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Francis Bloch : « Matching through Institutions » (Games and Economic Behavior)

Francis Bloch : « Matching through Institutions » (Games and Economic Behavior)

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Matching through institutions. Francis Bloch, David Cantala et Damian Gibaja. Games and Economic Behavior. 121. 05/2020. 204-231 We analyze a three-sided matching market where institutions own objects and individuals belong to institutions. Institutions pool their objects to enlarge the choice set of individuals. For any institution, the number of individuals who receive an object must […]

Philippe Jehiel : « Bundlers’ dilemmas in financial markets with sampling investors » (Theoretical Economics)

Philippe Jehiel : « Bundlers’ dilemmas in financial markets with sampling investors » (Theoretical Economics)

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Bundlers’ dilemmas in financial markets with sampling investors. Milo Bianchi, Philippe Jehiel. Theoretical Economics. 15 (2). 05/2020. 545-582 We study banks’ incentive to pool assets of heterogeneous quality when investors evaluate pools by extrapolating from limited sampling. Pooling assets of heterogeneous quality induces dispersion in investors’ valuations without affecting their average. Prices are determined by […]