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A planner wants to elicit information about an agent's preference relation, but not the entire ordering. Specifically, preferences are grouped into “types,” and the planner wants only to elicit the agent's type. We first assume that beliefs about randomization are subjective, and show that a...
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An alternative is a Condorcet winner if it beats all other alternatives in a pairwise majority vote. A social choice correspondence is a Condorcet extension if it selects the Condorcet winners–and nothing else–whenever a Condorcet winner exists. It is well known that Condorcet extensions are...
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We investigate whether the perception of economy-wide inflation is affected by the frequency with which various goods׳ prices are observed. We provide novel experimental evidence that consumers׳ perceptions of aggregate inflation are systematically biased toward the perceived inflation rates...
Persistent link: https://www.econbiz.de/10011048571
Reputation effects and other-regarding preferences have both been used to predict cooperative outcomes in markets with inefficient equilibria. Existing reputation-building models require either infinite time horizons or publicly observed identities, but cooperative outcomes have been observed in...
Persistent link: https://www.econbiz.de/10005821490
Double auction prediction markets have proven successful in large-scale applications such as elections and sporting events. Consequently, several large corporations have adopted these markets for smaller-scale internal applications where information may be complex and the number of traders is...
Persistent link: https://www.econbiz.de/10009191490
Paul Milgrom [Milgrom, P.R., 1981. Goods news and bad news: representation theorems and applications. The Bell Journal of Economics 12, 380-391] showed that if the strict monotone likelihood ratio property (MLRP) does not hold for a conditional distribution then there exists some non-degenerate...
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