理论经济学

We study the problem of a principal who wants to influence an agent's observable action, subject to an ex-post budget. The agent has a private type determining their cost function. This paper endogenizes the value of the resource driving…

In the problem of allocating a single non-disposable commodity among agents whose preferences are single-peaked, we study a weakening of strategy-proofness called not obvious manipulability (NOM). If agents are cognitively limited, then NOM…

How can one efficiently share payoffs with collaborators when participating in risky research? First, I show that efficiency can be achieved by allocating payoffs asymmetrically between the researcher who makes a breakthrough ("winner") and…

We present a model of digital advertising with three key features: (i) advertisers can reach consumers on and off a platform, (ii) additional data enhances the value of advertiser-consumer matches, and (iii) bidding follows auction-like…

In a many-to-many matching model in which agents' preferences satisfy substitutability and the law of aggregate demand, we present an algorithm to compute the full set of stable matchings. This algorithm relies on the idea of "cycles in…

This paper studies the optimal refund mechanism when an uninformed buyer can privately acquire information about his valuation of a product over time. We consider a class of refund mechanisms based on stochastic return policies: if the…

For common knowledge to arise in dynamic settings, all players must simultaneously come to know it has arisen. Consequently, common knowledge cannot arise in many realistic settings with timing frictions. This counterintuitive observation…

Global environmental change is pushing many socio-environmental systems towards critical thresholds, where ecological systems' states are on the precipice of tipping points and interventions are needed to navigate or avert impending…

In this paper, we show that if every consumer in an economy has a quasi-linear utility function, then the normalized equilibrium price is unique, and is locally stable with respect to the t\^atonnement process. Our study can be seen as that…

This paper develops a dynamic monetary model to study the (in)stability of the fractional reserve banking system. The model shows that the fractional reserve banking system can endanger stability in that equilibrium is more prone to exhibit…

How should successive generations insure each other when the young can default on previously promised transfers to the old? This paper studies intergenerational insurance that maximizes the expected discounted utility of all generations…

In many circumstances there is a trade off between the number of voters and the time they can be given before having to make a decision since both aspects are costly. An example is the hiring of a committee with a fixed salary budget: more…

We study the theoretical consequence of p-hacking on the accumulation of knowledge under the framework of mis-specified Bayesian learning. A sequence of researchers, in turn, choose projects that generate noisy information in a field. In…

This note pursues two primary objectives. First, we analyze the outcomes of an all-pay auction within a store where buyers with and without financial constraints arrive at varying rates, and where buyer types are private information.…

Cooperative games can be distinguished as non-cooperative games in which players can freely sign binding agreements to form coalitions. These coalitions inherit a joint strategy set and seek to maximize collective payoffs. When the payoffs…

This note gives simpler proofs of the variational and multiple priors representations in Maccheroni et al. (2006) and Gilboa and Schmeidler (1989).

A monotone function interval is the set of monotone functions that lie pointwise between two fixed monotone functions. We characterize the set of extreme points of monotone function intervals and apply this to a number of economic settings.…

We develop a two-region economic geography model with vertical innovations that improve the quality of manufactured varieties produced in each region. The chance of innovation depends on the \emph{related variety}, i.e. the importance of…

This paper studies the housing market problem introduced by Shapley and Scarf (1974). We probe the Machiavellian frontier of the well-known top trading cycles (TTC) rule by weakening strategy-proofness and providing new characterizations…

This paper studies a stylized model of a monopoly data seller when information-sharing network exists among data buyers. We show that, if the buyers' prior information is sufficiently noisy, the optimal selling strategy is characterized by…