Essays In Microeconomic Theory And The Economics Of Networks
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Essays In Microeconomic Theory And The Economics Of Networks
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Author : Yiqing Xing
language : en
Publisher:
Release Date : 2016
Essays In Microeconomic Theory And The Economics Of Networks written by Yiqing Xing and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
This thesis consists of three essays in microeconomic theory and the economics of networks. Chapter 1 establishes a model in which agents first form risk-sharing pairs, and then repeatedly share income risks under limited commitment. Agents of different occupations differ in income autocorrelations, i.e. how their current incomes correlate with past ones. I show that agents with high autocorrelation are hard to share risks with. With endogenous matching, two equilibrium outcomes can occur: either 1) agents match positive assortatively, or 2) agents from different occupations do match together, but in order to sustain such matches, agents share risks unevenly favoring the relatively less autocorrelated. Either equilibrium features substantial inequality across occupations and low total welfare, compared to what would happen if a social planner could impose an optimal matching to agents. The interplay between matching and risk sharing can change our views on policies. For instance, uniform increases in everyone's low income levels (minimal wages) may hurt some agents. Increases in occupation-specific common income shocks could improve overall risk sharing and reduce inequality. My results are also robust to forms of heterogeneity other than income autocorrelations, such as heterogeneous opportunities to rematch or migrate. This model is among the first attempts to consider both partnership formation and subsequent interactions. I highlight the point that how a pair of agents interact (share risks in this case) does not only depend on the two of them, but also on their potential links to others, and how others interact. Such a framework has important policy implications because a policy can change how agents interact as well as whom they interact with. Without considering these effects, out policy evaluations could be inadequate. Chapter 2 (coauthored with Matt Jackson) is an online experiment to justify homophily, the tendency of people to interact with others that are similar to themselves, by the ease of coordination among agents with a similar cultural background. In particular, we examine whether people are better at predicting how others with similar cultural backgrounds will behave, compared to others with different cultural backgrounds. We also explore whether this translates into better coordination. The more than a thousand participants in our experiment mainly reside in two countries: India and the United States. Participants are paired to act in a simple coordination environment with multiple coordination outcomes. Participants from India are much more likely than participants from the U.S. to choose actions that lead to very unequal payoffs across the two subjects. We also find that, although participants residing in different countries tend to choose different actions, they do not seem to adjust their actions according to their opponents' place of residence. One explanation for this pattern is that participants have no idea about what their opponents would do when the opponents are from a different cultural background from them, and wrongly believe that their opponents will behave similarly to themselves. This explanation is consistent with the data when we explicitly elicit participants' beliefs about the opponents' behaviors. In sum, due to the accuracy of predicting each others' behaviors, interactions between people who share a similar cultural background leads to a larger likelihood of coordination, and a higher payoff on average. Chapter 3 (coauthored with Matt Jackson and Hugo Sonnenschein) models negotiations that determine not only an agreement's price, but also its content, which typically has many aspects. We model such negotiations and provide conditions under which negotiation leads to efficient outcomes, even in the face of substantial asymmetric information regarding the value of each aspect. With sufficient information about the overall potential surplus, if the set of offers that agents can make when negotiating is sufficiently rich, then negotiation leads the agents to efficient agreements in all equilibria. Furthermore, the same negotiation game works regardless of the statistical structure of information - in this sense, no omniscient "planner" or "mechanism designer" is required. The theory and examples explore the anatomy of negotiation and may shed light on why many situations with significant asymmetric information exhibit little inefficiency. This chapter is within my research agenda of better understanding the social costs of asymmetric information without an omniscient and empowered "mechanism designer". Such a designer plays a key role in the mechanism design literature, but frequently is absent in applications. This chapter asks the question that whether two agents come about on their own, negotiating in "free-forms", can achieve (near) efficiency. Another paper of mine, "Intermediated Implementation", (with Anqi Li) is along the same line of research. There we ask the question whether a social planner can implement target allocations through market intermediaries (e.g., firms in the labor market) with simple policies such as per unit fee, labor income tax, or quota system.
Essays In Networks And Applied Microeconomic Theory
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Author :
language : en
Publisher:
Release Date : 2014
Essays In Networks And Applied Microeconomic Theory written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with Business networks categories.
This thesis contains three papers which examine the role of networks and social structure in different modes of socio-economic interactions. The first chapter focuses on purely competitive strategic bilateral interactions - contests. I analyse situations in which agents, embedded in a network, simultaneously play interrelated bilateral contest games with their neighbours. The network structure uniquely determines the behaviour of agents in the equilibrium. I also study the formation of such networks, finding that the complete k-partite network is the unique stable network topology. This implies that agents will endogenously sort themselves in partitions of friends, competing with members of other partitions. The model provides a micro-foundation for the structural balance concept in social psychology, and the main results go in line with theoretical and empirical findings from other disciplines, including international relations, sociology and biology. The second chapter is joint work with my supervisor Fernando Vega-Redondo. We study a competitive equilibrium model on a production network of firms, identifying the measure of centrality in the network that determines the profit of a firm, and network structures that maximize social welfare. The significant part of this chapter focuses on how the network mediates the effects of revenue distortions on profits of firms and social welfare. The results are that the effects of distortions propagate both upstream and downstream through the network. The centrality of the affected firm determines the magnitude of the downstream effect, and the upstream effect is determined by the intercentralities of suppliers of the affected firm. Increasing the density of the network by adding links has a non-monotonic effect on welfare. Adopting a more complex production technology can increase but also decrease the profit of a firm, depending on the network structure; while finding a new buyer will always increase the profit of a firm. In the third paper I analyse the interaction between formal legal enforcement of cooperation and the role of reputation in a heterogeneous population. By choosing to cooperate, even when the quality of the formal institution is not high, an agent signals that he has high work ethics, thereby earning reputation as a better match for future interactions. When there is reputation benefit, the welfare-maximizing quality of the enforcement institution is generally not the one that maximizes cooperation. Depending on the distribution of types in society, the effect of the increase in quality of enforcement on cooperation can be crowded in or crowded out by reputation concerns. When the institutional quality is determined endogenously, the equilibrium quality of the institution will generically be higher than the optimal quality.
Essays In The Economics Of Networks
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Author : A. N. Advani
language : en
Publisher:
Release Date : 2017
Essays In The Economics Of Networks written by A. N. Advani and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
Microeconomic Analysis Routledge Revivals
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Author : David Currie
language : en
Publisher: Routledge
Release Date : 2016-05-20
Microeconomic Analysis Routledge Revivals written by David Currie and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-05-20 with Business & Economics categories.
First published in 1981, this book brings together a collection of essays on microeconomics and development presented at the conference of the Association of University Teachers of Economics. Topics covered include the intergenerational transfer of economic inequality, a review of the recent development in the theory of equity in the economy’s distribution and production process, labour and unemployment, market structure and international trade, taxation and the public sector, Third World industrialisation and Indian agriculture. This book will be of interest to students of Economics and Development Studies.
Economic Organization Capabilities And Co Ordination
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Author : Nicolai J. Foss
language : en
Publisher: Psychology Press
Release Date : 1998
Economic Organization Capabilities And Co Ordination written by Nicolai J. Foss and has been published by Psychology Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Business & Economics categories.
This collection of essays aims to encourage further development of economist Richardson's themes and it will make excellent reading for students looking at the capability or competence approach to the firm.
Applied Microeconomic Theory
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Author : Buford Curtis Eaton
language : en
Publisher: Edward Elgar Publishing
Release Date : 2002
Applied Microeconomic Theory written by Buford Curtis Eaton and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Microeconomics categories.
The author's most important papers in a number of areas of applied microeconomic theory, many previously presented as articles in various journals during the 1970s-1990s, are collected here under categories of strategic behavior, efficiency wages, and applied price theory. Specific subjects include the durability of capital as a barrier to entry, agent compensation and the limits of bonding, and supporting collusion by choice of inferior technologies. Other topics covered are the economy of high wages, technology-trading coalitions in supergames, and the geometry of supply, demand, and competitive market structure with economies of scope. Eaton teaches economics at the University of Calgary, Canada. This work lacks a subject index. Annotation copyrighted by Book News, Inc., Portland, OR
Essays On The Formation Of Social And Economic Networks
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Author : Liza Charroin
language : en
Publisher:
Release Date : 2018
Essays On The Formation Of Social And Economic Networks written by Liza Charroin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
In a world where networks become a dominant form of organization, the structure of networks and the position of individuals in these networks affect individual behavior and aggregate economic outcomes. The analysis of network formation by a central planner or by individuals themselves is at the heart of this thesis on the economics of networks.Chapter 1 theoretically studies the optimal formation and protection of networks by a central planner knowing that an external agent can destroy k links. The protection of the network can be guaranteed either by densifying the links between nodes, or by protecting the links. When the cost of protection is relatively small, a minimally connected network composed of protected links guarantees the communication flow; if this cost is high, the optimal solution is to form a symmetric network where each node has at least k+1 non-protected links.Chapter 2 explores the decentralized formation of networks in the laboratory by analyzing individual linking formation decisions when one agent has a higher value than others and that the linking formation process is sequential. The results show that sequentiality facilitatesthe coordination on efficient networks but that do not correspond to the Subgame PerfectEquilibrium. The heterogeneity across agents increases the asymmetry of networks because of the polarization of links on the agent with a higher value.Chapter 3 studies the impact of the endogenous formation of networks on the importance of peer effects, applied to dishonest behavior. In order to identify the effects of social comparisons, two controlled environments are designed in the laboratory in which individuals choose or not their peers, and then observe their behavior. The results show that peer effects on dishonest behavior are significantly higher when individuals can choose their peers.
Essays In The Economics Of Networks And Standards
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Author : Tobias Kretschmer
language : en
Publisher:
Release Date : 2001
Essays In The Economics Of Networks And Standards written by Tobias Kretschmer and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.
Essays On Transport Economics
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Author : Pablo Coto-Millán
language : en
Publisher: Springer Science & Business Media
Release Date : 2007-02-02
Essays On Transport Economics written by Pablo Coto-Millán and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-02-02 with Business & Economics categories.
This book explores analytical methods used in transportation economics and policy analysis. Encompassing fields of economics such as Industrial Organisation, Welfare Economics, General Equilibrium Theory and Input-Output-Analysis, the study of transport from an economic point of view serves as a test bench for applying methodologies of economic science to the real world. Each chapter opens with a brief theoretical introduction before evaluating case studies, using the state-of-the-art statistical and econometric techniques.
Essays In The Economics Of Networks
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Author : Hendrika Wichers
language : en
Publisher:
Release Date : 2020
Essays In The Economics Of Networks written by Hendrika Wichers and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.