理论经济学

Liquid democracy allows members of an electorate to either directly vote over alternatives, or delegate their voting rights to someone they trust. Most of the liquid democracy literature and implementations allow each voter to nominate only…

McFadden and Richter (1991) and later McFadden (2005) show that the Axiom of Revealed Stochastic Preference characterizes rationalizability of choice probabilities through random utility models on finite universal choice spaces. This note…

We consider a model for decision making based on an adaptive, k-period, learning process where the priors are selected according to Von Neumann-Morgenstern expected utility principle. A preference relation between two prospects is…

A principal can restrict an agent's information (the persuasion problem) or restrict an agent's discretion (the delegation problem). We show that these problems are generally equivalent - solving one solves the other. We use tools from the…

Existing cooperative game theoretic studies of bargaining power in gas pipeline systems are based on the so called characteristic function form (CFF). This approach is potentially misleading if some pipelines fall under regulated third…

Nowadays, we are surrounded by a large number of complex phenomena ranging from rumor spreading, social norms formation to rise of new economic trends and disruption of traditional businesses. To deal with such phenomena,Complex Adaptive…

In this study, we consider traveler coupon redemption behavior from the perspective of an urban mobility service. Assuming traveler behavior is in accordance with the principle of utility maximization, we first formulate a baseline…

We study a finite horizon optimal contracting problem of a risk-neutral principal and a risk-averse agent who receives a stochastic income stream when the agent is unable to make commitments. The problem involves an infinite number of…

We are studying the Gately point, an established solution concept for cooperative games. We point out that there are superadditive games for which the Gately point is not unique, i.e. in general the concept is rather set-valued than an…

Interdistrict school choice programs-where a student can be assigned to a school outside of her district-are widespread in the US, yet the market-design literature has not considered such programs. We introduce a model of interdistrict…

We present a limits-to-arbitrage model to study the impact of securitization, leverage and credit risk protection on the cyclicity of bank credit. In a stable bank credit situation, no cycles of credit expansion or contraction appear.…

The present authors have put forward a quantum game theory based model of market prices movements. By using Fisher information, we present a construction of an equation of Schr\"{o}dinger type for probability distributions for relationship…

This note considers cartel stability when the cartelized products are vertically differentiated. If market shares are maintained at pre-collusive levels, then the firm with the lowest competitive price-cost margin has the strongest…

This paper investigates the consumption and risk taking decision of an economic agent with partial irreversibility of consumption decision by formalizing the theory proposed by Duesenberry (1949). The optimal policies exhibit a type of the…

Over the past five decades a number of multilateral index number systems have been proposed for spatial and cross-country price comparisons. These multilateral indexes are usually expressed as solutions to systems of linear or nonlinear…

Growth theory has rarely considered energy despite its invisible hand in all physical systems. We develop a theoretical framework that places energy transfers at centerstage of growth theory based on two principles: (1) goods are material…

In group decision making, the preference map and Cook-Seiford vector are two concepts as ways of describing ties-permitted ordinal rankings. This paper shows that they are equivalent for representing ties-permitted ordinal rankings.…

This paper studies the income fluctuation problem with capital income risk (i.e., dispersion in the rate of return to wealth). Wealth returns and labor earnings are allowed to be serially correlated and mutually dependent. Rewards can be…

We define and investigate a property of mechanisms that we call "strategic simplicity," and that is meant to capture the idea that, in strategically simple mechanisms, strategic choices require limited strategic sophistication. We define a…

We suggest that one individual holds multiple degrees of belief about an outcome, given the evidence. We then investigate the implications of such noisy probabilities for a buyer and a seller of binary options and find the odds agreed upon…