settings such as the labor market, where an agent's quality is initially unknown but is forecast from an observable outcome. We show that measurement of a new covariate has a systematic effect on the average effort exerted by agents, with the direction of the...
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作者：Bohren, J. Aislinn
作者单位：University of Pennsylvania
摘要：This paper explores how the persistence of past choices creates incentives in a continuous time stochastic game involving a large player (e.g., a firm) and a sequence of small players (e.g., customers). The large player faces moral hazard and her actions are distorted by a Brownian motion. Persistence refers to how actions impact a payoff-relevant state variable (e.g., product quality depends on past investment). I characterize actions and payoffs in Markov perfect equilibria (MPE) for a fixed...
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作者：Huang, Xuesong
作者单位：Sun Yat Sen University
摘要：I study whether self-fulfilling bank runs can occur when banks use sophisticated contracts and withdrawal decisions are public information. In a finite-agent version of Diamond and Dybvig (1983) with correlated types, I first present an example in which a bank run perfect Bayesian equilibrium exists. However, its existence relies on off-path beliefs that are unreasonable in terms of forward induction. To discipline beliefs, I use forward induction equilibrium (Cho (1987)) as the solution conce...
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作者：Gretschko, Vitali; Mass, Helene
作者单位：University of Munster; University of Bonn
摘要：The usual analysis of bidding in first-price auctions assumes that bidders know the distribution of valuations. We analyze first-price auctions in which bidders do not know the precise distribution of their competitors' valuations, but only the mean of the distribution. We propose a novel equilibrium solution concept based on worst-case reasoning. We find an essentially unique and efficient worst-case equilibrium of the first-price auction that has appealing properties from both the bidders' a...
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作者：Zhang, Mengxi
作者单位：University of Bonn
摘要：I investigate the design of effort-maximizing mechanisms when agents have both private information and convex effort costs, and the designer has a fixed prize budget. I first demonstrate that it is always optimal for the designer to utilize a contest with as many participants as possible. Further, I identify a necessary and sufficient condition for the winner-takes-all prize structure to be optimal. When this condition fails, the designer may prefer to award multiple prizes of descending sizes...
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作者：Betto, Maria; Thomas, Matthew W.
作者单位：Northwestern University
摘要：When opposing parties compete for a prize, the sunk effort players exert during the conflict can affect the value of the winner's reward. These spillovers can have substantial influence on the equilibrium behavior of participants in applications such as lobbying, warfare, labor tournaments, marketing, and R&D races. To understand this influence, we study a general class of asymmetric, two-player all-pay auctions where we allow for spillovers in each player's reward. The link between participan...
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作者：Kang, Kee-Youn
作者单位：Yonsei University
摘要：We develop a monetary model in which a private company issues digital currency and uses payment data to estimate consumers' preferences. Sellers purchase preference information to produce goods that better match consumers' preferences. A monopoly arises in the digital currency industry, and digital currency is not issued if the inflation rate is sufficiently high. Due to reinforcing interactions between the value of preference information and trade volume, multiple equilibria (with and without...
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作者：Barilla, Cesar; Goncalves, Duarte
作者单位：Columbia University; University of London; University College London
摘要：We study a model in which two players with opposing interests try to alter a status quo through instability-generating actions. We show that instability can be used to secure longer-term durable changes, even if it is costly to generate and does not generate short-term gains. In equilibrium, instability generated by a player decreases when the status quo favors them more. Equilibrium always exhibits a region of stable states in which the status quo persists. As players' threat power increases,...
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作者：Queiros, Francisco
作者单位：University of Naples Federico II; University of Naples Federico II
摘要：This paper studies the interplay between asset bubbles and product market competition. It offers two main insights. The first is that imperfect competition creates a wedge between interest rates and the marginal product of capital. This makes rational bubbles possible even when there is no overaccumulation of capital. The second is that when providing a production subsidy, bubbles stimulate competition and reduce monopoly rents. I show that bubbles can destroy efficient investment and have amb...
