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Learning in Repeated Interactions on Networks
We study how long-lived, rational agents learn in a social network.
Monotone additive statistics
The expectation is an example of a descriptive statistic that is monotone with respect to stochastic dominance, and additive for sums of independent random variables.
Optimal Disclosure of Information to a Privately Informed Receiver
To optimally screen the agents, the designer first asks agents to report their types and then sends a private action recommendation to each agent whose distribution depends on all reported types and the state.
Background risk and small-stakes risk aversion
We show that under plausible levels of background risk, no theory of choice under risk -- such as expected utility theory, prospect theory, or rank dependent utility -- can simultaneously satisfy the following three economic postulates: (i) Decision makers are risk-averse over small gambles, (ii) they respect stochastic dominance, and (iii) they account for background risk.
The Cost of Information: The Case of Constant Marginal Costs
We develop an axiomatic theory of information acquisition that captures the idea of constant marginal costs in information production: the cost of generating two independent signals is the sum of their costs, and generating a signal with probability half costs half its original cost.
