理论经济学
This paper studies the equilibrium behavior in contests with stochastic progress. Participants have access to a safe action that makes progress deterministically, but they can also take risky moves that stochastically influence their…
We cardinally and ordinally rank distribution functions (CDFs). We present a new class of statistics, maximal adjusted quantiles, and show that a statistic is invariant with respect to cardinal shifts, preserves least upper bounds with…
General equilibrium, the cornerstone of modern economics and finance, rests on assumptions many markets do not meet. Spectrum auctions, electricity markets, and cap-and-trade programs for resource rights often feature non-convexities in…
We study an axiomatic framework for anonymized risk sharing. In contrast to traditional risk sharing settings, our framework requires no information on preferences, identities, private operations and realized losses from the individual…
In the past several decades, the world's economy has become increasingly globalized. On the other hand, there are also ideas advocating the practice of ``buy local'', by which people buy locally produced goods and services rather than those…
The controversies around the 2020 US presidential elections certainly casts serious concerns on the efficiency of the current voting system in representing the people's will. Is the naive Plurality voting suitable in an extremely polarized…
This note shows that in Bauer's maximum principle, the assumed convexity of the objective function can be relaxed to quasiconvexity.
A sender seeks to persuade a receiver by presenting evidence obtained through a sequence of private experiments. The sender has complete flexibility in his choice of experiments, contingent on the private experimentation history. The sender…
This paper presents karma mechanisms, a novel approach to the repeated allocation of a scarce resource among competing agents over an infinite time. Examples include deciding which ride hailing trip requests to serve during peak demand,…
We develop a full-fledged analysis of an algorithmic decision process that, in a multialternative choice problem, produces computable choice probabilities and expected decision times.
We consider a team-production environment where all participants are motivated by career concerns, and where a team's joint productive outcome may have different reputational implications for different team members. In this context, we…
In this paper we study a rational inattention model in environments where the decision maker faces uncertainty about the true prior distribution over states. The decision maker seeks to select a stochastic choice rule over a finite set of…
I study a model of advisors with hidden motives: a seller discloses information about an object's value to a potential buyer, who doesn't know the object's value or how profitable the object's sale is to the seller (the seller's motives). I…
The indoctrination game is a complete-information contest over public opinion. The players exert costly effort to manifest their private opinions in public in order to control the discussion, so that the governing opinion is similar to…
A sender with state-independent preferences (i.e., transparent motives) privately observes a signal about the state of the world before sending a message to a receiver, who subsequently takes an action. Regardless of whether the receiver…
In this paper, we take a mechanism design approach to optimal assignment problems with asymmetrically informed buyers. In addition, the surplus generated by an assignment of a buyer to a seller may be adversely affected by externalities…
We study multi-unit auctions in which bidders have limited knowledge of opponent strategies and values. We characterize optimal prior-free bids; these bids minimize the maximal loss in expected utility resulting from uncertainty surrounding…
This study proposes a tractable stochastic choice model to identify motivations for prosocial behavior, and to explore alternative motivations of deliberate randomization beyond ex-ante fairness concerns. To represent social preferences, we…
Two acts are comonotonic if they yield high payoffs in the same states of nature. The main purpose of this paper is to derive a new characterization of Cumulative Prospect Theory (CPT) through simple properties involving comonotonicity. The…
Nontransitive choices have long been an area of curiosity within economics. However, determining whether nontransitive choices represent an individual's preference is a difficult task since choice data is inherently stochastic. This paper…