理论经济学
To generalize complementarities for games, we introduce some conditions weaker than quasisupermodularity and the single crossing property. We prove that the Nash equilibria of a game satisfying these conditions form a nonempty complete…
Theorem 1 in Bikhchandani & Segal (2011; Theoretical Economics) suggests that a complete, transitive, monotonic, and continuous preference is regret based if and only if it is expected utility. Their Proposition 1 suggests that transitivity…
We represent preferences that exhibit absolute or relative attitudes towards ambiguity without assuming convexity of preferences. Our analysis is motivated by the recent experimental evidence by Baillon and Placido (2019) indicating that…
Machine learning algorithms are now capable of performing evaluations previously conducted by human experts (e.g., medical diagnoses). How should we conceptualize the difference between evaluation by humans and by algorithms, and when…
We characterize Nash equilibrium by postulating coherent behavior across varying games. Nash equilibrium is the only solution concept that satisfies the following axioms: (i) strictly dominant actions are played with positive probability,…
A number of rules for resolving majority cycles in elections have been proposed in the literature. Recently, Holliday and Pacuit (Journal of Theoretical Politics 33 (2021) 475-524) axiomatically characterized the class of rules refined by…
There is an extensive literature in social choice theory studying the consequences of weakening the assumptions of Arrow's Impossibility Theorem. Much of this literature suggests that there is no escape from Arrow-style impossibility…
Cripps, Ely, Mailath and Samuelson (2008) showed that if there are finitely many states, and the signals are i.i.d and finite, then individual learning is sufficient for common learning. In this note we describe what is commonly learned…
For multidimensional Euclidean type spaces, we study convex choice: from any choice set, the set of types that make the same choice is convex. We establish that, in a suitable sense, this property characterizes the sufficiency of local…
This paper presents a simple proof of Dekel (1986)'s representation theorem for betweenness preferences. The proof is based on the separation theorem.
This article reviews the recent advances in the uniqueness and multiplicity of competitive equilibria in models arising in mathematical economics, finance, macroeconomics, and trade.
This paper proposes a model of decision-making under uncertainty in which an agent is constrained in her cognitive ability to consider complex acts. We identify the complexity of an act according to the corresponding partition of state…
We consider the mechanism design problem of a principal allocating a single good to one of several agents without monetary transfers. Each agent desires the good and uses it to create value for the principal. We designate this value as the…
Welfare economics relies on access to agents' utility functions: we revisit classical questions in welfare economics, assuming access to data on agents' past choices instead of their utilities. Our main result considers the existence of…
This paper concerns Saez and Stantcheva's (2016) generalized social marginal welfare weights, which aggregate losses and gains due to tax policies, while incorporating non-utilitarian ethical considerations. The approach evaluates local tax…
This paper studies the role of banks' money creation in monetary transmission. I develop a monetary-search model where demand for the monetary base and the money multiplier are endogenously determined through banks' money creation. The…
The Random Utility Model (RUM) is the gold standard in describing the behavior of a population of consumers. The RUM operates under the assumption of transitivity in consumers' preference relationships, but the empirical literature has…
We prove three results on the existence and structure of Nash equilibria for quasisupermodular games. A theorem is purely order-theoretic, and the other two involve topological hypotheses. Our topological results genralize Zhou's theorem…
Widespread default involves substantial deadweight costs which could be countered by injecting capital into failing firms. Injections have positive spillovers that can trigger a repayment cascade. But which firms should a regulator bailout…
This paper re-examines the use of response time to infer problem complexity. It revisits a canonical Wald model of optimal stopping, taking signal-to-noise ratio as a measure of problem complexity. While choice quality is monotone in…