理论经济学

This paper provides a detailed analysis of the local determinacy of monetary and non-monetary steady states in Tirole (1985)'s classical two-period overlapping generations model with capital and production. We show that the sufficient…

This paper studies the advance-purchase game when a consumer has belief-based loss-averse preferences, introducing a novel perspective by incorporating reference updating. It demonstrates that loss aversion increases the consumer's…

We revisit a classical question of how individual consumer preferences and incomes shape aggregate behavior. We develop a method that applies to populations with homothetic preferences and reduces the hard problem of aggregation to simply…

This paper presents a model that studies the impact of credit expansions arising from increases in collateral values or lower interest rate policies on long-run productivity and economic growth in a two-sector endogenous growth economy,…

In the context of the urgent need to establish sustainable food systems, Community Supported Agriculture (CSA), in which consumers share risks with producers, has gained increasing attention. Understanding the factors that influence…

An uninformed sender publicly commits to an informative experiment about an uncertain state, privately observes its outcome, and sends a cheap-talk message to a receiver. We provide an algorithm valid for arbitrary state-dependent…

Algorithm designers increasingly optimize not only for accuracy, but also for the fairness of the algorithm across pre-defined groups. We study the tradeoff between fairness and accuracy for any given set of inputs to the algorithm. We…

In many real-world scenarios, experts must convey complex information with limited message capacity. This paper explores how the availability of messages influences an expert's persuasive ability. We develop a geometric representation of…

We consider contests with a large set (continuum) of participants and axiomatize contest success functions that arise when performance is composed of both effort and a random element, and when winners are those whose performance exceeds a…

This paper studies manipulation of belief aggregation rules in the setting where the society first collects individual's probabilistic opinions and then solves a public portfolio choice problem with common utility based on the aggregate…

Polarization is a well-documented phenomenon across a wide range of social issues. However, prevailing theories often compartmentalize the examination of herding behavior and opinion convergence within different contexts. In this study, we…

The management of common-pool resources is a complex challenge due to the risk of overexploitation and the tragedy of the commons. A novel framework has been introduced to address this issue, focusing on the coevolutionary relationship…

Let $X$ be an arbitrary set. Then a topology $t$ on $X$ is said to be completely useful if every upper semicontinuous linear (total) preorder $\precsim$ on $X$ can be represented by an upper semicontinuous real-valued order preserving…

A decision maker repeatedly chooses one of a finite set of actions. In each period, the decision maker's payoff depends on fixed basic payoff of the chosen action and the frequency with which the action has been chosen in the past. We…

The consumer store is ubiquitous and plays an important role in our everyday lives. It is an open question why stores usually have such short life cycles (typically around 3 years in China). This paper proposes a theoretical framework based…

Starting from Robbins (1952), the literature on experimentation via multi-armed bandits has wed exploration and exploitation. Nonetheless, in many applications, agents' exploration and exploitation need not be intertwined: a policymaker may…

We consider a group of voters that needs to decide between two candidates. We propose a novel family of neutral and strategy-proof rules, which we call sequential unanimity rules. By demonstrating their formal equivalence to the M-winning…

Since 2016 the operation of insurance companies in the European Union is regulated by the Solvency II directive. According to the EU directive the capital requirement should be calculated as a 99.5\% of Value at Risk. In this study, we…

I introduce a dynamic model of learning and random meetings between a long-lived agent with unknown ability and heterogeneous projects with observable qualities. The outcomes of the agent's matches with the projects determine her posterior…

In a many-to-one matching market, we analyze the matching game induced by a stable rule when firms' choice function satisfy substitutability. We show that any stable rule implements the individually rational correspondence in Nash…