Paweł Dziewulski , Joshua Lanier , John K.-H. Quah
{"title":"Revealed preference and revealed preference cycles: A survey","authors":"Paweł Dziewulski , Joshua Lanier , John K.-H. Quah","doi":"10.1016/j.jmateco.2024.103016","DOIUrl":"https://doi.org/10.1016/j.jmateco.2024.103016","url":null,"abstract":"<div><p>Afriat’s Theorem (1967) states that a dataset can be thought of as being generated by a consumer maximizing a continuous and increasing utility function if and only if it is free of revealed preference cycles containing a strict relation. The latter property is often known by its acronym, GARP (for <em>generalized axiom of revealed preference</em>). This paper surveys extensions and applications of Afriat’s seminal result. We focus on those results where the consistency of a dataset with the maximization of a utility function satisfying some property can be characterized by a suitably modified version of GARP.</p></div>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":"113 ","pages":"Article 103016"},"PeriodicalIF":1.0,"publicationDate":"2024-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0304406824000764/pdfft?md5=a8c2cf025663d151cfa467206cc87169&pid=1-s2.0-S0304406824000764-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141434416","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"(Non-)obvious manipulability of rank-minimizing mechanisms","authors":"Peter Troyan","doi":"10.1016/j.jmateco.2024.103015","DOIUrl":"https://doi.org/10.1016/j.jmateco.2024.103015","url":null,"abstract":"<div><p>In assignment problems, the rank distribution of assigned objects is often used to evaluate match quality. Rank-minimizing (RM) mechanisms directly optimize for average rank. While appealing, a drawback is RM mechanisms are not strategyproof. This paper investigates whether RM satisfies the weaker incentive notion of non-obvious manipulability (NOM, Troyan and Morrill, 2020). I show any RM mechanism with full support — placing positive probability on all rank-minimizing allocations — is NOM. In particular, uniform randomization satisfies this condition. Without full support, whether an RM mechanism is NOM or not depends on the details of the selection rule.</p></div>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":"113 ","pages":"Article 103015"},"PeriodicalIF":1.3,"publicationDate":"2024-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141324222","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"(Large) finite to continuum: An approximation result for electoral competition models","authors":"Mihir Bhattacharya , Saptarshi Mukherjee , Ruhi Sonal , Raghul S. Venkatesh","doi":"10.1016/j.jmateco.2024.103013","DOIUrl":"https://doi.org/10.1016/j.jmateco.2024.103013","url":null,"abstract":"<div><p>We consider a model of electoral competition with two contestants where voters have single-plateaued preferences. We characterize the Nash equilibria of the electoral game for two settings: (i) finite, and (ii) continuum of voters over finitely many voter preferences. We say that the continuum model approximates the finite voters model if the Nash equilibria set in the two models is the same when the population tends to infinity. We show that approximation holds if and only if the corresponding continuum model satisfies proportion conservation at the centre (PCC) and positive mass at limit-centre (PML). PCC states that the aggregate mass of voters at the centre in the continuum model be equal to its finite (proportional) counterpart as the population tends to infinity. PML requires that the limit-centre be in the support of the limit distribution in the continuum model. Our paper provides a framework for studying approximation of equilibria in electoral competition models.</p></div>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":"113 ","pages":"Article 103013"},"PeriodicalIF":1.3,"publicationDate":"2024-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141324220","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"From local utility to neural networks","authors":"Shaowei Ke , Chen Zhao","doi":"10.1016/j.jmateco.2024.103003","DOIUrl":"https://doi.org/10.1016/j.jmateco.2024.103003","url":null,"abstract":"<div><p>We introduce and analyze two preference-based notions of local linearity in the spirit of Machina (1982). We show how the weaker among the two extends Machina’s local utility analysis, and that the stronger among the two characterizes continuous finite piecewise linear (CFPL) utility functions. We introduce a representation of the decision maker’s preference called the neural-network utility representation that is equivalent to the CFPL representation, in which the decision maker evaluates an alternative through a neural network.</p></div>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":"113 ","pages":"Article 103003"},"PeriodicalIF":1.3,"publicationDate":"2024-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141324219","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Raouf Boucekkine , Shankha Chakraborty , Aditya Goenka , Lin Liu
{"title":"Economic epidemiological modelling: A progress report","authors":"Raouf Boucekkine , Shankha Chakraborty , Aditya Goenka , Lin Liu","doi":"10.1016/j.jmateco.2024.103011","DOIUrl":"10.1016/j.jmateco.2024.103011","url":null,"abstract":"<div><p>Prior to the Covid-19 crisis, the integration of epidemiology and economics that is, economic epidemiology modelling (epi-econ), was relatively limited. The emergence of the Covid-19 crisis has prompted an unprecedented surge in this literature. This paper identifies and develops the main conceptual and modelling challenges involved in the expanding epi-econ stream, with a particular attention to the mathematical issues due, in particular, to the non-convex nature of epi-econ models. Recent extensions are also examined and a few future areas of research highlighted.</p></div>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":"113 ","pages":"Article 103011"},"PeriodicalIF":1.3,"publicationDate":"2024-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0304406824000703/pdfft?md5=f5af5592a06ab2cda81a69021f0a4081&pid=1-s2.0-S0304406824000703-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141402166","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Bayesian equilibrium: From local to global","authors":"Yehuda John Levy","doi":"10.1016/j.jmateco.2024.103012","DOIUrl":"https://doi.org/10.1016/j.jmateco.2024.103012","url":null,"abstract":"<div><p>We study Bayesian games with a continuum of states which partition into a continuum of components, each of which is common knowledge, such that equilibria exist on each component. A canonical case is when each agent’s information consists of both public and private information, and conditional on each possible public signal, equilibria exist. We show that under some regularity conditions on the partition, measurable Bayesian equilibria exist for the game in its entirety. The results extend to pure equilibria, as well as to non-compact state-dependent action sets, uncommon priors, and non-bounded payoffs; the results also apply to several notions of approximate equilibria.</p></div>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":"113 ","pages":"Article 103012"},"PeriodicalIF":1.3,"publicationDate":"2024-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0304406824000727/pdfft?md5=871b6f52ebb8ac7e3357e6bcee15c1db&pid=1-s2.0-S0304406824000727-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141297846","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Alain Chateauneuf , José Heleno Faro , Jean-Marc Tallon , Vassili Vergopoulos
{"title":"Alpha-maxmin as an aggregation of two selves","authors":"Alain Chateauneuf , José Heleno Faro , Jean-Marc Tallon , Vassili Vergopoulos","doi":"10.1016/j.jmateco.2024.103006","DOIUrl":"https://doi.org/10.1016/j.jmateco.2024.103006","url":null,"abstract":"<div><p>This paper offers a novel perspective on the <span><math><mi>α</mi></math></span>-maxmin model, taking its components as originating from distinct selves within the decision maker. Drawing from the notion of multiple selves prevalent in inter-temporal decision-making contexts, we present an aggregation approach where each self possesses its own preference relation. Contrary to existing interpretations, these selves are not merely a means to interpret the decision maker’s overall utility function but are considered as primitives. Through consistency requirements, we derive an <span><math><mi>α</mi></math></span>-maxmin representation as an outcome of a convex combination of the preferences of two distinct selves. We first explore a setting involving objective information and then move on to a fully subjective derivation.</p></div>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":"113 ","pages":"Article 103006"},"PeriodicalIF":1.3,"publicationDate":"2024-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141324223","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"NPV, IRR, PI, PP, and DPP: A unified view","authors":"Mikhail V. Sokolov","doi":"10.1016/j.jmateco.2024.102992","DOIUrl":"10.1016/j.jmateco.2024.102992","url":null,"abstract":"<div><p>This paper introduces a class of investment project's profitability metrics that includes the net present value (NPV) criterion (which labels a project as weakly profitable if its NPV is nonnegative), internal rate of return (IRR), profitability index (PI), payback period (PP), and discounted payback period (DPP) as special cases. We develop an axiomatic characterization of this class, as well as of the mentioned conventional metrics within the class. The proposed approach offers several key contributions. First, it provides a unified interpretation of profitability metrics as indicators of a project's financial stability across various economic scenarios. Second, it reveals that, except for the NPV criterion, a profitability metric is inherently undefined for some projects. In particular, this implies that any extension of IRR to the space of all projects does not meet a set of reasonable conditions. A similar conclusion is valid for the other mentioned conventional metrics. For each of these metrics, we offer a characterization of the pairs of comparable projects and identify the largest set of projects to which the metric can be unequivocally extended. Third, our study identifies conditions under which the application of one metric is superior to others, helping to guide decision-makers in selecting the most appropriate metric for specific investment contexts.</p></div>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":"114 ","pages":"Article 102992"},"PeriodicalIF":1.0,"publicationDate":"2024-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141868737","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Globally and universally convergent price adjustment processes","authors":"P. Jean-Jacques Herings","doi":"10.1016/j.jmateco.2024.103007","DOIUrl":"https://doi.org/10.1016/j.jmateco.2024.103007","url":null,"abstract":"<div><p>We discuss three processes of price adjustment in an exchange economy, proposed by Smale (1976), van der Laan and Talman (1987), and Kamiya (1990), respectively. Under a regularity condition on the economy, the first process is guaranteed to converge to a competitive equilibrium for almost every initial price system such that one of the prices is equal to zero. The process of Kamiya (1990) is guaranteed to converge to the set of competitive equilibria for almost every initial price system, under a condition on the boundary behavior of the excess demand function of the economy. The (van der Laan and Talman 1987) process was shown by Herings (1997) to converge to a competitive equilibrium for a generic set of exchange economies for any initial price system. The simplest way to describe these processes is by characterizing the path of prices that they generate. Convergence proofs then rely on results from differential topology and establish that these paths have a manifold structure. The required tools, involving regular constraint sets and manifolds with generalized boundary, are explained in detail and can be fruitfully applied in other domains as well. The paper concludes with an overview of globally and universally convergent processes in other environments like production economies, economies with price rigidities, and game theory.</p></div>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":"113 ","pages":"Article 103007"},"PeriodicalIF":1.3,"publicationDate":"2024-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0304406824000685/pdfft?md5=883c81deeb976bbc333bc3efc8670694&pid=1-s2.0-S0304406824000685-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141324221","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Multidimensional screening after 37 years","authors":"Jean-Charles Rochet","doi":"10.1016/j.jmateco.2024.103010","DOIUrl":"https://doi.org/10.1016/j.jmateco.2024.103010","url":null,"abstract":"<div><p>This expository article surveys the literature that has followed my paper “A Necessary and Sufficient Condition for Rationalizability in a Quasi-linear Context” that was published in the Journal of Mathematical Economics in 1987.</p></div>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":"113 ","pages":"Article 103010"},"PeriodicalIF":1.3,"publicationDate":"2024-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0304406824000715/pdfft?md5=f26484c585ecbadca0efd2b0b1a81fbc&pid=1-s2.0-S0304406824000715-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141297845","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
求助内容：
应助结果提醒方式：
京公网安备 11010802042870号
