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Maximal domains for strategy-proof pairwise exchange 防策略对偶交换的最大域
IF 0.6 4区 经济学
Mathematical Social Sciences Pub Date : 2023-11-01 DOI: 10.1016/j.mathsocsci.2023.10.004
Carmelo Rodríguez-Álvarez
{"title":"Maximal domains for strategy-proof pairwise exchange","authors":"Carmelo Rodríguez-Álvarez","doi":"10.1016/j.mathsocsci.2023.10.004","DOIUrl":"https://doi.org/10.1016/j.mathsocsci.2023.10.004","url":null,"abstract":"<div><p>We analyze centralized markets for indivisible objects without money through pairwise exchange when each agent initially owns a single object. We consider rules that for each profile of agents preferences select an assignment of the objects to the agents. We present a family of domains of preferences (<em>minimal reversal domains</em>) that are maximal rich domains for the existence of rules that satisfy <em>individual rationality</em>, <em>efficiency</em>, and <em>strategy-proofness</em>. Each minimal reversal domain is defined by a common ranking of the set of objects, and agents’ preferences over admissible objects coincide with such common ranking but for a specific pair of objects.</p></div>","PeriodicalId":51118,"journal":{"name":"Mathematical Social Sciences","volume":"126 ","pages":"Pages 107-118"},"PeriodicalIF":0.6,"publicationDate":"2023-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"92115769","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
Subjective complexity under uncertainty 不确定性条件下的主观复杂性
IF 0.6 4区 经济学
Mathematical Social Sciences Pub Date : 2023-10-16 DOI: 10.1016/j.mathsocsci.2023.10.001
Quitzé Valenzuela-Stookey
{"title":"Subjective complexity under uncertainty","authors":"Quitzé Valenzuela-Stookey","doi":"10.1016/j.mathsocsci.2023.10.001","DOIUrl":"https://doi.org/10.1016/j.mathsocsci.2023.10.001","url":null,"abstract":"<div><p>Complexity of the problem of choosing among uncertain acts is a salient feature of many of the environments in which departures from expected utility theory are observed. I study a class of Generalized Simple Bounds preferences in which acts that are complex from the perspective of the decision maker are bracketed by “simple” acts to which they are related by statewise dominance. I then study a refinement of the model in which the size of the partition with respect to which an act is measurable arises endogenously as a measure of subjective complexity. Finally, I consider choice behavior characterized by a “cautious completion” of Simple Bounds preferences, and discuss the relationship between this model and models of ambiguity aversion. I develop general comparative statics results, and explore applications to portfolio choice and insurance choice.</p></div>","PeriodicalId":51118,"journal":{"name":"Mathematical Social Sciences","volume":"126 ","pages":"Pages 76-93"},"PeriodicalIF":0.6,"publicationDate":"2023-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50187457","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: 8
Analytic approach for models of optimal retirement with disability risk 具有残疾风险的最优退休模型的分析方法
IF 0.6 4区 经济学
Mathematical Social Sciences Pub Date : 2023-10-05 DOI: 10.1016/j.mathsocsci.2023.09.007
Jiwon Chae , Bong-Gyu Jang , Seyoung Park
{"title":"Analytic approach for models of optimal retirement with disability risk","authors":"Jiwon Chae ,&nbsp;Bong-Gyu Jang ,&nbsp;Seyoung Park","doi":"10.1016/j.mathsocsci.2023.09.007","DOIUrl":"https://doi.org/10.1016/j.mathsocsci.2023.09.007","url":null,"abstract":"<div><p>Models of optimal retirement should reflect market incompleteness in reality caused by disability risk. In this paper, we develop an analytic approach for optimal retirement models with disability risk. More precisely, we provide an analytically tractable characterization of total wealth that is the sum of financial wealth and the present value of future income. We then provide analytic properties of the retirement wealth threshold. Finally, we derive the analytical optimal consumption and portfolio choice with retirement and disability risk.</p></div>","PeriodicalId":51118,"journal":{"name":"Mathematical Social Sciences","volume":"126 ","pages":"Pages 68-75"},"PeriodicalIF":0.6,"publicationDate":"2023-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50187464","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
Restricted complementarity and paths to stability in matching with couples 夫妻匹配中的有限互补性和稳定路径
IF 0.6 4区 经济学
Mathematical Social Sciences Pub Date : 2023-09-29 DOI: 10.1016/j.mathsocsci.2023.09.005
Benjamín Tello
{"title":"Restricted complementarity and paths to stability in matching with couples","authors":"Benjamín Tello","doi":"10.1016/j.mathsocsci.2023.09.005","DOIUrl":"https://doi.org/10.1016/j.mathsocsci.2023.09.005","url":null,"abstract":"<div><p>We study matching with couples problems where hospitals have one vacant position. We introduce a constraint on couples’ preferences over pairs of hospitals called restricted complementarity, which is a “translation” of bilateral substitutability in matching with contracts. Next, we extend Klaus and Klijn’s (2007) path to stability result by showing that if couples’ preferences satisfy restricted complementarity, then from any arbitrary matching, there exists a finite path of matchings where each matching on the path is obtained by “satisfying” a blocking coalition for the previous one and the final matching is stable.</p></div>","PeriodicalId":51118,"journal":{"name":"Mathematical Social Sciences","volume":"126 ","pages":"Pages 60-67"},"PeriodicalIF":0.6,"publicationDate":"2023-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50187463","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: 1
Intertemporal price discrimination with time-inconsistent consumers 时间不一致消费者的跨时间价格歧视
IF 0.6 4区 经济学
Mathematical Social Sciences Pub Date : 2023-09-29 DOI: 10.1016/j.mathsocsci.2023.09.006
János Flesch , Zsombor Z. Méder , Ronald Peeters , Yianis Sarafidis
{"title":"Intertemporal price discrimination with time-inconsistent consumers","authors":"János Flesch ,&nbsp;Zsombor Z. Méder ,&nbsp;Ronald Peeters ,&nbsp;Yianis Sarafidis","doi":"10.1016/j.mathsocsci.2023.09.006","DOIUrl":"https://doi.org/10.1016/j.mathsocsci.2023.09.006","url":null,"abstract":"<div><p>We consider the intertemporal price discrimination problem of a durable good monopolist facing a population of consumers who are time inconsistent. We show that price trajectories, profits and welfare are sensitive to consumers’ first- and second-order beliefs regarding their time preferences. Surprisingly, we find that sales and profits are largest when consumers are sophisticated, i.e., when consumers hold correct expectations on their own future choices. The monopolist is thus unable to take advantage of consumers’ naiveté, and could instead benefit from informing consumers about their true preferences and commitment problems, or otherwise communicate its beliefs about them.</p></div>","PeriodicalId":51118,"journal":{"name":"Mathematical Social Sciences","volume":"126 ","pages":"Pages 42-47"},"PeriodicalIF":0.6,"publicationDate":"2023-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50187461","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
Weighted fair division with matroid-rank valuations: Monotonicity and strategyproofness 拟阵秩估值的加权公平划分：单调性和策略性
IF 0.6 4区 经济学
Mathematical Social Sciences Pub Date : 2023-09-27 DOI: 10.1016/j.mathsocsci.2023.09.004
Warut Suksompong , Nicholas Teh
{"title":"Weighted fair division with matroid-rank valuations: Monotonicity and strategyproofness","authors":"Warut Suksompong ,&nbsp;Nicholas Teh","doi":"10.1016/j.mathsocsci.2023.09.004","DOIUrl":"https://doi.org/10.1016/j.mathsocsci.2023.09.004","url":null,"abstract":"<div><p>We study the problem of fairly allocating indivisible goods to agents with weights corresponding to their entitlements. Previous work has shown that, when agents have binary additive valuations, the maximum weighted Nash welfare rule is resource-, population-, and weight-monotone, satisfies group-strategyproofness, and can be implemented in polynomial time. We generalize these results to the class of weighted additive welfarist rules with concave functions and agents with matroid-rank (also known as binary submodular) valuations.</p></div>","PeriodicalId":51118,"journal":{"name":"Mathematical Social Sciences","volume":"126 ","pages":"Pages 48-59"},"PeriodicalIF":0.6,"publicationDate":"2023-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50187462","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: 2
Mergers of complements, endogenous product differentiation and welfare 互补性、内生产品差异化和福利的合并
IF 0.6 4区 经济学
Mathematical Social Sciences Pub Date : 2023-09-15 DOI: 10.1016/j.mathsocsci.2023.09.001
Tien-Der Han , Arijit Mukherjee
{"title":"Mergers of complements, endogenous product differentiation and welfare","authors":"Tien-Der Han ,&nbsp;Arijit Mukherjee","doi":"10.1016/j.mathsocsci.2023.09.001","DOIUrl":"https://doi.org/10.1016/j.mathsocsci.2023.09.001","url":null,"abstract":"<div><p>The static analysis shows that a merger among complementary input suppliers or complementary patent holders benefits the consumers and the society by reducing the input prices. We show that the effects of a merger of complements are not so straightforward in a dynamic set up with endogenous product differentiation in the final goods market. The merger of complements reduces the total input prices and increases product differentiation. However, whether it increases or decreases consumer surplus and welfare depends on the market expansion following product differentiation, the number of merged input suppliers and the intensity of competition. Hence, in a dynamic setup with endogenous product differentiation, the antitrust authorities may need to be more careful about mergers of complements. Our analysis has also relevance for vertical mergers.</p></div>","PeriodicalId":51118,"journal":{"name":"Mathematical Social Sciences","volume":"126 ","pages":"Pages 30-41"},"PeriodicalIF":0.6,"publicationDate":"2023-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50187460","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
Exclusive and non-exclusive licensing with shelving 带货架的独家和非独家许可
IF 0.6 4区 经济学
Mathematical Social Sciences Pub Date : 2023-09-14 DOI: 10.1016/j.mathsocsci.2023.09.002
Yuanzhu Lu , Sougata Poddar
{"title":"Exclusive and non-exclusive licensing with shelving","authors":"Yuanzhu Lu ,&nbsp;Sougata Poddar","doi":"10.1016/j.mathsocsci.2023.09.002","DOIUrl":"https://doi.org/10.1016/j.mathsocsci.2023.09.002","url":null,"abstract":"<div><p>We consider a market of technology transfer and licensing with an outside innovator and two asymmetric potential licensees where the licensees have asymmetric absorptive capacities of a cost reducing innovation. The low-cost efficient licensee/firm can only benefit from the new technology if the size of the cost reducing innovation is strictly bigger than the cost difference from its competitor. The high-cost firm always benefits from the new technology regardless of the size of the innovation. This leads to the possibility of strategic shelving of the innovation by the efficient firm. Under this backdrop, we characterize the optimal licensing contracts of the outside innovator. We find that in equilibrium, the innovator will use a fixed fee contract for some parameters and royalty or two-part tariff contract(s) for other parameters. Equilibrium fixed fees and royalty rates will also vary depending on the cost asymmetry and the size of the innovation. The optimal licensing contracts can be exclusive or non-exclusive, and shelving of the new technology may or may not happen which has welfare implications. We also investigate the first- and second-best licensing contracts in this environment and discuss their possible implementation.</p></div>","PeriodicalId":51118,"journal":{"name":"Mathematical Social Sciences","volume":"126 ","pages":"Pages 13-29"},"PeriodicalIF":0.6,"publicationDate":"2023-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50187459","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
Sensitivity of fair prices in assignment markets 转让市场中公允价格的敏感性
IF 0.6 4区 经济学
Mathematical Social Sciences Pub Date : 2023-09-13 DOI: 10.1016/j.mathsocsci.2023.09.003
Tamás Solymosi
{"title":"Sensitivity of fair prices in assignment markets","authors":"Tamás Solymosi","doi":"10.1016/j.mathsocsci.2023.09.003","DOIUrl":"https://doi.org/10.1016/j.mathsocsci.2023.09.003","url":null,"abstract":"<div><p>It is well known that in assignment markets competitive prices always exist, but no price mechanism is strategy-proof for all agents. We investigate the extent a single agent can influence three special competitive price vectors by misreporting his/her reservation values. We provide an exact formula how the minimum, the maximum, and the fair competitive price vectors change, and show that at the fair prices no agent can gain more than half of the deviation from the true values. We also derive the analogous results for the corresponding core payoffs of the associated assignment game via graph-theoretic characterizations of the two side-optimal core payoffs.</p></div>","PeriodicalId":51118,"journal":{"name":"Mathematical Social Sciences","volume":"126 ","pages":"Pages 1-12"},"PeriodicalIF":0.6,"publicationDate":"2023-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50187458","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
Unrealized arbitrage opportunities in naive equilibria with non-Bayesian belief processes 非贝叶斯置信过程天真均衡中的未实现套利机会
IF 0.6 4区 经济学
Mathematical Social Sciences Pub Date : 2023-09-01 DOI: 10.1016/j.mathsocsci.2023.07.001
Alexander Zimper
{"title":"Unrealized arbitrage opportunities in naive equilibria with non-Bayesian belief processes","authors":"Alexander Zimper","doi":"10.1016/j.mathsocsci.2023.07.001","DOIUrl":"https://doi.org/10.1016/j.mathsocsci.2023.07.001","url":null,"abstract":"<div><p>A non-Bayesian decision maker forms posterior beliefs through an – ever so slightly – violation of Bayes’ rule. A naive equilibrium is a competitive equilibrium for a multiperiod complete markets economy such that every economic agent – Bayesian or non-Bayesian – assumes that all economic agents are Bayesian decision makers. If all agents are indeed Bayesian decision makers, the naive equilibrium coincides with the standard concept of an arbitrage-free equilibrium for which dynamic price ratios are comprehensively pinned down as the equilibrium price ratios of Arrow–Debreu securities in a static economy. If at least one agent is a non-Bayesian decision maker, however, some equilibrium price ratios will change over time. These changing price ratios imply the existence of unrealized dynamic arbitrage opportunities in a naive equilibrium with non-Bayesian decision makers.</p></div>","PeriodicalId":51118,"journal":{"name":"Mathematical Social Sciences","volume":"125 ","pages":"Pages 27-41"},"PeriodicalIF":0.6,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50190974","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
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