理论经济学
We consider the problem of revenue-maximizing Bayesian auction design with several bidders having independent private values over several items. We show that it can be reduced to the problem of continuous optimal transportation introduced…
Two type structures are hierarchy-equivalent if they induce the same set of hierarchies of beliefs. This note shows that the behavioral implications of "cautious rationality and common cautious belief in cautious rationality" (Catonini and…
This paper studies relations among axioms on individuals' intertemporal choices under risk. The focus is on Risk Averse over Time Lotteries (RATL), meaning that a fixed prize is preferred to a lottery with the same monetary prize but a…
We study the revenue-maximizing mechanism when a buyer's value evolves endogenously because of learning-by-consuming. A seller sells one unit of a divisible good, while the buyer relies on his private, rough valuation to choose his…
We study the wealth distribution of UK households through a detailed analysis of data from wealth surveys and rich lists, and propose a non-linear Kesten process to model the dynamics of household wealth. The main features of our model are…
"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…
I analyze long-term contracting in insurance markets with asymmetric information. The buyer privately observes her risk type, which evolves stochastically over time. A long-term contract specifies a menu of insurance policies, contingent on…
Keeping up with "The Joneses" matters. This paper examines a model of reference dependent choice where reference points are determined by social comparisons. An increase in the strength of social comparisons, even by only a few agents,…
In persuasion problems where the receiver's action is one-dimensional and his utility is single-peaked, optimal signals are characterized by duality, based on a first-order approach to the receiver's problem. A signal is optimal iff the…
We describe a context-sensitive model of choice, in which the selection process is shaped not only by the attractiveness of items but also by their semantics ('salience'). All items are ranked according to a relation of salience, and a…
Two characterizations of the whole class of strategy-proof aggregation rules on rich domains of locally unimodal preorders in finite median join-semilattices are provided. In particular, it is shown that such a class consists precisely of…
We study a model of delegation in which a principal takes a multidimensional action and an agent has private information about a multidimensional state of the world. The principal can design any direct mechanism, including stochastic ones.…
In this paper we propose a geometric approach to the selection of the equi- librium price. After a perturbation of the parameters, the new price is selected thorough the composition of two maps: the projection on the linearization of the…
A range of empirical puzzles in finance has been explained as a consequence of traders being averse to ambiguity. Ambiguity averse traders can behave in financial portfolio problems in ways that cannot be rationalized as maximizing…
We study some problems of collective choice when individuals can have expressive preferences, that is, where a decision-maker may care not only about the material benefit from choosing an action but also about some intrinsic morality of the…
Current electric vehicle market trends indicate an increasing adoption rate across several countries. To meet the expected growing charging demand, it is necessary to scale up the current charging infrastructure and to mitigate current…
We provide tools to analyze information design problems subject to constraints. We do so by extending the insight in Le Treust and Tomala (2019) to the case of multiple inequality and equality constraints. Namely, that an information design…
We study efficiency in general collective choice problems where agents have ordinal preferences and randomization is allowed. We explore the structure of preference profiles where ex-ante and ex-post efficiency coincide, offer a unifying…
This paper proposes a new approach to training recommender systems called deviation-based learning. The recommender and rational users have different knowledge. The recommender learns user knowledge by observing what action users take upon…
The Condorcet criterion (CC) is a classical and well-accepted criterion for voting. Unfortunately, it is incompatible with many other desiderata including participation (Par), half-way monotonicity (HM), Maskin monotonicity (MM), and…