理论经济学
I study a repeated auction in which payments are made with a blockchain token created and initially owned by the auction designer. Unlike the ``virtual money'' previously examined in mechanism design, such tokens can be saved and traded…
The Combinatorial Multi-Round Ascending Auction (CMRA) is a new auction format used in recent European spectrum auctions. We show that an auction-specific version of truthful bidding leads to an efficient allocation. We then characterize…
In this paper, I introduce a novel benchmark in games, super-Nash performance, and a solution concept, optimin, whereby players maximize their minimal payoff under unilateral profitable deviations by other players. Optimin achieves…
We study Pareto-optimal risk sharing in economies with heterogeneous attitudes toward risk, where agents' preferences are modeled by distortion risk measures. Building on comonotonic and counter-monotonic improvement results, we show that…
We propose and study a model of strategic network design and exploration where the hider, subject to a budget constraint restricting the number of links, chooses a connected network and the location of an object. Meanwhile, the seeker, not…
Algorithmic recommendation based on noisy preference measurement is prevalent in recommendation systems. This paper discusses the consequences of such recommendation on market concentration and inequality. Binary types denoting a…
This paper studies an exponential bandit model in which a group of agents collectively decide whether to undertake a risky action $R$. This action is implemented if the fraction of agents voting for it exceeds a predetermined threshold $k$.…
Reducing wealth inequality is a global challenge, and the problems of capitalism stem from the enclosure of the commons and the breakdown of the community. According to previous studies by Polanyi, Karatani, and Graeber, economic modes can…
Budgetary constraints force organizations to pursue only a subset of possible innovation projects. Identifying which subset is most promising is an error-prone exercise, and involving multiple decision makers may be prudent. This raises the…
The strategic choice of model "openness" has become a defining issue for the foundation model (FM) ecosystem. While this choice is intensely debated, its underlying economic drivers remain underexplored. We construct a two-period…
Newfoundland and Labrador's municipalities face severe soft budget pressures due to narrow tax bases, high fixed service costs, and volatile resource revenues. We develop a Stackelberg style mechanism design model in which the province…
A principal and an agent divide a surplus. Only the agent knows the surplus' true size and decides how much of it to reveal initially. Both parties can exert costly effort to conclusively prove the surplus' true size. The agent's liability…
In multi-item screening, optimal selling mechanisms are challenging to characterize and implement, even with full knowledge of valuation distributions. In this paper, we aim to develop tractable, interpretable, and implementable mechanisms…
In this paper, we study third-degree price discrimination in a model first presented by Bergemann, Brooks, and Morris [2015]. Since such price discrimination might create market segments with vastly different posted prices, we consider…
This study examines strategic behavior in crowdfunding using a large-scale online experiment. Building on the model of Arieli et. al 2023, we test predictions about risk aversion (i.e., opting out despite seeing a positive private signal)…
Feeding a larger and wealthier global population without transgressing ecological limits is increasingly challenging, as rising food demand (especially for animal products) intensifies pressure on ecosystems, accelerates deforestation, and…
Strong empirical evidence from laboratory experiments, and more recently from population surveys, shows that individuals, when evaluating their situations, pay attention to whether they experience gains or losses, with losses weighing more…
This paper introduces the concept of perfect monotone equilibrium in Bayesian games, which refines the standard monotone equilibrium by accounting for the possibility of unintended moves (trembling hand) and thereby enhancing robustness to…
Many of the world's renewable resources are in decline. Optimal harvests with smooth recruitment is well studied but in recent years, ecologists have concluded that tipping points in recruitment are common. Recruitment with a tipping point…
We explore a broad class of values for cooperative games in characteristic function form, known as \emph{compromise values\/}. These values efficiently allocate payoffs by linearly combining well-specified upper and lower bounds on payoffs.…