Showing papers in "Journal of Mathematical Economics in 2021"

TL;DR: In this paper, the authors explore the optimal intensity with which to lockdown, and how should that intensity vary dynamically over the course of an epidemic, with an optimal control model that recognizes the particular risks when infection rates surge beyond the healthcare system's capacity to deliver appropriate care.

TL;DR: The optimal containment policy is such that the product “reproduction number” is kept after a certain date strictly below the critical level of one, although the reproduction number is let oscillate above one in the last more relaxed phase of lockdown.

TL;DR: In this article, the authors extend the classic approach (SIR) to a SEAIRD model with policy controls and introduce realistic and drastic limitations to the control available to the social planner.

TL;DR: In this paper, the optimal lockdown policy in a dynamic general equilibrium model where households are altruistic and they care about the share of infected individuals was studied, and the spread of the disease was modeled using SIS dynamics, which implies that recovery does not confer immunity.

TL;DR: In this paper, the authors studied an optimal growth model where there is an infectious disease with S I R dynamics which can lead to mortality and established sufficiency conditions and provided the first results in economic models with SI R dynamics with and without disease related mortality.

TL;DR: In this article, the authors analyzed the optimal intensity and duration of social distancing policy aiming to control the spread of an infectious disease in a simple macroeconomic-epidemiological model.

TL;DR: In a binary-action binary-state model, it is shown that optimal disclosure involves information distortion, but to a lesser extent than the case without learning costs; meanwhile, the Receiver processes less information than what he would under full disclosure.

TL;DR: A verification theorem is proved which allows to guess the feedback form of optimal strategies in the analysis of epidemics/economic dynamics in continuous time.

TL;DR: In this paper, the authors analyze a model where the government has to decide whether to impose a lockdown in a country to prevent the spread of a possibly virulent disease, and they find that there are two competing effects that push the decision in opposite directions.

TL;DR: In this paper, the authors analyze the implications of transboundary pollution externalities on environmental policymaking in a spatial setting, in which pollution diffuses across the global spatial economy independently of the specific location in which it is originally generated.

TL;DR: The authors showed that hyperbolic absolute risk aversion (HARA) is sufficient for the concavity of consumption functions in general consumption-saving problems, implying that the concaveness of consumption is not a robust prediction outside the HARA class.

TL;DR: In this paper, the authors studied the optimal intertemporal allocation of resources devoted to the prevention of deterministic infectious diseases that admit an endemic steady state under general assumptions, and showed that the optimal control problem is formally similar to an optimal growth model with endogenous discounting.

TL;DR: This work conducts a principled analysis of the different options for defining the Borda rule on top-truncated preferences, taking an axiomatic perspective.

TL;DR: In this paper, a rigorous mathematical resolution of the St. Petersburg paradox is suggested based on a probabilistic approach to decision theory, which has played a pivotal role in the introduction of increasing concave utility functions embodying risk aversion and decreasing marginal utility of gains.

TL;DR: Antibody testing is a non-pharmaceutical intervention - not recognised so far in the literature - to prevent COVID-19 contagion show this in a simple economi.

TL;DR: This work shows how to deduce the decision maker’s capacity, her preference and the alternatives that she considers from the observed behavior, and provides the necessary and sufficient conditions for a consideration function to be derived by the shortlisting procedure with a limited capacity.

TL;DR: In this paper, the authors provide an approach that combines epidemiology and economic models, taking as given that the maximum capacity of the healthcare system imposes a constraint that must not be exceeded.

TL;DR: In this paper, the authors employ a general equilibrium framework with heterogeneous agents to identify the tradeoffs involved in restoring the economy to its pre-Covid-19 state, with the feasible speed of successful re-opening being constrained by the transmission of the infection.

TL;DR: In this article, the weak α-core for games with non-ordered preferences and a continuum of agents is introduced, and the relation between normal-form games and games with pseudo-utilities is established.

TL;DR: In this article, a parsimonious, rational-choice model was proposed to study the effect of pre-existing inequalities on the transmission of COVID-19 agents, where non-symptomatic agents do not know if they are infected and some unknowingly transmit infections.

TL;DR: In this paper, a weaker notion of stability based on the credibility of blocking pairs is proposed for roommate problems, and the bargaining set is shown to be non-empty in roommate problems.

TL;DR: The upper bound of players’ expected payoff and the corresponding optimal signals utilizing such a relation between the informativeness and the payoff are characterized.

TL;DR: The authors developed a simple model which shows that during a recession caused by consumption restrictions, such as those seen during the 2020 pandemic, the restrictions drive the marginal value of income down, and thereby drive asset prices up, to an extent that tends to overwhelm the effect of low dividends.

TL;DR: An algorithmic technique is developed adapted from the general approach of Fu and Wu (2020) and obtained a closed-form solution to the optimum that addresses a broad array of design objectives in optimally biased Tullock contests.

TL;DR: In this paper, the authors show that solvability of portfolio optimization problems is equivalent to absence of arbitrage of the first kind, a condition weaker than classical absence-of-arbitrage opportunities.

TL;DR: In this article, the authors investigated the structure of coalitional strategy-proof social choice functions (CSP scfs) whose range is a subset of cardinality two of an arbitrary set A of alternatives.

TL;DR: In this paper, the optimal favoritism in a complete-information all-pay contest with two players, whose costs of effort are weakly convex, was analyzed, and it was shown that any given player's effort distribution is ranked in the sense of first-order stochastic dominance according to how (ex post) symmetric the players are in terms of competitiveness.

TL;DR: In this paper, the authors explore the space-time and mortality dynamics of recent infectious diseases outbreaks which have occurred in a large number of developed and developing countries and find that many outbreaks exhibit spatial dependence, due to the international movement of people and goods.

TL;DR: A model of choice with limited attention, where the decision-maker forms a consideration set, from which she chooses her most preferred alternative, is presented, in the sense that it can recover from observed choices the probabilities of preferences and consideration sets.