Economic Theory
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Sequential innovation, naked exclusion, and upfront lump-sum payments
Economic Theory - - 2017
We present a potentially benign naked exclusion mechanism that can be applied to sequential innovation; a non-patentable original innovation by the incumbent supplier fosters derivative innovation by rivals. In the absence of an appropriate legal framework, the original innovator’s equilibrium exclusivity contracts block subsequent efficient entry even if there is (leader–follower) competition in ......
Citizen-candidates, lobbies, and strategic campaigning
Economic Theory - Tập 33 - Trang 285-309 - 2006
We study a spatial model of political competition in which potential candidates need a fixed amount of money from lobbies to enter an election. We show that the set of pure strategy Nash equilibria in which lobbies finance candidates whose policies they prefer among the set of entrants coincides with the set of Nash equilibria with weakly less than two entering candidates. Fixing lobbies’ preferen......
Dynamic preference foundations of expected exponentially-discounted utilityAbstract Expected exponentially-discounted utility (EEDU) is the standard model of choice over risk and time in economics. This paper considers the dynamic preference foundations of EEDU in the timed risks framework. We first provide dynamic preference foundations for a time-invariant expected utility representation. The new axioms for this are called foregone-risk ... ...
Economic Theory -
Ex ante heterogeneity in all-pay many-player auctions with Pareto distribution of costs
Economic Theory - Tập 70 - Trang 765-783 - 2019
We analyze an all-pay auction as a game of incomplete information, in which every player knows the cost of his effort and believes that the cost to each of his rivals is an independent Pareto random variable. The lower bound of its support, the cost parameter, can be different for each player and all are commonly known. Such an auction has a unique Bayesian-Nash equilibrium. The players with a rel......
Stochastic disease spreading and containment policies under state-dependent probabilities
Economic Theory - - Trang 1-42 - 2023
We analyze the role of disease containment policy in the form of treatment in a stochastic economic-epidemiological framework in which the probability of the occurrence of random shocks is state-dependent, namely it is related to the level of disease prevalence. Random shocks are associated with the diffusion of a new strain of the disease which affects both the number of infectives and the growth......
Guilt moderation
Economic Theory - Tập 76 - Trang 1025-1050 - 2023
We propose and axiomatize the inequality-averse model with rank-dependent (dis-)utility under risk and uncertainty. The model highlights an important linkage, Guilt Moderation, between different other-regarding behaviors: when choices are risky, decision maker feels less guilt by assigning more weight to the fairer outcomes, creating a tendency to exhibit self-centered (or altruistic) behavior whe......
An ordinal theorem of the maximum
Economic Theory - Tập 76 - Trang 353-373 - 2022
This paper extends the notion of equivalent variation, Hicks (Value and capital, 1939) to an abstract decision problem. It also provides a modern, ordinal variant of the maximum theorem, Berge (Topological spaces: including a treatment of multi-valued functions, vector spaces, and convexity, Courier Corporation, Chelmsford, 1963) that formulates the assumptions in terms of underlying preferences a......
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