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An equilibrium analysis of the probabilistic serial mechanism
(Springer Science+Business Media, 2016-08)
The prominent mechanism of the recent literature in the assignment problem is the probabilistic serial (PS). Under PS, the truthful (preference) proÖle always constitutes an ordinal Nash Equilibrium, inducing a random ...
Damaged durable goods, upgrades, and the coase conjecture
(Mohr Siebeck, 2018-12)
This study analyzes a damaged-goods market for a perfectly durable good in an infinite-horizon, discrete-time game. We characterize Markov perfect equilibria of this game under different buyer upgrade possibilities as a ...
Dynamic moral hazard with sequential tasks
(Elsevier, 2019-10)
We study a sequential agency problem with hidden actions in an infinite horizon dynamic setting. The principal has a project that requires completion of two sequential tasks where the predecessor must be finished before ...
Reclaim-proof allocation of indivisible objects
(Elsevier, 2013-09)
We study desirability axioms imposed on allocations in indivisible object allocation problems. The existing axioms in the literature are various conditions of robustness to blocking coalitions with respect to agentsʼ ex ...
A picture's worth a thousand numbers
(Harvard Business Publishing, 2013-06)
The article examines research on the subject of humans' difficulty in understanding probability and the value of graphic representations in improving that understanding. Topics include research by "Harvard Business Review" ...
Financial development convergence
(Elsevier, 2015-07)
We show that credit levels relative to GDP and other measures for financial development tend to converge across countries over time. The results are obtained using a broad sample of countries over many years and controlling ...
Costly switching from a status quo
(Elsevier, 2018-12)
We axiomatically characterize a theory of status quo-dependent choice where an agent faces switching costs that depend upon both the status quo and the alternative he switches to. In a choice problem with a status quo, the ...
Credit decomposition and business cycles in emerging market economies
(Elsevier, 2016)
This paper analyzes the differential effects of household and business credit dynamics on business cycles in emerging market economies. We first provide evidence that existing results relating credit expansions to economic ...
Aspiration-based choice
(Elsevier, 2018-07)
Numerous studies and experiments suggest that aspirations for desired but perhaps unavailable alternatives influence decisions. A common finding is that an unavailable aspiration steers agents to choose similar available ...
A comparison of optimal policy rules prior to and during inflation targeting: empirical evidence from Bank of Canada
(Taylor & Francis, 2017)
We examine policy rules that are consistent with inflation targeting (IT) framework in a small macroeconomic model of the Canadian economy. We set up an optimal linear regulator problem and derive policy rules to compare ...
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