理论经济学
Players are statistical learners who learn about payoffs from data. They may interpret the same data differently, but have common knowledge of a class of learning procedures. I propose a metric for the analyst's "confidence" in a strategic…
We study the plausibility of sub-optimal Nash equilibria of the direct revelation mechanism associated with a strategy-proof social choice function. By using the recently introduced empirical equilibrium analysis (Velez and Brown, 2019,…
Let V be a finite society whose members express weak orderings (hence also indifference, possibly) about two alternatives. We show a simple representation formula that is valid for all, and only, anonymous, non-manipulable, binary social…
We give a structure theorem for all coalitionally strategy-proof social choice functions whose range is a subset of cardinality two of a given larger set of alternatives. We provide this in the case where the voters/agents are allowed to…
We show that, with indivisible goods, the existence of competitive equilibrium fundamentally depends on agents' substitution effects, not their income effects. Our Equilibrium Existence Duality allows us to transport results on the…
Several structural results for the set of competitive equilibria in trading networks with frictions are established: The lattice theorem, the rural hospitals theorem, the existence of side-optimal equilibria, and a…
We study environments in which agents are randomly matched to play a Prisoner's Dilemma, and each player observes a few of the partner's past actions against previous opponents. We depart from the existing related literature by allowing a…
Black and Cox (1976) claim that the value of junior debt is increasing in asset risk when the firm's value is low. We show, using closed-form solution, that the junior debt's value is hump-shaped. This has interesting implications for the…
We develop a framework in which individuals' preferences coevolve with their abilities to deceive others about their preferences and intentions. Specifically, individuals are characterised by (i) a level of cognitive sophistication and (ii)…
We investigate how distorted, yet structured, beliefs can persist in strategic situations. Specifically, we study two-player games in which each player is endowed with a biased-belief function that represents the discrepancy between a…
McCall (1970) examines the search behaviour of an infinitely-lived and risk-neutral job seeker maximizing her lifetime earnings by accepting or rejecting real-valued scalar wage offers. In practice, job offers have multiple attributes, and…
We provide an exact analytical solution of the Nash equilibrium for the $k$th price auction by using inverse of distribution functions. As applications, we identify the unique symmetric equilibrium where the valuations have polynomial…
This paper develops a Nash-equilibrium extension of the classic SIR model of infectious-disease epidemiology ("Nash SIR"), endogenizing people's decisions whether to engage in economic activity during a viral epidemic and allowing for…
I study a repeated game in which a patient player (e.g., a seller) wants to win the trust of some myopic opponents (e.g., buyers) but can strictly benefit from betraying them. Her benefit from betrayal is strictly positive and is her…
I study repeated communication games between a patient sender and a sequence of receivers. The sender has persistent private information about his psychological cost of lying, and in every period, can privately observe the realization of an…
For a many-to-many matching market, we study the lattice structure of the set of random stable matchings. We define a partial order on the random stable set and present two intuitive binary operations to compute the least upper bound and…
In fair division problems, we are given a set $S$ of $m$ items and a set $N$ of $n$ agents with individual preferences, and the goal is to find an allocation of items among agents so that each agent finds the allocation fair. There are…
The standard solution concept for stochastic games is Markov perfect equilibrium (MPE); however, its computation becomes intractable as the number of players increases. Instead, we consider mean field equilibrium (MFE) that has been…
Plurality and approval voting are two well-known voting systems with different strengths and weaknesses. In this paper we consider a new voting system we call beta(k) which allows voters to select a single first-choice candidate and approve…
If agents cooperate only within small groups of some bounded sizes, is there a way to partition the population into small groups such that no collection of agents can do better by forming a new group? This paper revisited f-core in a…