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“Subjectivity and correlation in randomized strategies”: Back to the roots "随机策略中的主观性和相关性"：回归本源
IF 1 4区 经济学
Journal of Mathematical Economics Pub Date : 2024-08-06 DOI: 10.1016/j.jmateco.2024.103044
{"title":"“Subjectivity and correlation in randomized strategies”: Back to the roots","authors":"","doi":"10.1016/j.jmateco.2024.103044","DOIUrl":"10.1016/j.jmateco.2024.103044","url":null,"abstract":"<div><p>The very first paper published in the <em>Journal of Mathematical Economics</em>, “Subjectivity and correlation in randomized strategies”, by Aumann, proposes a new approach to strategic form games by taking account of an extraneous space of states of the world, on which every player has a subjective probability distribution and private information. We review some of Aumann’s results as well as some properties and extensions of the best known by-product of his seminal paper, the “correlated equilibrium”.</p></div>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2024-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0304406824001046/pdfft?md5=28b5b51d86c1ca1a905eae7f0312bcb2&pid=1-s2.0-S0304406824001046-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141979731","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}
引用次数: 0
Equilibrium analysis in majority-based coalitional bargaining games 基于多数的联合讨价还价博弈中的均衡分析
IF 1 4区 经济学
Journal of Mathematical Economics Pub Date : 2024-07-30 DOI: 10.1016/j.jmateco.2024.103043
{"title":"Equilibrium analysis in majority-based coalitional bargaining games","authors":"","doi":"10.1016/j.jmateco.2024.103043","DOIUrl":"10.1016/j.jmateco.2024.103043","url":null,"abstract":"<div><p>This paper introduces majority rule into coalitional bargaining games, adapting traditional models that rely on unanimous consent to more accurately mirror decision-making processes in real-world scenarios. We introduce a majority-based coalitional bargaining game (MBCBG), wherein coalitions pass proposals via majority votes. Our analysis of the stationary subgame perfect equilibrium (SSPE) not only establishes the necessary and sufficient conditions for SSPE strategy profiles but also confirms the existence of no-delay SSPEs in MBCBGs. We further delve into symmetric MBCBGs, delineating conditions that ensure equitable outcomes for homogeneous players. Furthermore, we provide a necessary and sufficient condition for the formation of the grand coalition under SSPEs. Additionally, we briefly explore how asymmetries in coalition values, proposal probabilities, and voting weights may influence both the dynamics of coalition formation and the expected equilibrium payoffs.</p></div>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2024-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141929891","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}
引用次数: 0
The role of information in auctions 信息在拍卖中的作用
IF 1 4区 经济学
Journal of Mathematical Economics Pub Date : 2024-07-25 DOI: 10.1016/j.jmateco.2024.103027
{"title":"The role of information in auctions","authors":"","doi":"10.1016/j.jmateco.2024.103027","DOIUrl":"10.1016/j.jmateco.2024.103027","url":null,"abstract":"<div><p>This review discusses the seminal contributions of Engelbrecht-Wiggans et al. (1983) Milgrom and Weber (1982a) to the literature that studies the role of information in auctions. We describe the results in these papers and present several extensions. Much of the earlier literature on auctions takes the information environment as exogenous. The extensions that we present will demonstrate how the insights of Engelbrecht-Wiggans et al. (1983) and Milgrom and Weber (1982a) apply to the more recent literature on flexible information acquisition in auctions where the information structure is endogenously determined in equilibrium.</p></div>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2024-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0304406824000879/pdfft?md5=52f2a8ccb0dae0ab12f5ca1df6959fd1&pid=1-s2.0-S0304406824000879-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141851788","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}
引用次数: 0
An even tighter bound for the Shapley–Folkman–Starr theorem 沙普利-福克曼-斯塔尔定理的更严格约束
IF 1 4区 经济学
Journal of Mathematical Economics Pub Date : 2024-07-24 DOI: 10.1016/j.jmateco.2024.103028
{"title":"An even tighter bound for the Shapley–Folkman–Starr theorem","authors":"","doi":"10.1016/j.jmateco.2024.103028","DOIUrl":"10.1016/j.jmateco.2024.103028","url":null,"abstract":"<div><p>Based on a previous refined Shapley–Folkman lemma, we derive a tighter error bound for the Shapley–Folkman–Starr theorem and apply the result to the course allocation problem.</p></div>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2024-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141842185","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}
引用次数: 0
The on-line transfer rule for queueing with arrivals 有到达者排队的在线转移规则
IF 1 4区 经济学
Journal of Mathematical Economics Pub Date : 2024-07-20 DOI: 10.1016/j.jmateco.2024.103026
{"title":"The on-line transfer rule for queueing with arrivals","authors":"","doi":"10.1016/j.jmateco.2024.103026","DOIUrl":"10.1016/j.jmateco.2024.103026","url":null,"abstract":"<div><p>We consider the queueing problem with arrivals, or the arrival queueing problem, where agents arrive at different (time) slots to process their jobs in a service facility and each job requires the same amount of processing time which is normalized to one. Each agent has one job to process and the facility can process only one job at each slot. We introduce a rule for the arrival queueing problem, which we call the <em>on-line transfer rule,</em> by adapting the minimal transfer rule of the static queueing problem (Maniquet, 2003) but incorporating the time span which each agent observes. We provide axiomatic characterizations of the on-line transfer rule by imposing the axioms of <em>efficiency, Pareto indifference, equal treatment of equals, independence of larger costs,</em> and <em>consistency from later-arrived-later-served agents</em>. We also introduce and characterize an alternative rule for the arrival queueing problem which adapts the maximal transfer rule of the static queueing problem (Chun, 2006a).</p></div>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2024-07-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141847702","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}
引用次数: 0
A general solution to the quasi linear screening problem 准线性筛选问题的一般解决方案
IF 1 4区 经济学
Journal of Mathematical Economics Pub Date : 2024-07-20 DOI: 10.1016/j.jmateco.2024.103025
{"title":"A general solution to the quasi linear screening problem","authors":"","doi":"10.1016/j.jmateco.2024.103025","DOIUrl":"10.1016/j.jmateco.2024.103025","url":null,"abstract":"<div><p>We provide an algorithm for solving multidimensional screening problems which are intractable analytically. The algorithm is a primal–dual algorithm which alternates between optimizing the primal problem of the surplus extracted by the principal and the dual problem of the optimal assignment to deliver to the agents for a given surplus. We illustrate the algorithm by solving (i) the generic monopolist price discrimination problem and (ii) an optimal tax problem covering income and savings taxes when citizens differ in multiple dimensions.</p></div>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2024-07-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142045037","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}
引用次数: 0
Interacting mechanisms: A perspective on generalized principal–agent problems 互动机制：广义委托代理问题透视
IF 1 4区 经济学
Journal of Mathematical Economics Pub Date : 2024-07-19 DOI: 10.1016/j.jmateco.2024.103023
{"title":"Interacting mechanisms: A perspective on generalized principal–agent problems","authors":"","doi":"10.1016/j.jmateco.2024.103023","DOIUrl":"10.1016/j.jmateco.2024.103023","url":null,"abstract":"<div><p>Myerson (1982) formalizes general principal–agent problems, in which agents have private information and choose actions. His contribution is best known for a version of the revelation principle in the case of a single principal but he also introduces a model of interacting principals. We push the latter forward by studying the perfect Bayesian equilibrium outcomes of the corporations’ game in which every principal proposes a mechanism to his agents. We show that several versions of the revelation principle hold in our framework and that, under certain conditions, every principals’ equilibrium, as defined in Myerson (1982), is a perfect Bayesian equilibrium outcome of the corporations’ game.</p></div>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2024-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0304406824000831/pdfft?md5=7a4ae7eed7a6f02b92ca89acfb39ad3f&pid=1-s2.0-S0304406824000831-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141842046","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}
引用次数: 0
General equilibrium and dynamic inconsistency 一般均衡与动态不一致性
IF 1 4区 经济学
Journal of Mathematical Economics Pub Date : 2024-07-15 DOI: 10.1016/j.jmateco.2024.103024
{"title":"General equilibrium and dynamic inconsistency","authors":"","doi":"10.1016/j.jmateco.2024.103024","DOIUrl":"10.1016/j.jmateco.2024.103024","url":null,"abstract":"<div><p>We study the role of different sources of naivete in a general equilibrium version of the Ramsey model with quasi-hyperbolic discounting. When agents are aware of others’ naivete, as strongly suggested by empirical evidence, they revise consumption paths, correctly anticipating prices in a resulting sliding equilibrium (perfect foresight). When agents are unaware of others’ naivete, as is typically assumed in the theoretical literature, they revise both consumption paths and price expectations (quasi-perfect foresight). We prove the existence of sliding equilibrium under perfect foresight for the class of isoelastic utility functions. We show that generically quasi-hyperbolic discounting matters for saving behavior: sliding equilibrium under perfect foresight is observationally equivalent to some optimal path in the standard Ramsey model <em>only if</em> utility is logarithmic. By comparing sliding equilibria under different types of foresight we show that perfect foresight implies a higher saving rate, long-run capital stock and consumption level than quasi-perfect foresight.</p></div>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2024-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0304406824000843/pdfft?md5=c814bde0745cfe8b048bf2ec53299a1e&pid=1-s2.0-S0304406824000843-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141700025","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}
引用次数: 0
Preferences on discounting under time risk 时间风险下的贴现偏好
IF 1 4区 经济学
Journal of Mathematical Economics Pub Date : 2024-07-04 DOI: 10.1016/j.jmateco.2024.103020
Marzia De Donno , Mario Menegatti
{"title":"Preferences on discounting under time risk","authors":"Marzia De Donno ,&nbsp;Mario Menegatti","doi":"10.1016/j.jmateco.2024.103020","DOIUrl":"10.1016/j.jmateco.2024.103020","url":null,"abstract":"<div><p>This paper examines the linkages between different aspects of a decision maker’s attitude towards risk in the presence of time risk. Our results suggest that certain combinations of aspects of preferences towards risk are incoherent, supporting the idea that preferences exhibit risk-seeking, prudent, intemperate and antimixed risk-averse discounting, at least starting from a certain time horizon. Consequently, we observe that, unlike the case of risky outcome, in the presence of risky time, a decision maker usually prefers “combining good with good” rather than “combining good with bad”. We extend our analysis considering the implications of our findings on the decision maker’s attitude towards changes in risk of different degrees and uncertainty in the variance. Lastly, applications to saving for delayed expenditures and to investments under delayed risks are provided.</p></div>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2024-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141586104","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}
引用次数: 0
Recursive two-stage evaluation model for dynamic decision making under ambiguity 模糊条件下动态决策的递归两阶段评估模型
IF 1 4区 经济学
Journal of Mathematical Economics Pub Date : 2024-07-04 DOI: 10.1016/j.jmateco.2024.103022
Ying He
{"title":"Recursive two-stage evaluation model for dynamic decision making under ambiguity","authors":"Ying He","doi":"10.1016/j.jmateco.2024.103022","DOIUrl":"10.1016/j.jmateco.2024.103022","url":null,"abstract":"<div><p>In this paper, the two-stage-evaluation (TSE) model for decision making under ambiguity (He 2021) is extended to intertemporal setting in an axiomatic approach. The first set of axioms employed are commonly adopted for dynamic non-expected utility models in the literature. Besides these regular axioms, I also assume dynamic consistency and conditions which deliver a static TSE for consumption plans only pay non-zero consequences for one period. It is shown that these axioms hold if and only if these exists a recursively defined evaluation utility model representing decision maker (DM)’s preferences over consumption plans conditional on arriving at any node in an event tree. Such a recursive form implies that one can apply dynamic programming technique (rolling back the decision tree) to solve a dynamic decision making problem under TSE model. It can be shown that the solution for the recursively defined dynamic TSE model exists uniquely. Due to the “small domain” setup, the agent is short-sighted in the sense that they only process subjective probabilities over events defined on one period uncertainty over next period states, which differs from “far-sighted” assumption in most extant models that assume subjective probabilities exist over events defined on multiple periods. It is shown that under some extra conditions, our DM applies Bayes’ rule “updating’ her subjective beliefs.</p></div>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2024-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S030440682400082X/pdfft?md5=0b10df5a79e45447f66db3677258e03e&pid=1-s2.0-S030440682400082X-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141586093","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}
引用次数: 0
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