查看更多>>摘要：We propose a solution to the school choice problem with priority-based affirmative action. This solution is a special case of Kesten's efficiency-adjusted deferred acceptance mechanism (henceforth, EADAM), specifically, we require that all minority students should give consent to priority waiving while none of the majority students consent. We formalize this solution as efficiency-adjusted deferred acceptance mechanism with only minorities consenting (henceforth, EADAM(m)). While it is known that when all students consent, the EADAM is not responsive to the priority-based affirmative action, we show that the EADAM(m) is responsive to the priority-based affirmative action. Inherited from the EADAM, the EADAM(m) satisfies reasonable fairness but lacks strategy-proofness. We further show that there is no reasonably fair and strategy-proof mechanism that is also responsive to the priority-based affirmative action. (C) 2020 Elsevier B.V. All rights reserved.
查看更多>>摘要：This paper examines optimally biased Tullock contests. We consider a multi-player Tullock contest in which players differ in their prize valuations. The designer is allowed to impose identity-dependent treatments - i.e., multiplicative biases - to vary their relative competitiveness. The literature has been limited, because a closed-form solution to the equilibrium is in general unavailable when the number of contestants exceeds two, which nullifies the usual implicit programming approach. We develop an algorithmic technique adapted from the general approach of Fu and Wu (2020) and obtain a closed-form solution to the optimum that addresses a broad array of design objectives. We further analyze a resource allocation problem in a research tournament and adapt Fu and Wu's (2020) approach to this noncanonical setting. Our analysis paves the way for future research in this vein. (C) 2020 Elsevier B.V. All rights reserved.
查看更多>>摘要：In school choice problems, a list of restrictions have been imposed on priorities to achieve desirable properties of rules. However, it is difficult to verify these "acyclicity'' conditions and identify the structure of the restricted priority profiles. To improve visibility and verifiability, we provide characterizations of these conditions. We also present the logical relations among the conditions by using our characterizations. (C) 2020 Elsevier B.V. All rights reserved.
查看更多>>摘要：The Borda rule, originally defined on profiles of individual preferences modelled as linear orders over the set of alternatives, is one of the most important voting rules. But voting rules often need to be used on preferences of a different format as well, such as top-truncated orders, where agents rank just their most preferred alternatives. What is the right generalisation of the Borda rule to such richer models of preference? Several suggestions have been made in the literature, typically considering specific contexts where the rule is to be applied. In this work, taking an axiomatic perspective, we conduct a principled analysis of the different options for defining the Borda rule on top-truncated preferences. (C) 2021 The Authors. Published by Elsevier B.V.
查看更多>>摘要：In this paper we examine a game-theoretical generalization of the landscape theory introduced by Axelrod and Bennett (1993). In their two-bloc setting each player ranks the blocs on the basis of the sum of her individual evaluations of members of the group. We extend the Axelrod-Bennett setting by allowing an arbitrary number of blocs and expanding the set of possible deviations to include multicountry gradual deviations. We show that a Pareto optimal landscape equilibrium which is immune to profitable gradual deviations always exists. We also indicate that while a landscape equilibrium is a stronger concept than Nash equilibrium in pure strategies, it is weaker than strong Nash equilibrium. (C) 2020 Elsevier B.V. All rights reserved.
查看更多>>摘要：This paper is concerned with the existence and computation of general equilibrium with incomplete asset markets and default. Due to the incompleteness of asset markets, the excess demand functions are typically not continuous at prices and delivery rates for which the assets have redundant nominal deliveries. This discontinuity results in a serious problem for the existence and computation of general equilibrium. We show that this problem can be resolved by replacing the nominal delivery matrix with a constant-rank one and restricting the macro variables in a subset of the domains. With this approach, the economies with incomplete markets and default penalties can be analyzed with differentiable homotopy techniques, and thus in the same framework as standard general equilibrium models. As a by-product, the existence of equilibrium is ensured for generic economies. Several computational examples demonstrate the effectiveness of the algorithm and show some quantitative features of equilibria in the model with default penalties. (C) 2020 Elsevier B.V. All rights reserved.
查看更多>>摘要：We introduce a notion of efficiency, called Stepwise Ordinal Efficiency (SOE), and prove that it coincides with a fairness notion of interim favoring ranks, in the sense of Harless (2018). We also prove that SOE implies ordinal efficiency, while it is not compatible with rank efficiency. Then, we provide an impossibility result which states that no mechanism meets SOE, weak strategy-proof, and strong equal treatment of equals. Finally, we show that a modified eating algorithm satisfies SOE. (C) 2020 Elsevier B.V. All rights reserved.
查看更多>>摘要：In a discrete-time setting, we study arbitrage concepts in the presence of convex trading constraints. We show that solvability of portfolio optimization problems is equivalent to absence of arbitrage of the first kind, a condition weaker than classical absence of arbitrage opportunities. We center our analysis on this characterization of market viability and derive versions of the fundamental theorems of asset pricing based on portfolio optimization arguments. By considering specifically a discrete-time setup, we simplify existing results and proofs that rely on semimartingale theory, thus allowing for a clear understanding of the foundational economic concepts involved. We exemplify these concepts, as well as some unexpected situations, in the context of one-period factor models with arbitrage opportunities under borrowing constraints. (C) 2020 Elsevier B.V. All rights reserved.
查看更多>>摘要：We consider a decision maker with randomly evolving tastes who faces dynamic decision situations that involve intertemporal tradeoffs, such as those in consumption savings problems. We axiomatize a recursive representation of choice that features uncertain consumption utilities, which evolve according to a subjective Markov process. The parameters of the representation, which are the subjective Markov process governing the evolution of utilities, and the discount factor, are uniquely identified from behavior. We relate the correlation of tastes over time and the desire to delay commitment to future consumption. (C) 2020 Elsevier B.V. All rights reserved.
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