理论经济学
Recent antitrust regulations in several countries have granted exemptions for collusion aimed at achieving environmental goals. Firms can apply for exemptions if collusion helps to develop or to implement costly clean technology,…
A general theory of stochastic decision forests is developed to bridge two concepts of information flow: decision trees and refined partitions on the one side, filtrations from probability theory on the other. Instead of the traditional…
Many U.S. colleges now use test-optional admissions. A frequent claim is that by not seeing standardized test scores, a college can admit a student body it prefers, say with more diversity. But how can observing less information improve…
An alternative to the dependence on traditional student loans may offer a viable relief from the tremendous burden that those loans usually incur. This article establishes that it is desirable for governmental intervention to grant students…
We examine the dynamics of informational efficiency in a market with asymmetrically informed, boundedly rational traders who adaptively learn optimal strategies using simple multiarmed bandit (MAB) algorithms. The strategies available to…
We analyze a problem of revealed preference given state-dependent stochastic choice data in which the payoff to a decision maker (DM) only depends on their beliefs about posterior means. Often, the DM must also learn about or pay attention…
This paper introduces an explicit algorithm for computing perfect public equilibrium (PPE) payoffs in repeated games with imperfect public monitoring, public randomization, and discounting. The method adapts the established framework by…
Harsanyi (1955) showed that the only way to aggregate individual preferences into a social preference which satisfies certain desirable properties is ``utilitarianism'', whereby the social utility function is a weighted average of…
We study the optimal allocation of prizes in rank-order tournaments with loss averse agents. Prize sharing becomes increasingly optimal with loss aversion because more equitable prizes reduce the marginal psychological cost of anticipated…
Matching market models ignore prior commitments. Yet many job seekers, for example, are already employed, and the same holds for many other matching markets. I analyze two-sided matching markets with pre-existing binding agreements between…
We examine the effect of item arrangement on choices using a novel decision-making model based on the Markovian exploration of choice sets. This model is inspired by experimental evidence suggesting that the decision-making process involves…
We utilize a chartist-fundamentalist model to examine the limits of informationally efficient stock markets. In our model, chartists are permanently active in the stock market, while fundamentalists trade only when their…
We propose an evolutionary competition model to investigate the green transition of firms, highlighting the role of adjustment costs, dynamically adjusted transition risk, and green technology progress in this process. Firms base their…
This paper proposes a new, Beveridgean model of the Phillips curve. While the New Keynesian Phillips Curve is based on monopolistic pricing under price-adjustment costs, the Beveridgean Phillips curve is based on directed-search pricing…
We study the assignment of indivisible goods to individuals without monetary transfers. Previous literature has mainly focused on efficiency and individually fair assignments; consequently, egalitarian concerns have been overlooked. Drawing…
This paper studies the stochastic setting in cooperative games and suggests a solution concept based on second order stochastic dominance (SSD), which is often applied to robustly model risk averse behaviour of players in different economic…
Rational pure bubble models feature multiple (and often a continuum of) equilibria, which makes model predictions and policy analyses non-robust. We show that when the interest rate in the fundamental equilibrium is below the economic…
We show that the expectation of the $k^{\mathrm{th}}$-order statistic of an i.i.d. sample of size $n$ from a monotone reverse hazard rate (MRHR) distribution is convex in $n$ and that the expectation of the $(n-k+1)^{\mathrm{th}}$-order…
We comment on the regularity assumptions in the multi-agent sequential screening model of Eso and Szentes (2007). First, we observe that the regularity assumptions are not invariant to relabeling each agent's signal realizations. Second, we…
This paper studies oligopolistic irreversible investment with closed-loop strategies. These permit fully dynamic interactions that result in much richer strategic behavior than previous studies with open-loop strategies allow. The tradeoff…