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Aggregation of Diverse Information with Double Auction Trading among Minimally-Intelligent Algorithmic Agents
Jamal, Karim - 2019
Information dissemination and aggregation are key economic functions of financial markets. How intelligent do traders have to be for the complex task of aggregating diverse information (i.e., approximate the predictions of the rational expectations equilibrium) in a competitive double auction...
Persistent link: https://www.econbiz.de/10012868557
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Simple Agents, Intelligent Markets
Jamal, Karim - 2015
Attainment of rational expectations equilibria in asset markets calls for the price system to disseminate agents' private information to others. Markets populated by human agents are known to be capable of converging to rational expectations equilibria. This paper reports comparable market...
Persistent link: https://www.econbiz.de/10013032973
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The Benefit of Collective Reputation
Neeman, Zvika - 2017
We study a model of collective reputation and use it to analyze the benefit of collective brands. Consumers form … the baseline reputation of the collective is low, or if the main concern is with the acquisition of specialized knowledge … and the baseline reputation of the collective is high. We also contrast the socially optimal information structure with …
Persistent link: https://www.econbiz.de/10012965912
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The Role of Commitment in Bilateral Trade
Gerardi, Dino - 2013
This paper solves for the set of equilibrium payoffs in bargaining with interdependent values when the informed party makes all offers, as discounting vanishes. The seller of a good is informed of its quality, which affects both his cost and the buyer's valuation, but the buyer is not. To...
Persistent link: https://www.econbiz.de/10013075180
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The Implementation Duality
Nöldeke, Georg - 2017
Conjugate duality relationships are pervasive in matching and implementation problems and provide much of the structure essential for characterizing stable matches and implementable allocations in models with quasilinear (or transferable) utility. In the absence of quasilinearity, a more...
Persistent link: https://www.econbiz.de/10012944599
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The Implementation Duality
Nöldeke, Georg - 2015
We use the theory of abstract convexity to study adverse-selection principal-agent problems and two-sided matching problems, departing from much of the literature by not requiring quasilinear utility. We formulate and characterize a basic underlying implementation duality. We show how this...
Persistent link: https://www.econbiz.de/10013026253
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The Implementation Duality
Nöldeke, Georg - 2018
Conjugate duality relationships are pervasive in matching and implementation problems and provide much of the structure essential for characterizing stable matches and implementable allocations in models with quasilinear (or transferable) utility. In the absence of quasilinearity, a more...
Persistent link: https://www.econbiz.de/10012922807
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The Role of Commitment in Bilateral Trade
Gerardi, Dino - 2010
We examine the buyer-seller problem under different levels of commitment. The seller is informed of the quality of the good, which affects both his cost and the buyer's valuation, but the buyer is not. We characterize the allocations that can be achieved through mechanisms in which, unlike with...
Persistent link: https://www.econbiz.de/10013143583
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Assortative Matching and Reputation
Anderson, Axel; Smith, Lones - 2008
matching fails around the highest (lowest) reputation agents for 'low-skill (high-skill) concealing' technologies. We then find …
Persistent link: https://www.econbiz.de/10014071269
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Reputation Building Under Uncertain Monitoring
Deb, Joyee - 2016
We study a canonical model of reputation between a long-run player and a sequence of short-run opponents, in which the … long-run player is privately informed about an uncertain state that determines the monitoring structure in the reputation … sufficient conditions (on the monitoring structure and the type space) to obtain reputation building in this setting …
Persistent link: https://www.econbiz.de/10012990091