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  • Distorted stochastic dominance: A generalized family of stochastic orders
    J. Math. Econ. (IF 0.746) Pub Date : 2020-07-28
    Tommaso Lando; Lucio Bertoli-Barsotti

    We study a generalized family of stochastic orders, semiparametrized by a distortion function H, namely H-distorted stochastic dominance, which may determine a continuum of dominance relations from the first- to the second-order stochastic dominance (and beyond). Such a family is especially suitable for representing a decision maker’s preferences in terms of risk aversion and may be used in those situations

    更新日期:2020-08-09
  • New Results for additive and multiplicative risk apportionment
    J. Math. Econ. (IF 0.746) Pub Date : 2020-07-25
    Henri Loubergé; Yannick Malevergne; Béatrice Rey

    We provide new characterizations of the preference for additive and multiplicative risk apportionment when risk ordering relies on stochastic dominance. We then point out a simple property of risk apportionment with additive risks: Quite generally, an observed preference for additive risk apportionment in a specific risk environment is preserved when the decision-maker is confronted to other risk situations

    更新日期:2020-08-09
  • Comparative statics for size-dependent discounts in matching markets
    J. Math. Econ. (IF 0.746) Pub Date : 2020-08-06
    David Delacrétaz; Scott Duke Kominers; Alexandru Nichifor

    We prove a natural comparative static for many-to-many matching markets in which agents’ choice functions exhibit size-dependent discounts: reducing the extent to which some agent discounts additional partners leads to improved outcomes for the agents on the other side of the market, and worsened outcomes for the agents on the same side of the market. Our argument draws upon recently developed methods

    更新日期:2020-08-06
  • Contests with multiple alternative prizes: Public-good/bad prizes and externalities
    J. Math. Econ. (IF 0.746) Pub Date : 2020-08-06
    Kyung Hwan Baik; Hanjoon Michael Jung

    We study contests in which there are multiple alternative public-good/bad prizes, and the players compete, by expending irreversible effort, over which prize to have awarded to them. Each prize may be a public good for some players and a public bad for the others, and the players expend their effort simultaneously and independently. We first prove the existence of a pure-strategy Nash equilibrium of

    更新日期:2020-08-06
  • A new approach to the existence and regularity of linear equilibrium in a noisy rational expectations economy
    J. Math. Econ. (IF 0.746) Pub Date : 2020-07-24
    Youcheng Lou; Shouyang Wang

    This paper gives a new approach to show the existence and regularity of linear equilibrium established by Lou ⓡ al. (2019) for a noisy rational expectations economy. Different from the existing method which essentially requires to find a fixed point of a system of nonlinear algebraic equations, the new approach is operated directly on an alternative form of market-clearing conditions. One main advantage

    更新日期:2020-08-03
  • On the cardinality of the message space in sender–receiver games
    J. Math. Econ. (IF 0.746) Pub Date : 2020-07-23
    Tibor Heumann

    We study sender–receiver games in which a privately informed sender sends a message to N receivers, who then take an action. The sender’s type space T has finite cardinality (i.e., |T|<∞). We show that every equilibrium payoff vector (resp. every Pareto efficient equilibrium payoff vector) is achieved by an equilibrium in which the sender sends at most |T|+N (resp. |T|+N−1) messages with positive probability

    更新日期:2020-07-31
  • Nonrecursive separation of risk and time preferences
    J. Math. Econ. (IF 0.746) Pub Date : 2020-07-16
    Matthias Albrecht Fahrenwaldt; Ninna Reitzel Jensen; Mogens Steffensen

    Recursive utility disentangles preferences with respect to time and risk by recursively building up a value function of local increments. This involves certainty equivalents of indirect utility. Instead we disentangle preferences with respect to time and risk by building up a value function as a non-linear aggregation of certainty equivalents of direct utility of consumption. This entails time-consistency

    更新日期:2020-07-23
  • Comparative statics in markets for indivisible goods
    J. Math. Econ. (IF 0.746) Pub Date : 2020-06-23
    Andrew Caplin; John Leahy

    This paper builds upon Caplin and Leahy (2014), which introduced a new mathematical apparatus for understanding allocation markets with nontransferable utility, as such covering the housing market and other markets for large indivisible goods. In the current paper we complete the study of comparative statics initiated therein. We introduce homotopy methods to characterize how equilibrium changes in

    更新日期:2020-07-13
  • Multidimensional inequality and inframodular order
    J. Math. Econ. (IF 0.746) Pub Date : 2020-06-14
    Zaier Aouani; Alain Chateauneuf

    Motivated by the pertinence of Pigou–Dalton (PD) transfers for inequality measurement when only one attribute is involved, we show that inframodular functions are consistent with multidimensional PD transfers and that weakly inframodular functions fit more accurately with the traditional notion of PD transfers. We emphasize, for inequality rankings of allocations of multiple attributes in a population

    更新日期:2020-06-27
  • Allocating extra revenues from broadcasting sports leagues
    J. Math. Econ. (IF 0.746) Pub Date : 2020-06-16
    Gustavo Bergantiños; Juan D. Moreno-Ternero

    We consider the problem of sharing the revenues from broadcasting sports leagues among participating teams. We introduce axioms formalizing alternative ways of allocating the extra revenue obtained from additional viewers. We show that, combined with some other standard axioms, they provide axiomatic characterizations of three focal rules for this problem: the uniform rule, the equal-split rule and

    更新日期:2020-06-23
  • Exact parametric restrictions for 3-cycles in the RSS model: A complete and comprehensive characterization
    J. Math. Econ. (IF 0.746) Pub Date : 2020-06-09
    Liuchun Deng; M. Ali Khan; Tapan Mitra

    This paper presents necessary and sufficient conditions for 3-period cycles in the two-sector Robinson–Solow–Srinivasan (RSS) model, taking as its point of departure an independently-(and simultaneously-) discovered exact discount-factor restriction for a general class of growth models by Mitra and Nishimura–Yano (MNY) in 1996. Our investigation of this remarkable result in the specificity of the RSS

    更新日期:2020-06-09
  • Recoverability revisited
    J. Math. Econ. (IF 0.746) Pub Date : 2020-06-05
    Yuhki Hosoya

    This study considers the uniqueness problem of the preference relation corresponding to a demand function, which is called the “recoverability problem”. We show that if a demand function has sufficiently wide range and is income-Lipschitzian, then there exists a unique corresponding upper semi-continuous preference relation. Moreover, we explicitly construct a utility function that represents this

    更新日期:2020-06-05
  • On the existence of the ex post symmetric random entry model
    J. Math. Econ. (IF 0.746) Pub Date : 2020-06-04
    Ju Hu

    This paper studies symmetry among countably infinitely many agents who randomly enter into a stochastic process, one for each period. Upon entry, they observe only the current period signal and try to draw inference about the underlying state governing the stochastic process. We show that there exist random entry models under which agents are ex post symmetric. That is, all agents have identical posterior

    更新日期:2020-06-04
  • Equilibria in a large production economy with an infinite dimensional commodity space and price dependent preferences
    J. Math. Econ. (IF 0.746) Pub Date : 2020-06-02
    Hyo Seok Jang; Sangjik Lee

    We prove the existence of a competitive equilibrium in a production economy with infinitely many commodities and a measure space of agents whose preferences are price dependent. We employ a saturated measure space for the set of agents and apply recent results for an infinite dimensional separable Banach space such as Lyapunov’s convexity theorem and an exact Fatou’s lemma to obtain the result.

    更新日期:2020-06-02
  • Convergence in games with continua of equilibria
    J. Math. Econ. (IF 0.746) Pub Date : 2020-05-27
    Sebastian Bervoets; Mathieu Faure

    In game theory, the question of convergence of dynamical systems to the set of Nash equilibria has often been tackled. When the game admits a continuum of Nash equilibria, however, a natural and challenging question is whether convergence to the set of Nash equilibria implies convergence to a Nash equilibrium. In this paper we introduce a technique developed in Bhat and Bernstein (2003) as a useful

    更新日期:2020-05-27
  • Randomization under ambiguity: Efficiency and incentive compatibility
    J. Math. Econ. (IF 0.746) Pub Date : 2020-05-20
    Zhiwei Liu; Xinxi Song; Nicholas C. Yannelis

    We generalize de Castro and Yannelis (2018) by taking into account the use of randomization. We answer the following questions: Is each efficient allocation of de Castro and Yannelis (2018) still Pareto optimal? Are all efficient allocations still incentive compatible under the Wald’s maxmin preferences? We provide positive answers and give applications.

    更新日期:2020-05-20
  • Random mechanisms for house allocation with existing tenants
    J. Math. Econ. (IF 0.746) Pub Date : 2020-05-19
    Özgün Ekici

    We study the house allocation problem with existing tenants: n houses (stand for “indivisible objects”) are to be allocated to n agents; each agent needs exactly one house and has strict preferences; k houses are initially unowned; k agents initially do not own houses; the remaining n−k agents (the so-called “existing tenants”) initially own the remaining n−k houses (each owns one). In this setting

    更新日期:2020-05-19
  • Two definitions of correlated equilibrium
    J. Math. Econ. (IF 0.746) Pub Date : 2020-05-18
    Christian W. Bach; Andrés Perea

    Correlated equilibrium constitutes one of the basic solution concepts for static games with complete information. Actually two variants of correlated equilibrium are in circulation and have been used interchangeably in the literature. Besides the original notion due to Aumann (1974), there exists a simplified definition typically called canonical correlated equilibrium or correlated equilibrium distribution

    更新日期:2020-05-18
  • Competitive equilibria in Shapley-Scarf markets with couples
    J. Math. Econ. (IF 0.746) Pub Date : 2020-05-12
    Fatma Aslan; Jean Lainé

    We investigate the existence and properties of competitive equilibrium in Shapley-Scarf markets involving an exogenous partition of individuals into couples. The presence of couples generates preference interdependencies which cause existence problems. For both cases of transferable and non-transferable income among partners, we establish properties for preferences that are sufficient for the existence

    更新日期:2020-05-12
  • Can harmful events be another source of environmental traps?
    J. Math. Econ. (IF 0.746) Pub Date : 2020-05-11
    Can Askan Mavi

    This paper aims to present a new explanation for environmental traps through the presence of endogenous hazard rate. We show that adaptation and mitigation policies affect the occurrence of environmental traps differently. The former could cause environmental traps, whereas the latter could help society avoid such traps by decreasing the probability of a harmful event occurring. As a result, we present

    更新日期:2020-05-11
  • An improved bound for the Shapley–Folkman theorem
    J. Math. Econ. (IF 0.746) Pub Date : 2020-04-30
    Eric Budish; Philip J. Reny

    We provide an up to 30% improvement in the Shapley–Folkman theorem error-bound, and briefly discuss its consequences for the course allocation problem.

    更新日期:2020-04-30
  • Probabilistic sophistication without completeness
    J. Math. Econ. (IF 0.746) Pub Date : 2020-04-22
    Edi Karni

    This is a study of probabilistically sophisticated choice behavior when the preference relation is incomplete. Invoking the analytical framework of Anscombe and Aumann (1963) and building on the work of Machina and Schmeidler (1995), the paper provides an axiomatic characterization of the general multi-prior multi-utility probabilistically sophisticated representation. In addition, the paper examines

    更新日期:2020-04-22
  • Influence in private-goods allocation
    J. Math. Econ. (IF 0.746) Pub Date : 2020-04-22
    Madhav Raghavan

    We reinterpret the ‘bossiness’ of a private-goods allocation rule (Satterthwaite and Sonnenschein, 1981) as the ability of an agent to ‘influence’ another’s welfare with no change to her own welfare. In applications where non-bossiness is not possible, we propose simple conditions on (1) which agents may have influence (acyclicity and preservation), and (2) the welfare consequences of influence (positivity

    更新日期:2020-04-22
  • Externalities in a life cycle model with endogenous survival.
    J. Math. Econ. (IF 0.746) Pub Date : 2011-08-01
    Michael Kuhn,Stefan Wrzaczek,Alexia Prskawetz,Gustav Feichtinger

    We study socially vs individually optimal life cycle allocations of consumption and health, when individual health care curbs own mortality but also has a spillover effect on other persons' survival. Such spillovers arise, for instance, when health care activity at aggregate level triggers improvements in treatment through learning-by-doing (positive externality) or a deterioration in the quality of

    更新日期:2019-11-01
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