理论经济学

In this paper, we study the public procurement market through the lens of game theory by modeling it as a strategic game with discontinuous and non-quasiconcave payoffs. We first show that the game admits no Nash equilibrium in pure…

We study core concepts in the Shapley-Scarf housing market model under unrestricted weak preferences. Among standard concepts, the strong core may be empty while the nonempty weak core may contain Pareto inefficient allocations. We propose…

We employ the consistency principle to evaluate core concepts in an indivisible object allocation model with intricate co-ownership. In this environment, the strong core is consistent but may be empty, the weak core is nonempty but neither…

I use a novel approach to compare information in several classes of moral hazard problems: implementability, cost under risk neutrality and limited liability, and cost facing an agent with a general preference for money. Incentives in moral…

In many reserve-based affirmative action systems, admission cutoffs are publicly disclosed to enable students to verify whether reserved seats are correctly assigned. We introduce a verifiability criterion: each student must be able to…

Consumer heterogeneity in revealed-preference data is larger than bilateral rationality tests can reveal. We construct a continuous nonparametric metric of this hidden heterogeneity by repeatedly subsampling choices, partitioning consumers…

How does competition in markets for information affect the creation and division of surplus? We study this question in a search environment in which an agent searches sequentially for a high-quality good and learns about the quality of…

We propose a generalization of Quantal Response Equilibrium (QRE) built on a simple premise: some actions are more focal than others. In our model, which we call the Focal Quantal Response Equilibrium (Focal QRE), each player plays a…

We explore heterogeneous prices as a source of heterogeneous or stochastic demand. Heterogeneous prices could arise either because there is actual price variation among consumers or because consumers (mis)perceive prices differently. Our…

This paper establishes non-asymptotic convergence of the cutoffs in Random serial dictatorship in an environment with many students, many schools, and arbitrary student preferences. Convergence is shown to hold when the number of schools,…

Ambiguity-averse decision makers typically dislike not only the presence of ambiguous events but also their increase, contrary to what standard ambiguity models predict. We axiomatically study such a decision maker. She avoids ex ante…

This study investigates the effects of artificial intelligence (AI) adoption in organizations. We ask: First, how should a principal optimally deploy limited AI resources to replace workers in a team? Second, in a sequential workflow, which…

The price system is often said to economize on information, but economics has lacked a formal measure of how much information it saves. This paper develops such a measure. We construct a proof-theoretic framework for decentralized…

Why do societies remain stuck in inferior institutions even when superior al ternatives are widely recognized? This paper develops a model in which agents choose not only actions within a game but also transformations of the game it self.…

Why do inefficient practices, technologies, or institutions persist even when su perior alternatives are available? This paper introduces a quantal response equilib rium with status-quo bias (QRE-SB) in which each player incurs a fixed…

A principal contracts with an agent through an informed delegate. Although the principal cannot directly mediate the interaction, she can restrict the menus of contracts the delegate may offer. We characterize the outcomes implementable…

In this paper, we construct an analytical model of the data economy with empirical evidence to explain the nexus between dataization and technological progress in general equilibrium. Data originates from the dataization of firm total…

Tirole (1985) studied an overlapping generations model with capital accumulation and showed that the emergence of asset bubbles solves the capital over-accumulation problem. His Proposition 1(c) claims that if the dividend growth rate is…

Priority-based allocation of individuals to positions are pervasive, and elimination of justified envy is often, an absolute requirement. This leaves serial dictatorship (SD) as the only rule that avoids justified envy under standard direct…

I study dynamic contracting where Sender privately observes a Markovian state and seeks to motivate Receiver, who acts. Sender provides incentives in two ways: payments, which alter payoffs ex-post, and (Bayesian) persuasion, which shapes…