理论经济学
We propose generalized versions of strong equity and Pigou-Dalton transfer principle. We study the existence and the real valued representation of social welfare relations satisfying these two generalized equity principles. Our results…
In a housing market of Shapley and Scarf, each agent is endowed with one indivisible object and has preferences over all objects. An allocation of the objects is in the (strong) core if there exists no (weakly) blocking coalition. In this…
This paper provides a behavioral analysis of conservatism in beliefs. I introduce a new axiom, Dynamic Conservatism, that relaxes Dynamic Consistency when information and prior beliefs "conflict." When the agent is a subjective expected…
We propose and axiomatize the categorical thinking model (CTM) in which the framing of the decision problem affects how agents categorize alternatives, that in turn affects their evaluation of it. Prominent models of salience, status quo…
Empirical evidence suggests that the rich have higher propensity to save than do the poor. While this observation may appear to contradict the homotheticity of preferences, we theoretically show that that is not the case. Specifically, we…
We study the nature (i.e., constructive as opposed to non-constructive) of social welfare orders on infinite utility streams, and their representability by means of real-valued functions. We assume finite anonymity and introduce a new…
We provide two characterizations, one axiomatic and the other neuro-computational, of the dependence of choice probabilities on deadlines, within the widely used softmax representation \[ p_{t}\left( a,A\right) =\dfrac{e^{\frac{u\left(…
We study interactions between strategic players and markets whose behavior is guided by an algorithm. Algorithms use data from prior interactions and a limited set of decision rules to prescribe actions. While as-if rational play need not…
Large-scale institutional changes require strong commitment and involvement of all stakeholders. We use the standard framework of cooperative game theory developed by Ichiishi (1983, pp. 78-149) to: (i) establish analytically the difference…
The Kolkata Paise Restaurant Problem is a challenging game, in which $n$ agents must decide where to have lunch during their lunch break. The game is very interesting because there are exactly $n$ restaurants and each restaurant can…
We examine how the randomness of behavior and the flow of information between agents affect the formation of opinions. Our main research involves the process of opinion evolution, opinion clusters formation and studying the probability of…
This paper proposes a simple descriptive model of discrete-time double auction markets for divisible assets. As in the classical models of exchange economies, we consider a finite set of agents described by their initial endowments and…
Carroll and Kimball (1996) have shown that, in the class of utility functions that are strictly increasing, strictly concave, and have nonnegative third derivatives, hyperbolic absolute risk aversion (HARA) is sufficient for the concavity…
Strategy-proof mechanisms are widely used in market design. In an abstract allocation framework where outside options are available to agents, we obtain two results for strategy-proof mechanisms. They provide a unified foundation for…
We introduce a model of polarization in networks as a unifying framework for the measurement of polarization that covers a wide range of applications. We consider a sufficiently general setup for this purpose: node- and edge-weighted,…
We study population dynamics under which each revising agent tests each strategy k times, with each trial being against a newly drawn opponent, and chooses the strategy whose mean payoff was highest. When k = 1, defection is globally stable…
Data are invaluable. How can we assess the value of data objectively, systematically and quantitatively? Pricing data, or information goods in general, has been studied and practiced in dispersed areas and principles, such as economics,…
We introduce a new updating rule, the conditional maximum likelihood rule (CML) for updating ambiguous information. The CML formula replaces the likelihood term in Bayes' rule with the maximal likelihood of the given signal conditional on…
We study a disclosure game with a large evidence space. There is an unknown binary state. A sender observes a sequence of binary signals about the state and discloses a left truncation of the sequence to a receiver in order to convince him…
We seek to take a different approach in deriving the optimal search policy for the repeated consumer search model found in Fishman and Rob (1995) with the main motivation of dropping the assumption of prior knowledge of the price…