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Signaling in dynamic contests with heterogeneous rivals
IF 1 4区 经济学
Journal of Mathematical Economics Pub Date : 2025-02-01 DOI: 10.1016/j.jmateco.2024.103080
Jorge Catepillán , Nicolás Figueroa , Jorge Lemus
{"title":"Signaling in dynamic contests with heterogeneous rivals","authors":"Jorge Catepillán ,&nbsp;Nicolás Figueroa ,&nbsp;Jorge Lemus","doi":"10.1016/j.jmateco.2024.103080","DOIUrl":"10.1016/j.jmateco.2024.103080","url":null,"abstract":"<div><div>We study signaling in dynamic contests where a privately informed challenger faces multiple rivals. When the challenger can choose between simultaneous and sequential contests, the optimal choice hinges on the degree of player heterogeneity. This is because the strength of future opponents affects the incentive to signal, whereas the strength of current opponents affects the extent and cost of signaling. We show that against homogeneous rivals, the challenger may prefer to reveal information through sequential contests. However, against heterogeneous opponents, the challenger prefers simultaneous contests to avoid information revelation. Additionally, in sequential contests with heterogeneous rivals, we characterize the equilibrium choice of rivals’ <em>order</em> (e.g., weak first and strong second) and show that only pooling and partial-pooling equilibria emerge.</div></div>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":"116 ","pages":"Article 103080"},"PeriodicalIF":1.0,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143144447","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
Costly learning under ambiguity
IF 1 4区 经济学
Journal of Mathematical Economics Pub Date : 2025-02-01 DOI: 10.1016/j.jmateco.2024.103079
Kemal Ozbek
{"title":"Costly learning under ambiguity","authors":"Kemal Ozbek","doi":"10.1016/j.jmateco.2024.103079","DOIUrl":"10.1016/j.jmateco.2024.103079","url":null,"abstract":"<div><div>In this paper, we propose a general model of information acquisition, Costly Bayesian Learning (CBL). Using menu choice framework, we provide an axiomatic characterization of the model, identify its parameters, apply a comparative statics, as well as study special cases of the model. Unlike many prominent models of information acquisition (e.g., the Rational Inattention model), a CBL agent can exhibit uncertainty averse behavior and prefer late resolution of uncertainty.</div></div>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":"116 ","pages":"Article 103079"},"PeriodicalIF":1.0,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143129762","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
Factor substitution and economic growth in a Romer-type model with monopolistic competition
IF 1 4区 经济学
Journal of Mathematical Economics Pub Date : 2025-01-27 DOI: 10.1016/j.jmateco.2025.103086
Manuel A. Gómez
{"title":"Factor substitution and economic growth in a Romer-type model with monopolistic competition","authors":"Manuel A. Gómez","doi":"10.1016/j.jmateco.2025.103086","DOIUrl":"10.1016/j.jmateco.2025.103086","url":null,"abstract":"<div><div>This paper studies the relationship between the elasticity of factor substitution (EOS) and steady-state values in a simplified Romer-type model with an expanding variety of products. Final goods production uses a nested CES technology, allowing substitution both among intermediate goods and between a composite intermediate good and labor. Consumption is a fixed fraction of output, and the cost of new intermediate production is constant and exogenous. The existence of an interior steady state requires an EOS between labor and the composite intermediate good above one, and an EOS among intermediates that exceeds the output–consumption ratio. Under these conditions, for a developing economy with an increasing variety of products, a higher EOS between labor and the intermediate composite good results in lower per capita output. This finding contrasts with results from infinite-horizon growth models, where a higher capital–labor EOS tends to boost per capita income (or the long-run growth rate) if baseline capital per capita is below its steady-state level. If the EOS between labor and the intermediate composite good is below unity and income per capita converges asymptotically to a constant as the number of intermediates continues to grow without bound, the usual positive relationship between the EOS and income per capita reappears.</div></div>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":"117 ","pages":"Article 103086"},"PeriodicalIF":1.0,"publicationDate":"2025-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143136179","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
Nash oligarchies
IF 1 4区 经济学
Journal of Mathematical Economics Pub Date : 2025-01-27 DOI: 10.1016/j.jmateco.2025.103093
Shiran Rachmilevitch
{"title":"Nash oligarchies","authors":"Shiran Rachmilevitch","doi":"10.1016/j.jmateco.2025.103093","DOIUrl":"10.1016/j.jmateco.2025.103093","url":null,"abstract":"<div><div>A bargaining solution is a <em>Nash oligarchy</em> if there exists a set of players <span><math><mi>O</mi></math></span>, the oligarchy, such that in every bargaining problem every player outside <span><math><mi>O</mi></math></span> is allocated his disagreement payoff, and the oligarchs share the surplus according to the <span><math><mrow><mo>|</mo><mi>O</mi><mo>|</mo></mrow></math></span>-person Nash solution. The Nash bargaining solution corresponds to the case where <span><math><mi>O</mi></math></span> contains all players, and dictatorial solutions correspond to singleton <span><math><mi>O</mi></math></span>s. I show that a solution satisfies three standard axioms together with a condition that balances utilitarianism and egalitarianism if and only if it is a Nash oligarchy. Strengthening the condition implies that the oligarchy contains at most two players. Strengthening it further implies a dictatorship.</div></div>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":"117 ","pages":"Article 103093"},"PeriodicalIF":1.0,"publicationDate":"2025-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143136180","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
Decision making under time pressure
IF 1 4区 经济学
Journal of Mathematical Economics Pub Date : 2025-01-12 DOI: 10.1016/j.jmateco.2025.103084
Mengke Wang
{"title":"Decision making under time pressure","authors":"Mengke Wang","doi":"10.1016/j.jmateco.2025.103084","DOIUrl":"10.1016/j.jmateco.2025.103084","url":null,"abstract":"<div><div>This paper studies individual decision making when deadlines are random. It establishes the relationship between a decision maker’s preference over timed choice problems and her set of feasible information acquisition paths. The decision maker’s preference over random deadlines satisfies the vNM independence axiom if her optimal way to acquire information depends only on the menu. Moreover, the decision maker’s distaste for contingent planning, a time-consuming activity, becomes weaker as she is allowed more time. Up to normalization, the decision maker’s utility function, prior belief and feasibility set of information paths can be identified from her preference over timed choice problems.</div></div>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":"117 ","pages":"Article 103084"},"PeriodicalIF":1.0,"publicationDate":"2025-01-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143136181","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
Cooperative games with diversity constraints 具有多样性约束的合作游戏
IF 1 4区 经济学
Journal of Mathematical Economics Pub Date : 2024-11-26 DOI: 10.1016/j.jmateco.2024.103077
Sylvain Béal , Marc Deschamps , Mostapha Diss , Rodrigue Tido Takeng
{"title":"Cooperative games with diversity constraints","authors":"Sylvain Béal ,&nbsp;Marc Deschamps ,&nbsp;Mostapha Diss ,&nbsp;Rodrigue Tido Takeng","doi":"10.1016/j.jmateco.2024.103077","DOIUrl":"10.1016/j.jmateco.2024.103077","url":null,"abstract":"<div><div>A cooperative game with diversity constraints is given by a cooperative game, a coalition structure which partitions the set of players into communities, and a vector of integers specifying, for each community, the minimal number of its members that a coalition must possess to be considered as diverse. We provide axioms for a value on the class of such cooperative games with diversity constraints. Some combinations of axioms characterize two values inspired by the Shapley value (Shapley, 1953) and the Owen value (Owen, 1977) for games with a coalition structure. More specifically, the Diversity Owen value is characterized as the Owen value of the diversity-restricted game with a coalition structure, where the diversity-restricted game assigns a null worth to a coalition if it does not meet the diversity requirements or its original worth otherwise. Similarly, the Diversity Shapley value is characterized as the Shapley value of the diversity-restricted game (without coalition structure). Some of our axiomatic characterizations can be adapted to the class of simple games by replacing the Additivity axiom by the Transfer axiom (Dubey, 1975).</div></div>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":"116 ","pages":"Article 103077"},"PeriodicalIF":1.0,"publicationDate":"2024-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142748217","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
Intergenerational redistribution with endogenous constraints to household debt 家庭债务内生约束的代际再分配
IF 1 4区 经济学
Journal of Mathematical Economics Pub Date : 2024-11-16 DOI: 10.1016/j.jmateco.2024.103068
Ilya Eryzhenskiy
{"title":"Intergenerational redistribution with endogenous constraints to household debt","authors":"Ilya Eryzhenskiy","doi":"10.1016/j.jmateco.2024.103068","DOIUrl":"10.1016/j.jmateco.2024.103068","url":null,"abstract":"<div><div>I study decentralization of optimal allocations in an endowment overlapping-generations economy where young agents face endogenous borrowing constraints. Lenders constrain credit because of limited commitment of borrowers: those can declare bankruptcy and only lose their ability to make savings for retirement in the future. The social planner can use lump-sum transfers and government debt in order to decentralize optimal allocations of consumption goods. I show that policies using government debt decentralize a larger set of optimal allocations, as opposed to balanced-budget policies with the same number of instruments per period. In addition, government debt always rules out equilibria where the private credit market does not operate and can rule out equilibrium steady states with binding borrowing constraints. The results are explained by incentives for saving and debt repayment under limited commitment, so they do not hold under common specifications of exogenous debt constraints.</div></div>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":"116 ","pages":"Article 103068"},"PeriodicalIF":1.0,"publicationDate":"2024-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142748216","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 social value of overreaction to information 对信息反应过度的社会价值
IF 1 4区 经济学
Journal of Mathematical Economics Pub Date : 2024-11-10 DOI: 10.1016/j.jmateco.2024.103067
Matteo Bizzarri , Daniele d’Arienzo
{"title":"The social value of overreaction to information","authors":"Matteo Bizzarri ,&nbsp;Daniele d’Arienzo","doi":"10.1016/j.jmateco.2024.103067","DOIUrl":"10.1016/j.jmateco.2024.103067","url":null,"abstract":"<div><div>We study the welfare effects of overreaction to information in markets with asymmetric information as well as the impact of a simple intervention in the form of a tax or a subsidy on trade volume. A large enough level of overreaction is always welfare decreasing: in these situations, introducing a tax can improve welfare. However, a small degree of overreaction can increase welfare. This is because of the interplay of two competing externalities: an information externality, due to the informational role of prices, and a pecuniary externality, due to the allocative role of prices. Depending on the balance of these externalities, a trade volume subsidy may be optimal.</div></div>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":"115 ","pages":"Article 103067"},"PeriodicalIF":1.0,"publicationDate":"2024-11-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142653739","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 overlapping-generations model with data-driven equilibrium behavior 数据驱动平衡行为的重叠世代模型
IF 1 4区 经济学
Journal of Mathematical Economics Pub Date : 2024-11-08 DOI: 10.1016/j.jmateco.2024.103065
Alexander Gorokhovsky , Anna Rubinchik
{"title":"An overlapping-generations model with data-driven equilibrium behavior","authors":"Alexander Gorokhovsky ,&nbsp;Anna Rubinchik","doi":"10.1016/j.jmateco.2024.103065","DOIUrl":"10.1016/j.jmateco.2024.103065","url":null,"abstract":"<div><div>We propose a class of overlapping generations models that can serve as a workhorse for policy analysis. Recent literature identifies several features of key observable economic variables in Europe and the U.S.: the life-cycle path of earnings is hump-shaped, while the aggregate variables — per-capita consumption and labor hours — exhibit a clear time trend. Our class generates non-monotonic life-cycle behavior of labor supply and the desired aggregate trends in all its balanced-growth equilibria (BGE). There is a finite number of these equilibria and at least one of them exists provided a single-generation consumer problem has a solution. The model has a constant-returns-to-scale production, non-trivial depreciation of capital, exogenous labor-saving growth and an arbitrary individual life-cycle productivity. The necessary restrictions imposed on preferences are consistent with those generating the aggregate trends in a representative-agent economy, while ruling out popular specifications such as Cobb–Douglas or CES. We characterize BGE with MaCurdy preferences and solve a parametrized model that yields at least two stationary equilibria with reasonable interest rates. The hump-shaped life-cycle consumption profile can be generated with an additional parameter interpreted as reflecting family structure or a desire for immediate gratification that peaks at mid-life.</div></div>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":"115 ","pages":"Article 103065"},"PeriodicalIF":1.0,"publicationDate":"2024-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142653738","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
Robust group strategy-proof rules in the object allocation problem with money: The role of tie-breaking rules 有资金的物品分配问题中的稳健群体策略防范规则：打破平局规则的作用
IF 1 4区 经济学
Journal of Mathematical Economics Pub Date : 2024-10-31 DOI: 10.1016/j.jmateco.2024.103066
Hiroki Shinozaki
{"title":"Robust group strategy-proof rules in the object allocation problem with money: The role of tie-breaking rules","authors":"Hiroki Shinozaki","doi":"10.1016/j.jmateco.2024.103066","DOIUrl":"10.1016/j.jmateco.2024.103066","url":null,"abstract":"<div><div>We study the object allocation problem with money. The owner owns identical objects. Each agent receives at most one unit of the object, and has a preference that is not necessarily quasi-linear. Recently, Kivinen and Tumennasan (2021) propose a group incentive property that they call <em>robust group strategy-proofness</em>. It takes into account a coalitional manipulation with which a coalition agrees without knowing the other agents’ preferences. We propose a <em>generalized Vickrey rule with lowest priority agents</em> that is associated with a tie-breaking rule such that for each coalitional report of preferences, there is an agent (a <em>lowest priority agent</em>) who has a chance to receive the object only after all the other members of the coalition receive the object. We show that the generalized Vickrey rules with lowest priority agents are the only rules satisfying <em>robust group strategy-proofness</em>, <em>efficiency</em>, <em>individual rationality</em>, and <em>no subsidy for losers</em>. Our result highlights the importance of the tie-breaking rules for <em>robust group strategy-proofness</em>, which contrasts with <em>group strategy-proofness</em> that a generalized Vickrey rule satisfies regardless of the tie-breaking rule.</div></div>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":"115 ","pages":"Article 103066"},"PeriodicalIF":1.0,"publicationDate":"2024-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142578515","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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