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It has been shown by Maskin and Tirole (1990, proposition 11) that with quasi-linear preferences and private values, an informed principal neither gains nor loses if her private information is revealed before contracting takes place. The note shows that this result may not hold when the agent...
Persistent link: https://www.econbiz.de/10010635017
This paper studies communication mechanisms for two players with symmetric single-peaked preferences. The peaks are privately known and drawn from a uniform distribution before the agents take a collective decision. While for the general setting Moulin (1980) characterized all strategy-proof...
Persistent link: https://www.econbiz.de/10010635118
We survey and unify results on elimination of dominated strategies by monotonic dynamics and prove some new results that may be seen as dual to those of Hofbauer and Weibull (J. Econ. Theory, 1996, 558-573) on convex monotonic dynamics.
Persistent link: https://www.econbiz.de/10009353557
between pessimism (resp. doubt) and risk-tolerance. Under reasonable assumptions, beliefs exhibit a pessimistic bias and, as a … consequence, the risk premium is higher than in a standard setting. …
Persistent link: https://www.econbiz.de/10010734229
correlation between pessimism (respectively doubt) and risk tolerance. Under reasonable assumptions, beliefs exhibit a pessimistic … bias and, as a consequence, the risk premium is higher than in a standard setting. …
Persistent link: https://www.econbiz.de/10010735042
In their quest for deeper insight into organizations, for some years now a great deal of researchers have focused on the concept of routines. Routines enable researchers to make out some of the dynamics which govern the organization, by fostering stability or , on the contrary, favoring...
Persistent link: https://www.econbiz.de/10010898790
The mainstream view in economics has been a key factor in designing climate policies. Given that the controversy over the “efficiency paradox” has shown that mainstream economics is not neutral in the way it deals with climate change, the purpose of this paper is to investigate what insights...
Persistent link: https://www.econbiz.de/10008791603
Suivant la feuille de route tracée par Joan Robinson, nous avons construit un modèle d'économie monétaire de production avec monnaie endogène, peuplé d'agents hétérogènes, autonomes et concurrents. Dans ce papier, on se propose de relâcher l'hypothèse d'entreprises orientées vers la...
Persistent link: https://www.econbiz.de/10008792101
: they consider that utilitarianism deals with 'utility' but disregards justice. Such an interpretation appears when they …
Persistent link: https://www.econbiz.de/10009367989
We propose an extension of Harsanyi's Impartial Observer Theorem based on the representation of ignorance as the set of all possible probability distributions over individuals. We obtain a characterization of the observer's preferences that, under our most restrictive conditions, is a convex...
Persistent link: https://www.econbiz.de/10010750385