理论经济学

This paper characterizes convex information costs using an axiomatic approach. We employ mixture convexity and sub-additivity, which capture the idea that producing "balanced" outputs is less costly than producing ``extreme'' ones. Our…

A multi-product monopolist faces a buyer who is privately informed about his valuations for the goods. As is well-known, optimal mechanisms are in general complicated, while simple mechanisms -- such as pure bundling or separate sales --…

A rational bubble is a situation in which the asset price exceeds its fundamental value defined by the present discounted value of dividends in a rational equilibrium model. We discuss the recent development of the theory of rational…

I describe a Bayesian persuasion problem where Receiver has a private type representing a cutoff for choosing Sender's preferred action, and Sender has maxmin preferences over all Receiver type distributions with known mean and bounds. This…

We study rationally inattentive echo chambers, where players allocate limited attention to biased primary sources and to other players as secondary sources to acquire information about an uncertain state. The resulting Poisson attention…

We study dynamic delegation with reputation feedback: a long-lived expert advises a sequence of implementers whose effort responds to current reputation, altering outcome informativeness and belief updates. We solve for a recursive,…

Economics has long been a science of static equilibria, in which time is a second-order rather than first-order concern. Without time, economic modelers may neglect or obscure the role of time-dependent phenomena, e.g. path-dependency, and…

This paper derives a novel representation of the exponential discounting model that allows one to assess departures from the model via a measure of efficiency. The approach uses a revealed preference methodology that does not make any…

We characterize the extreme points of multidimensional monotone functions from $[0,1]^n$ to $[0,1]$, as well as the extreme points of the set of one-dimensional marginals of these functions. These characterizations lead to new results for…

We model competition on a credence goods market governed by an imperfect label, signaling high quality, as a rank-order tournament between firms. In this market interaction, asymmetric firms jointly and competitively control the aggregate…

Machine learning algorithms can now outperform classic economic models in predicting quantities ranging from bargaining outcomes, to choice under uncertainty, to an individual's future jobs and wages. Yet this predictive accuracy comes at a…

Cheng (2025) establishes that in a persuasion game where both the sender and the receiver have Maxmin Expected Utility (MEU) preferences, the sender never strictly benefits from using ambiguous communication strategies over standard…

The gig economy has grown significantly in recent years, driven by the emergence of various facilitating platforms. Triggering substantial shifts to labour markets across the world, the COVID-19 pandemic has accelerated this growth. To…

This paper introduces a novel binary stability property for voting rules-called binary self-selectivity-by which a society considering whether to replace its voting rule using itself in pairwise elections will choose not to do so. In…

This paper assumes each individual in society has a random discount factor and assesses an intertemporal project using rank-dependent expected utility theory. We consider both the ex ante and the ex post approaches. For the former, we show…

In this work, an abstract and general language for the fundamental objects underlying dynamic games under probabilistic uncertainty is developed. Combining the theory of decision trees by Al\'os-Ferrer--Ritzberger (2005) and a Harsanyian…

This note shows that under the unrestricted domain, there exists a choice liberal and Nash implementable social choice rule if and only if there are at least three players and the outcome set is at least twice as large as the player set. A…

In this paper, I characterize minimal stable voting rules and minimal self-stable constitutions (i.e., pairs of voting rules) for societies in which only power matters. To do so, I first let players' preference profiles over voting rules…

This work introduces a Bayesian framework that unifies a wide class of opinion dynamics models. In this framework, an individual's opinion on a topic is the expected value of their belief, represented as a random variable with a prior…

Beyond the mainstream discussion on the key role of China in the global AI landscape, the knowledge about the real performance and future perspectives of the AI ecosystem in China is still limited. This paper evaluates the status and…