理论经济学
The consumption function maps current wealth and the exogenous state to current consumption. We prove the existence and uniqueness of a consumption function when the agent has a preference for wealth. When the period utility functions are…
We study solution concepts for normal-form games. We obtain a characterization of Nash equilibria and logit quantal response equilibria, as well as generalizations capturing non-expected utility. Our axioms reflect that players are…
A seller wants to sell a good to a set of bidders using a credible mechanism. We show that when the seller has private information about her cost, it is impossible for a static mechanism to achieve the optimal revenue. In particular, even…
Over the past decade alternatives to traditional insurance and banking have grown in popularity. The desire to encourage local participation has lead products such as peer-to-peer insurance, reciprocal contracts, and decentralized finance…
This paper investigates the strategic implications of the uniform rank-minimizing mechanism (URM), an assignment rule that selects uniformly from the set of deterministic assignments minimizing the sum of agents' reported ranks. We focus on…
Focusing on stochastic finite-action mechanisms, we study implementation in undominated strategies and iteratively undominated strategies. We establish both possibility and impossibility results that resolve the open question in B\"orgers…
This document offers a synthesis of recent economic literature on three interconnected areas of labor markets: informality, the effects of the minimum wage, and monopsony power. Through the consolidation and meta-analysis of findings from…
Responsibility in complex networks extends beyond direct actions: players should also bear responsibility for the indirect effects within their supply chains or network. We introduce a novel framework to allocate responsibility for indirect…
Business cycles (a periodic change of e.g. GDP over five to ten years) exist, but a proper explanation for it is still lacking. Here we extend the well-known NAIRU (non-accelerating inflation rate of unemployment) model, resulting in a set…
This paper offers a synthesis of the empirical literature on the effects of monetary policy. Using the findings from an extensive collection of meta-analyses, it evaluates the effectiveness of conventional and unconventional monetary policy…
The CAPM regression is typically interpreted as if the market return contemporaneously \emph{causes} individual returns, motivating beta-neutral portfolios and factor attribution. For realized equity returns, however, this interpretation is…
We obtain a full characterization of consistency with respect to higher-order stochastic dominance within the rank-dependent utility model. Different from the results in the literature, we do not assume any condition on the utility…
I characterize stochastic non-t\^atonnement processes (SNTP) and argue that they are a natural outcome of General Equilibrium Theory. To do so, I revisit the classical demand theory to define a normalized Walrasian demand and a…
The limitations of the traditional mean-variance (MV) efficient frontier, as introduced by Markowitz (1952), have been extensively documented in the literature. Specifically, the assumptions of normally distributed returns or quadratic…
A monopolist sells multiple goods to an uninformed buyer. The buyer chooses to learn any one-dimensional linear signal of their values for the goods, anticipating the seller's mechanism. The seller designs an optimal mechanism, anticipating…
This paper specifies an extensive form as a 5-ary relation (that is, as a set of quintuples) which satisfies eight abstract axioms. Each quintuple is understood to list a player, a situation (that is, a name for an information set), a…
Pharmaceutical markets for life-saving therapies combine monopoly power with insurance coverage. We build a tractable sequential game in which a patent-holder chooses the drug price, a profit-maximising insurer sets its premium, and a…
We extend the indirect evolutionary approach to the selection of (possibly misspecified) models. Agents with different models match in pairs to play a stage game, where models define feasible beliefs about game parameters and about others'…
This paper models voters who invest effort to determine whether a particular claim relevant to their voting choices is correct. If a voter succeeds in determining whether the claim is correct, this information is shared via a social…
We uncover a close link between outside options and risk attitude: when a decision-maker gains access to an outside option, her behaviour becomes less risk-averse, and conversely, any observed decrease of risk-aversion can be explained by…