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Jieying Hong, Sophie Moinas, and Sébastien Pouget
vol. 185, March 2021, pp. 1–26
Does learning reduce or fuel speculative bubbles? We study this issue in the context of the Bubble Game proposed by Moinas and Pouget (2013). Our theoretical analysis based on adaptive learning shows that i) in the long run, learning induces convergence to the unique no-bubble equilibrium, ii) in...
Christian Gollier
vol. 192, n. 105189, March 2021
Mohamed Saleh, and Jean Tirole
vol. 89, n. 4, March 2021, pp. 1881–1919
A ruler who does not identify with a social group, whether on religious, ethnic, cultural or socioeconomic grounds, is confronted with a trade-off between taking advantage of the out-group population’s eagerness to maintain its identity and inducing it to “comply” (conversion, quit, exodus or any...
Sofia B. Villas-Boas, Céline Bonnet, and James Hilger
vol. 103, n. 2, March 2021, pp. 663–681
By conducting a field experiment, we investigate whether consumers value expert opinion labels on wine as a form of reducing asymmetric information about product quality. We use two types of data. First, we use a macro-level monthly-product-store dataset, collected before and after our field...
Jieying Hong, and Sébastien Pouget
February 2021
This paper studies the role of preopening periods in liquidity formation and welfare in financial markets. Because no transaction occurs during these preopening periods, their economic significance could be questioned. We model a market where costly participation and asymmetric information prevent...
Manvir Singh
vol. 62, n. 1, February 2021
In nearly every documented society, people believe that some misfortunes are caused by malicious group mates using magic or supernatural powers. Here I report cross-cultural patterns in these beliefs and propose a theory to explain them. Using the newly created Mystical Harm Survey, I show that...
Helmuth Cremer, and Chiara Canta
Toronto, vol. 54, n. 1, February 2021, pp. 259–283
Michael Eber, Cass Sunstein, James K. Hammitt, and Jennifer Yeh
vol. 62, n. 8, February 2021, pp. 1–26
As health care becomes increasingly personalized to the needs and values of individual patients, informational interventions that aim to inform and debias consumer decision-making are likely to become important tools. In a randomized controlled experiment, we explore the effects of providing...
Stefan Ambec, and Claude Crampes
vol. 94, n. 105074, February 2021
The presence of consumers able to respond to changes in wholesale electricity prices facilitates the penetration of renewable intermittent sources of energy such as wind or sun power. We investigate how adapting demand to intermittent electricity supply by making consumers price-responsive - thanks...
Tiziano De Angelis, Fabien Gensbittel, and Stéphane Villeneuve
vol. 46, n. 1, February 2021, pp. 28–60
This paper studies a 2-players zero-sum Dynkin game arising from pricing an option on an asset whose rate of return is unknown to both players. Using filtering techniques we first reduce the problem to a zero-sum Dynkin game on a bi-dimensional diffusion (X; Y ). Then we characterize the existence...
