理论经济学

Many early order flow auction designs handle the payment for orders when they execute on the chain rather than when they are won in the auction. Payments in these auctions only take place when the orders are executed, creating a free option…

Decision to participate in education depends on the circumstances individual inherits and on the returns to education she expects as well. If one person from any socio-economically disadvantaged social group inherits poor circumstances…

We study optimal bundling when consumers differ in one dimension. We introduce a partial order on the set of bundles defined by (i) set inclusion and (ii) sales volumes (if sold alone and priced optimally). We show that if the undominated…

The locations problem in infinite ethics concerns the relative moral status of different categories of potential bearers of value, the primary examples of which are people and points in time. The challenge is to determine which category of…

We propose a theoretical framework under which preference profiles can be meaningfully compared. Specifically, given a finite set of feasible allocations and a preference profile, we first define a ranking vector of an allocation as the…

We study sequential bargaining between a proposer and a veto player. Both have single-peaked preferences, but the proposer is uncertain about the veto player's ideal point. The proposer cannot commit to future proposals. When players are…

This study delves into the origins of excess capacity by examining the reactions of capital, labor, and capital intensity. To achieve this, we have employed a novel three-layered production function model, estimating the elasticity of…

The electricity industry has been one of the first to face technological changes motivated by sustainability concerns. Whilst efficiency aspects of market design have tended to focus upon market power concerns, the new policy challenges…

This paper models a two-agent economy with production and appropriation as a noncooperative dynamic game, and determines its closed-form Markovian Nash equilibrium. The analysis highlights the para-metric conditions that tip the economy…

An agent acquires a costly flexible signal before making a decision. We explore to what degree knowledge of the agent's information costs helps predict her behavior. We establish an impossibility result: learning costs alone generate no…

We study a model of electoral accountability and selection whereby heterogeneous voters aggregate incumbent politician's performance data into personalized signals through paying limited attention. Extreme voters' signals exhibit an…

Government-run (Government-led) restoration has become a common and effective approach to the mitigation of financial risks triggered by corporation credit defaults. However, in practice, it is often challenging to come up with the optimal…

We study a model of voting with two alternatives in a symmetric environment. We characterize the interim allocation probabilities that can be implemented by a symmetric voting rule. We show that every such interim allocation probabilities…

We introduce \emph{informational punishment} to the design of mechanisms that compete with an exogenous status quo mechanism: Players can send garbled public messages with some delay, and others cannot commit to ignoring them. Optimal…

We highlight the tension between stability and equality in non transferable utility matching. We consider many to one matchings and refer to the two sides of the market as students and schools. The latter have aligned preferences, which in…

Complexity and limited ability have profound effect on how we learn and make decisions under uncertainty. Using the theory of finite automaton to model belief formation, this paper studies the characteristics of optimal learning behavior in…

In a stylized voting model, we establish that increasing the share of critical thinkers -- individuals who are aware of the ambivalent nature of a certain issue -- in the population increases the efficiency of surveys (elections) but might…

This paper presents a new nested production function that is specifically designed for analyzing capital and labor intensity of manufacturing industries in developing and developed regions. The paper provides a rigorous theoretical…

This paper presents a model with the aim to follow, as closely as possible, the rationale of the macroeconomic model advanced by J.M. Keynes in his famous "The General Theory of Employment, Interest and Money", in order to provide a viable…

A fundamental principle of individual rational choice is Sen's $\gamma$ axiom, also known as expansion consistency, stating that any alternative chosen from each of two menus must be chosen from the union of the menus. Expansion consistency…