We examine self-control problems-modeled as time-inconsistent, present-biased preferences-in a model where a person must do an activity exactly once. We emphasize two distinctions: Do activities involve immediate costs or immediate rewards, and are…
Microeconomics
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Standard incentive theory models provide a rich framework for studying informational problems but assume that contracts can be perfectly enforced. This paper studies the design of self-enforced relational contracts. I show that optimal contracts…
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We study the stability and efficiency of social and economic networks, when self-interested individuals can form or sever links. First, for two stylized models, we characterize the stable and efficient networks. There does not always exist a stable…
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Many instructors of microeconomic theory have been waiting for a text that provides balanced and in-depth analysis of the essentials of microeconomics. Masterfully combining the results of years of teaching microeconomics at Harvard University,…
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This paper presents a critique of expected utility theory as a descriptive model of decision making under risk, and develops an alternative model, called prospect theory. Choices among risky prospects exhibit several pervasive effects that are…
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Doi: 10.1162/003355302760193904 Departures from self-interest in economic experiments have recently inspired models of social preferences. We design a range of simple experimental games that test these theories more directly than existing…
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We present an approach to network formation based on the notion that social networks are formed by individual decisions that trade off the costs of forming and maintaining links against the potential rewards from doing so. We suppose that a link…
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A set of lecture notes for the first quarter of a graduate microeconomics class, based on classes taught by the author at Tel Aviv, Princeton, and New York Universities.
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We develop a model of reference-dependent preferences and loss aversion where gainloss utility is derived from standard consumption utility and the reference point is determined endogenously by the economic environment. We assume that a persons…
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We develop a new version of prospect theory that employs cumulative rather than separable decision weights and extends the theory in several respects. This version, called cumulative prospect theory, applies to uncertain as well as to risky…
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Despite being the leading preventable cause of disability, death, and economic burden on society, tobacco-use detection and treatment is yet to be taken as seriously as the prevention and treatment of chronic diseases or other addictive behaviors…
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The article reviews the book "Social Psychology & Economics," edited by David De Cremer, Marcel Zeelenberg, and J. Keith Murninghan.
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We investigate the use of standard statistical models for quantal choice in a game theoretic setting. Players choose strategies based on relative expected utility and assume other players do so as well. We define a quantal response equilibrium (ORE)…
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We analyse a situation where a monopolist is selling an indivisible good to risk-neutral buyers who only have an estimate of their private valuations. The seller can release, without observing, certain additional signals that affect the buyers'…
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This article focuses on the impact of scale economies on whether a market solution will yield the socially optimum kinds and quantities of commodities in welfare economics. This article develops some models to study various aspects of the…
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Our theory of costly contracts emphasizes the contractual rights can by of two types: specific rights and residual rights. When it is costly to list all specific rights over assets in the contract, it may be optimal to let one party purchase all…
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There is strong evidence that people exploit their bargaining power in competitive markets but not in bilateral bargaining situations. There is also strong evidence that people exploit free-riding opportunities in voluntary cooperation games. Yet,…
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This paper reports laboratory data for games that are played only once. These games span the standard categories: static and dynamic games with complete and incomplete information. For each game, the treasure is a treatment in which behavior…
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We present a model to address in a unified manner four ways in which a monopolist can interfere with secondary markets. In the model, consumers have heterogeneous valuations for quality so that used-good markets play an allocative role. Our results…
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