理论经济学
The betweenness property of preference relations states that a probability mixture of two lotteries should lie between them in preference. It is a weakened form of the independence property and hence satisfied in expected utility theory…
In the paper there is studied an optimal saving model in which the interest-rate risk for saving is a fuzzy number. The total utility of consumption is defined by using a concept of possibilistic expected utility. A notion of possibilistic…
We present an analysis of the Proof-of-Work consensus algorithm, used on the Bitcoin blockchain, using a Mean Field Game framework. Using a master equation, we provide an equilibrium characterization of the total computational power devoted…
We study the incentive properties of envy-free mechanisms for the allocation of rooms and payments of rent among financially constrained roommates. Each agent reports her values for rooms, her housing earmark (soft budget), and an index…
We consider a small set of axioms for income averaging -- recursivity, continuity, and the boundary condition for the present. These properties yield a unique averaging function that is the density of the reflected Brownian motion with a…
This survey explores the literature on game-theoretic models of network formation under the hypothesis of mutual consent in link formation. The introduction of consent in link formation imposes a coordination problem in the network…
We consider the problem of a decision-maker searching for information on multiple alternatives when information is learned on all alternatives simultaneously. The decision-maker has a running cost of searching for information, and has to…
An increasing number of decisions are guided by machine learning algorithms. In many settings, from consumer credit to criminal justice, those decisions are made by applying an estimator to data on an individual's observed behavior. But…
A fundamental property of choice functions is stability, which, loosely speaking, prescribes that choice sets are invariant under adding and removing unchosen alternatives. We provide several structural insights that improve our…
The optimal price of each firm falls in the search cost of consumers, in the limit to the monopoly price, despite the exit of lower-value consumers in response to costlier search. Exit means that fewer inframarginal consumers remain. The…
In recent years, many scholars praised the seemingly endless possibilities of using machine learning (ML) techniques in and for agent-based simulation models (ABM). To get a more comprehensive understanding of these possibilities, we…
The simple pairwise comparison is a method to provide different criteria with weights. We show that the values of those weights (in particular the maximum) depend just on the number of criteria. Additionally, it is shown that the distance…
Reinforcement learning algorithms describe how an agent can learn an optimal action policy in a sequential decision process, through repeated experience. In a given environment, the agent policy provides him some running and terminal…
I consider decision-making constrained by considerations of morality, rationality, or other virtues. The decision maker (DM) has a true preference over outcomes, but feels compelled to choose among outcomes that are top-ranked by some…
We study intertemporal decision making under uncertainty. We fully characterize discounted expected utility in a framework \`a la Savage. Despite the popularity of this model, no characterization is available in this setting. The concept of…
Models of social learning feature either binary signals or abstract signal structures often deprived of micro-foundations. Both models are limited when analyzing interim results or performing empirical analysis. We present a method of…
A Euclidean path integral is used to find an optimal strategy for a firm under a Walrasian system, Pareto optimality and a non-cooperative feedback Nash Equilibrium. We define dynamic optimal strategies and develop a Feynman type path…
We study how a principal should optimally choose between implementing a new policy and maintaining the status quo when information relevant for the decision is privately held by agents. Agents are strategic in revealing their information;…
There is increasing regulatory interest in whether machine learning algorithms deployed in consequential domains (e.g. in criminal justice) treat different demographic groups "fairly." However, there are several proposed notions of…
We derive a revenue-maximizing scheme that charges customers who are homogeneous with respect to their waiting cost parameter for a random fee in order to become premium customers. This scheme incentivizes all customers to purchase…