Platform-Mediated Competition

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1. Apparenté Pas pertinent

   From Doubt to Devotion: Trials and Learning-Based Pricing

   Tan Gan, Nicholas Wu · 2023 · Économie théorique · Résumé IA disponible

   Résumé scientifique

   An informed seller designs a dynamic mechanism to sell an experience good. The seller has partial information about the product match, which affects the buyer's private consumption experience. We characterize equilibrium mechanisms of this dynamic informed principal problem. The belief gap between the informed seller and the uninformed buyer, coupled with the buyer's learning, gives rise to mechanisms that provide the skeptical buyer with limited access to the product and an option to upgrade if the buyer is swayed by a good experience. Depending on the seller's screening technology, this takes the form of free/discounted trials or tiered pricing, which are prevalent in digital markets. In c…

2. Apparenté Pas pertinent

   Benefits of marriage as a search strategy

   Davi B. Costa · 2021 · Économie théorique · Résumé IA disponible

   Résumé scientifique

   We propose and investigate a model for mate searching and marriage in large societies based on a stochastic matching process and simple decision rules. Agents have preferences among themselves given by some probability distribution. They randomly search for better mates, forming new couples and breaking apart in the process. Marriage is implemented in the model by adding the decision of stopping searching for a better mate when the affinity between a couple is higher than a certain fixed amount. We show that the average utility in the system with marriage can be higher than in the system without it. Part of our results can be summarized in what sounds like a piece of advice: don't marry the …

3. Apparenté Pas pertinent

   The Core of an Economy with an Endogenous Social Division of Labour

   Robert P. Gilles · 2018 · Économie théorique · Pas encore résumé

   Résumé scientifique

   This paper considers the core of a competitive market economy with an endogenous social division of labour. The theory is founded on the notion of a "consumer-producer", who consumes as well as produces commodities. First, we show that the Core of such an economy with an endogenous social division of labour can be founded on deviations of coalitions of arbitrary size, extending the seminal insights of Vind and Schmeidler for pure exchange economies. Furthermore, we establish the equivalence between the Core and the set of competitive equilibria for continuum economies with an endogenous social division of labour. Our analysis also concludes that self-organisation in a social division of labo…

4. Apparenté Pas pertinent

   Gacha Game: When Prospect Theory Meets Optimal Pricing

   Tan Gan · 2022 · Économie théorique · Résumé IA disponible

   Résumé scientifique

   I study the optimal pricing process for selling a unit good to a buyer with prospect theory preferences. In the presence of probability weighting, the buyer is dynamically inconsistent and can be either sophisticated or naive about her own inconsistency. If the buyer is naive, the uniquely optimal mechanism is to sell a ``loot box'' that delivers the good with some constant probability in each period. In contrast, if the buyer is sophisticated, the uniquely optimal mechanism introduces worst-case insurance: after successive failures in obtaining the good from all previous loot boxes, the buyer can purchase the good at full price.

5. Apparenté Pas pertinent

   The effects of incentives, social norms, and employees' values on work performance

   Michael Roos, Jessica Reale, Frederik Banning · 2021 · Économie théorique · Résumé IA disponible

   Résumé scientifique

   This agent-based model contributes to a theory of corporate culture in which company performance and employees' behaviour result from the interaction between financial incentives, motivational factors and endogenous social norms. Employees' personal values are the main drivers of behaviour. They shape agents' decisions about how much of their working time to devote to individual tasks, cooperative, and shirking activities. The model incorporates two aspects of the management style, analysed both in isolation and combination: (i) monitoring efforts affecting intrinsic motivation, i.e. the firm is either trusting or controlling, and (ii) remuneration schemes affecting extrinsic motivation, i.e…

6. Apparenté Pas pertinent

   The Relationship between Consumer Theories with and without Utility Maximization

   Yuhki Hosoya · 2024 · Économie théorique · Résumé IA disponible

   Résumé scientifique

   To study the assumption that the utility maximization hypothesis implicitly adds to consumer theory, we consider a mathematical representation of pre-marginal revolution consumer theory based on subjective exchange ratios. We introduce two axioms on subjective exchange ratio, and show that both axioms hold if and only if consumer behavior is consistent with the utility maximization hypothesis. Moreover, we express the process for a consumer to find the transaction stopping point in terms of differential equations, and prove that the conditions for its stability are equal to the two axioms introduced in the above argument. Therefore, the consumer can find his/her transaction stopping point if…

7. Apparenté Pas pertinent

   Wealth Redistribution and Mutual Aid: Comparison using Equivalent/Nonequivalent Exchange Models of Econophysics

   Takeshi Kato · 2022 · Entropy 2023, 25(2), 224 · Résumé IA disponible

   Résumé scientifique

   Given the wealth inequality worldwide, there is an urgent need to identify the mode of wealth exchange through which it arises. To address the research gap regarding models that combine equivalent exchange and redistribution, this study compares an equivalent market exchange with redistribution based on power centers and a nonequivalent exchange with mutual aid using the Polanyi, Graeber, and Karatani modes of exchange. Two new exchange models based on multi-agent interactions are reconstructed following an econophysics approach for evaluating the Gini index (inequality) and total exchange (economic flow). Exchange simulations indicate that the evaluation parameter of the total exchange divi…

8. Apparenté Pas pertinent

   Designing binary social decisions

   Kirneva Margarita, Núñez Matías · 2023 · Économie théorique · Résumé IA disponible

   Résumé scientifique

   We design a mechanism, Majority voting with random checks, that fully implements the majority rule for binary social decisions. After a simultaneous vote over the two options, the winner must be confirmed by at least one agent from a random sample of agents voting sequentially. The mechanism incentivizes agents to act truthfully as a lottery is held if no agent confirms the outcome. Our mechanism also reduces by almost half the number of stages required for implementation. Furthermore, we extend our results to incomplete information and abstention and introduce additional implementation mechanisms based on the concept of network formation