G Manso, B Strulovici… - Review of Financial …, 2010 - Soc Financial Studies
Abstract This article studies performance-sensitive debt (PSD), the class of debt obligations
whose interest payments depend on some measure of the borrower's performance. We
demonstrate that the existence of PSD obligations cannot be explained by the trade-off ...
B Strulovici - Econometrica, 2010 - Wiley Online Library
This paper combines dynamic social choice and strategic experimentation to study the
following question: How does a society, a committee, or, more generally, a group of
individuals with potentially heterogeneous preferences, experiment with new ...
D Duffie… - 2011 - nber.org
We present a model for the equilibrium movement of capital between asset markets that are
distinguished only by the levels of capital invested in each. Investment in that market with the
greatest amount of capital earns the lowest risk premium. Intermediaries optimally trade off ...
JKH Quah… - Econometrica, 2009 - Wiley Online Library
We identify a new way to order functions, called the interval dominance order, that
generalizes both the single crossing property and a standard condition used in statistical
decision theory. This allows us to provide a unified treatment of the major theorems on ...
P Milgrom… - Journal of Economic theory, 2009 - Elsevier
This paper identifies two notions of substitutes for auction and equilibrium analysis. Weak
substitutes, the usual price-theory notion, guarantees monotonicity of tâtonnement
processes and convergence of clock auctions to a pseudo-equilibrium, but only strong ...
B Strulovici - 2008 - nuff.ox.ac.uk
Abstract This paper analyzes a dynamic voting model where individual preferences evolve
through experimentation. Individual votes reflect not only current preferences but also the
anticipated effect of elected alternatives on future preferences and votes. The analysis is ...
Abstract We distinguish two notions of substitutes for discrete inputs of a firm. Class
substitutes are defined assuming that units of a given input have the same price while
unitary substitutes treat each unit as a distinct input with its own price. Unitary substitutes ...
M Meyer… - Journal of Economic Theory, 2011 - Elsevier
Abstract Orderings of interdependence are useful in many economic contexts: in assessing
ex post inequality under uncertainty; in comparing multidimensional inequality; in valuing
portfolios of assets or insurance policies; and in assessing systemic risk. We explore five ...
BH Strulovici… - 2004 - nuff.ox.ac.uk
Page 1. Constructing Efficient Equilibria in Games Played Through Agents ∗ Bruno H. Strulovici †
Thomas A. Weber ‡ This Version: January 2005 JEL-Classification: C72, D62, L14, L24. Keywords:
Common Agency, Multi-Principal Multi-Agent Contracting, Weakly Truthful ...
BH Strulovici… - Economic Theory, 2010 - Springer
Page 1. Econ Theory (2010) 43:377–406 DOI 10.1007/s00199-009-0450-4
RESEARCH ARTICLE Generalized monotonicity analysis Bruno H. Strulovici ·
Thomas A. Weber Received: 1 August 2007 / Accepted: 13 February ...
B Strulovici - University of Oxford, 2007 - cepr.org
The social choice literature either assumes that individuals know their preferences or, at the
extreme opposite, that they are placed behind a veil of ignorance. In reality, preferences are
to some degree uncertain and may be learned through experimentation. For example, a ...
B Strulovici - 2011 - papers.ssrn.com
Abstract: How does renegotiation affect contracts between a principal and an agent subject
to persistent private information and moral hazard? This paper introduces a concept of
renegotiation-proofness, which adapts to stochastic games the concepts of weak ...
[CITATION] Price formation rules in an artificial stock market with heterogenous, risk-averse investors
BH Strulovici… - … Computational Intelligence for Economics and Finance, 2003
JKH Quah… - Discussion Papers, 2009 - ideas.repec.org
This paper establishes that the optimal stopping time of virtually any optimal stopping
problem is increasing in" patience," understood as a particular partial order on discount rate
functions. With Markov dynamics, the result holds in a continuation-domain sense even if ...
KHQ John… - 2010 - socialsciences.manchester.ac.uk
Abstract: The single crossing property plays a crucial role in monotone comparative statics
(Milgrom and Shannon (1994)), yet in some important applications the property cannot be
directly assumed or easily derived. Difficulties often arise because the property cannot be ...
B Strulovici - 2005 - econspace.net
This thesis consists of three theoretical essays in economics and finance. A common
characteristic of these essays is their emphasis on mathematical methods to generalize
existing results in their respective areas, which a. re 1. Monotone comparative statics [ ...
B Strulovici… - 2012 - papers.ssrn.com
Abstract: We study social learning and innovation in an overlapping generations model,
emphasizing the trade-off between marginal innovation (combining existing technologies)
and radical innovation (breaking new ground). We characterize both short-term and long- ...
KHQ John… - 128.36.236.35
Abstract: We identify a new way of ordering functions, called the interval dominance order,
that generalizes both the single crossing property and a standard condition used in
statistical decision theory. This allows us to provide a unified treatment of the major ...
[CITATION] Concepts and Properties of Substitute Valuations with Discrete Goods
[CITATION] Substitute Valuations, Auctions, and Equilibrium with Discrete Goods
B Strulovici… - 2007 - Department of Economics, University …
KHQ John… - 2010 - faculty.wcas.northwestern.edu
Abstract The optimal stopping time of any pure stopping problem with nonnegative
termination value is increasing in “patience,” understood as a partial ordering of discount
functions. When utility depends on some Markov state controlled by the agent, the result ...
[CITATION] Agent-based simulation of Price and Wealth Dynamics with Direct Information Exchange among Investors
BH Strulovici, A Hui
KHQ John… - fas.nus.edu.sg
Abstract: In this paper we identify a natural way of ordering functions, which we call the
interval dominance order, and develop a theory of monotone comparative statics based on
this order. This way of ordering functions is weaker than the standard one based on the ...
B Strulovici - 2012 - princeton.edu
Abstract This paper studies how renegotiation affects contracts with persistent adverse
selection. Renegotiation efficiently occurs in equilibrium only for rigid renegotiation protocols
entailing some commitment power. Otherwise, renegotiation outcomes coincide with the ...
KHQ John… - 2012 - faculty.wcas.northwestern.edu
Abstract How do discount rates affect agents' utility and decisions? This paper provides a
homogenous methodology and systematic analysis of the question, considering stochastic
and managed cash-flows, stochastic discount rates, time inconsistency, and including ...
U Garfagnini… - 2012 - ideas.repec.org
We study social learning and innovation in an overlapping generations model, emphasizing
the trade-off between marginal innovation (combining existing technologies) and radical
innovation (breaking new ground). We characterize both short-term and long-term ...
U Garfagnini… - Discussion Papers, 2010 - kellogg.northwestern.edu
Abstract We analyze social learning and innovation in an overlapping generations model in
which available technologies have correlated payoffs. Each generation experiments within a
set of policies whose payoffs are initially unknown and drawn from the path of a Brownian ...
U Garfagnini… - 2010 - econpapers.repec.org
By Umberto Garfagnini and Bruno H. Strulovici; Abstract: We analyze social learning and
innovation in an overlapping generations model in which available technologies have.
U Garfagnini… - 2012 - kellogg.northwestern.edu
Abstract We study social learning and innovation in an overlapping generations model,
emphasizing the trade-off between marginal innovation (combining existing technologies)
and radical innovation (breaking new ground). We characterize both short-term and long- ...
P Milgrom… - Levine's Bibliography, 2006 - stanford.edu
Abstract In a companion paper, we showed that weak and strong notions of substitutes in
economies with discrete goods have different implications for auction theory and equilibrium
theory. In contrast, for the divisible goods case with concave valuations, natural ...
[CITATION] Concepts and Properties of Substitute Valuations with Divisible Goods
BH Strulovici… - Operations Research Letters, 2010 - Elsevier
C Prato… - 2011 - papers.ssrn.com
Abstract: When do direct democracy institutions improve welfare over pure representative
democracy? This paper studies how such institutions affect politicians' incentives and
selection. While direct democracy allows citizens to correct politicians' mistakes, it also ...
JKH Quah… - 2010 - economics.ouls.ox.ac.uk
The single crossing property plays a crucial role in monotone comparative statics (Milgrom
and Shannon (1994)), yet in some important applications the property cannot be directly
assumed or easily derived. Difficulties often arise because the property cannot be ...
MS Siegel, A Sojourner, B Strulovici - 2008 - econ.vt.edu
Abstract A complete description of an economic situation would typically require a very
complicated type space, which involves agentsmcomplex (higher% order) beliefs. Model%
ing involves adopting a simplified type space (for example, a finite type space). Such a ...
JKH Quah… - 2011 - economics.ouls.ox.ac.uk
Whether they are financial, economic, or psychological, discount rates affect most economic
decisions: investment and savings, hirings and firings, defaults and refinancing, financial
and economic reforms, learning and experimentation, and any other decision with long- ...
[CITATION] PREDICTION ACCURACY AND IMITATING BEHAVIOR IN ARTIFICIAL MARKETS WITH ENDOGENOUS PRICING
BH STRULOVICI… - 2003
B Strulovici - 2011 - faculty.wcas.northwestern.edu
Abstract This paper studies how renegotiation and information persistence shape long-term
contracts in principal-agent relationships. Truthful contracts that are renegotiation-proof,
according to a concept tailored to account for persistence in the agent's type, are ...
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