理论经济学

We study a dynamic random utility model that allows for consumption dependence. We axiomatically analyze this model and find insights that allow us to distinguish between behavior that arises due to consumption dependence and behavior that…

We study limited strategic leadership. A collection of subsets covering the leader's action space determines her commitment opportunities. We characterize the outcomes resulting from all possible commitment structures of this kind. If the…

A seller offers a buyer a schedule of transfers and associated product qualities. After observing this schedule, the buyer chooses a flexible costly signal about his type. We show it is without loss to focus on a class of mechanisms that…

Square matrices often arise in microeconomics, particularly in network models addressing applications from opinion dynamics to platform regulation. Spectral theory provides powerful tools for analyzing their properties. We present an…

How should one jointly design tests and the arrangement of agencies to administer these tests (testing procedure)? To answer this question, we analyze a model where a principal must use multiple tests to screen an agent with a…

Recurring auctions are ubiquitous for selling durable assets like artworks and homes, with follow-up auctions held for unsold items. We investigate such auctions theoretically and empirically. Theoretical analysis demonstrates that…

This paper analyzes how expectations of Transformative AI (TAI) affect current economic behavior by introducing a novel mechanism where automation redirects labor income from workers to those controlling AI systems, with the share of…

A sender with private preferences would like to influence a receiver's action by providing information through a statistical test. The technology for information production is controlled by a monopolist intermediary, who offers a menu of…

We provide a new foundation of risk aversion by showing that this attitude is fully captured by the propensity to seize insurance opportunities. Our foundation, which applies to all probabilistically sophisticated preferences, well accords…

We consider multiple-type housing markets (Moulin, 1995), which extend Shapley-Scarf housing markets (Shapley and Scarf, 1974) from one dimension to higher dimensions. In this model, Pareto efficiency is incompatible with individual…

We study a mechanism design problem where a seller aims to allocate a good to multiple bidders, each with a private value. The seller supports or favors a specific group, referred to as the minority group. Specifically, the seller requires…

We study contests in which two groups compete to win (or not to win) a group-specific public-good/bad prize. Each player in the groups can exert two types of effort: one to help her own group win the prize, and one to sabotage her own…

We consider a seller who offers services to a buyer with multi-unit demand. Prior to the realization of demand, the buyer receives a noisy signal of their future demand, and the seller can design contracts based on the reported value of…

We study a fundamental challenge in the economics of innovation: an inventor must reveal details of a new idea to secure compensation or funding, yet such disclosure risks expropriation. We present a model in which a seller (inventor) and…

We study how increasing competition, by making prizes more unequal, affects effort in contests. In a finite type-space environment, we characterize the equilibrium, analyze the effect of competition under linear costs, and identify…

In 1950 Arrow famously showed that there is no social welfare function satisfying four basic conditions. In 1976, on the other hand, Gibbard and Sonnenschein showed that there does exist a unique probabilistic social welfare method that…

We study the robust sequential screening problem of a monopolist seller of multiple cloud computing services facing a buyer who has private information about his demand distribution for these services. At the time of contracting, the buyer…

This paper examines normatively acceptable criteria for evaluating social states when individuals are responsible for their skills or productivity and these factors should be accounted for. We consider social choice rules over sets of…

In Nash's (1950) seminal result, independence of irrelevant alternatives (IIA) plays a central role, but it has long been a subject of criticism in axiomatic bargaining theory. This paper examines the implication of a weak version of IIA in…

The appropriate discount rate for evaluating policies is a critical consideration in economic decision-making. This paper presents a new model for calculating the derived discount rate for a society that includes different groups with…