理论经济学
This paper surveys and generalizes the main valuation formulas used in real estate valuation and presents unified proofs. The results are otherwise scattered in obscure journals and books while the proofs are rarely available to researchers…
We explore the challenges and opportunities of transitioning towards sustainable food systems through the lens of democratic food governance fostering inclusive and systemic transformation. Drawing on concepts of wicked problems and systems…
Equilibrium predictions in games of incomplete information are sensitive to the assumed information structure. Monderer and Samet (1996) and Kajii and Morris (1998) define topological notions of proximity for common prior information…
An axiomatic characterization of Nash equilibrium is provided for games in normal form. The Nash equilibrium correspondence is shown to be fully characterized by four simple and intuitive axioms, two of which are inspired by contraction and…
We distinguish two frameworks for decisions under ambiguity: evaluate-then-aggregate (ETA) and aggregate-then-evaluate (ATE). Given a statistic that represents the decision maker's pure-risk preferences (such as expected utility) and an…
In a typical model of private information and choice under uncertainty, a decision maker observes a signal, updates her prior beliefs using Bayes rule, and maximizes her expected utility. If the decision maker's utility function satisfies…
This study proposes a novel solution concept--the w-value--for cooperative games with public externalities. The w-value is axiomatically founded on three principles: Pareto Optimality (PO), Market Equilibrium (ME), and Fiscal Balance (FB),…
Lotteries are commonly employed in school choice to fairly resolve priority ties; however, current practices typically keep students uninformed about their lottery outcomes at the time of preference submission. This paper advocates for…
In a paper published in The Economic Journal in 2000, Weisbuch et al.\ introduce a model for buyers' preferences to the various sellers in over-the-counter (OTC) fish markets. While this model has become an archetype of economic…
We introduce a graph-theoretic framework based on discrete sheaves to diagnose and localize inconsistencies in preference aggregation. Unlike traditional linearization methods (e.g., HodgeRank), this approach preserves the discrete…
This paper examines the market for AI models in which firms compete to provide accurate model predictions and consumers exhibit heterogeneous preferences for model accuracy. We develop a consumer-firm duopoly model to analyze how…
Classical spatial models predict platform convergence, yet empirical polarization persists. This paper proposes a non-electoral mechanism: lobbying as a monopsonistic market for legislative support. Here, extreme benefactors must pay more…
We study misspecified Bayesian learning in principal-agent relationships, where an agent is assessed by an evaluator and rewarded by the market. The agent's outcome depends on their innate ability, costly effort -- whose effectiveness is…
A profit-maximizing monopolist curates a database for users seeking to learn a parameter. There are two user types: "Nowcasters" wish to learn the parameter's current value, while "forecasters" target its long-run value. Data storage…
The Millennium Challenge Corporation (MCC), started in 2004 by the United States Congress, focuses on development initiatives involving good governance, sustainable economic growth, and poverty reduction. Since its inception, it has…
Our work investigates the economic efficiency of the prevailing "ladder-step" investment strategy in oil and gas exploration, which advocates for the incremental acquisition of geological information throughout the project lifecycle. By…
A decision-maker periodically acquires information about a changing state, controlling both the timing and content of updates. I characterize optimal policies using a decomposition of the dynamic problem into optimal stopping and static…
This paper revisits the Arrow-Debreu general equilibrium framework through the lens of effective trade, emphasizing the distinction between theoretical and realizable market interactions. We develop the Effective Trade Model (ETM), where…
This paper presents a social learning model where the network structure is endogenously determined by signal precision and dimension choices. Agents not only choose the precision of their signals and what dimension of the state to learn…
This paper investigates a model of partition dependence, a widely reported experimental finding where the agent's reported beliefs depend on how the states are grouped. In the model, called Entropy Regularized Belief Reporting (ERBR), the…