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Articles 601 - 630 of 8024

Full-Text Articles in Social and Behavioral Sciences

Getting Dynamic Implementation To Work, Yi-Chun Chen, Richard Holden, Takashi Kunimoto, Yifei Sun, Tom Wilkening Feb 2023

Getting Dynamic Implementation To Work, Yi-Chun Chen, Richard Holden, Takashi Kunimoto, Yifei Sun, Tom Wilkening

Research Collection School Of Economics

We develop a new class of two-stage mechanisms, which fully implement any social choice function under initial rationalizability in complete information environments. We show theoretically that our Simultaneous Report (SR) mechanisms are robust to small amounts of incomplete information about the state of nature. We also highlight the robustness of the mechanisms to a wide variety of reasoning processes and behavioral assumptions. We show experimentally that a SR mechanism performs well in inducing truth-telling in both complete and incomplete information environments and that it can induce efficient investment in a two-sided hold-up problem with ex-ante investment. The SR mechanism also …


Covariate Adjustment In Experiments With Matched Pairs, Yuehao Bai, Liang Jiang, Joseph P. Romano, Azeem M. Shaikh, Yichong Zhang Feb 2023

Covariate Adjustment In Experiments With Matched Pairs, Yuehao Bai, Liang Jiang, Joseph P. Romano, Azeem M. Shaikh, Yichong Zhang

Research Collection School Of Economics

This paper studies inference on the average treatment effect in experiments in which treatment status is determined according to “matched pairs” and it is additionally desired to adjust for observed, baseline covariates to gain further precision. By a “matched pairs” design, we mean that units are sampled i.i.d. from the population of interest, paired according to observed, baseline covariates and finally, within each pair, one unit is selected at random for treatment. Importantly, we presume that not all observed, baseline covariates are used in determining treatment assignment. We study a broad class of estimators based on a “doubly robust” moment …


The Gender Wage Gap In An Online Labor Market: The Cost Of Interruptions, Abi Adams-Prassl, Kotaro Hara, Kristy Milland, Chris Callison-Burch Feb 2023

The Gender Wage Gap In An Online Labor Market: The Cost Of Interruptions, Abi Adams-Prassl, Kotaro Hara, Kristy Milland, Chris Callison-Burch

Research Collection School Of Computing and Information Systems

This paper analyses gender differences in working patterns and wages on Amazon Mechanical Turk, a popular online labour platform. Using information on 2 million tasks, we find no gender differences in task selection nor experience. Nonetheless, women earn 20% less per hour on average. Gender differences in working patterns are a significant driver of this wage gap. Women are more likely to interrupt their working time on the platform with consequences for their task completion speed. A follow-up survey shows that the gender differences in working patterns and hourly wages are concentrated amongst workers with children.


Repeal Of The Recja And Transfer Of Countries To The Refja, Adeline Chong Feb 2023

Repeal Of The Recja And Transfer Of Countries To The Refja, Adeline Chong

Research Collection Yong Pung How School Of Law

Singapore’s Reciprocal Enforcement of Commonwealth Judgments Act 1921 (‘RECJA’) is based on the UK Administration of Justice Act 1920 and its Reciprocal Enforcement of Foreign Judgments Act 1959 (‘REFJA’) is based on the UK Foreign Judgments (Reciprocal Enforcement) Act 1933. In 2019, the government amended the REFJA in significant ways (previously detailed here), expanding its scope to include the registration of judgments from non-superior courts of gazetted countries, judicial settlements, non-money judgments and interlocutory judgments. At the same time, the RECJA was repealed from a date to be determined by the government.


New Investment Rulemaking In Asia: Between Regionalism And Domestication, Pasha L. Hsieh Feb 2023

New Investment Rulemaking In Asia: Between Regionalism And Domestication, Pasha L. Hsieh

Research Collection Yong Pung How School Of Law

The article analyses investment rulemaking in new Asian regionalism in the context of evolving national legislation and regional trade strategies. It argues that the Association of Southeast Asian Nations (ASEAN) and the Regional Comprehensive Economic Partnership (RCEP) represent Asia's pragmatic incrementalism in reforming the investment regime. The process reinforces the relationship between international economic law and domestic investment laws. In tandem with transforming international investment agreements, ASEAN expedited investment and services trade, and established the modern investor–state dispute settlement (ISDS) mechanism. The RCEP further buttresses the ASEAN centrality in regional frameworks by consolidating ASEAN Plus One agreements. Yet, the RCEP's …


How Can Conflicts Reduce Stress, Tsai Ming-Hong, Smu Office Of Research Jan 2023

How Can Conflicts Reduce Stress, Tsai Ming-Hong, Smu Office Of Research

Research@SMU Infographics

In a recent seminar organised by SMU's Behavioural Sciences Initiative (BSI), SMU Associate Professor of Psychology Tsai Ming-Hong explains how mild types of conflict can minimise stress and offers pointers on how to express conflict in more beneficial ways.


Singapore Management University Report To Stakeholders 2022/2023, Singapore Management University Jan 2023

Singapore Management University Report To Stakeholders 2022/2023, Singapore Management University

Report to Stakeholders

This year, we were delighted to welcome Mr Piyush Gupta as SMU’s second Chairman of the Board of Trustees, as well as to see the start of Professor Lily Kong’s second term as SMU President. There were a number of important senior appointments as we introduced new offices and restructured to enhance our research, partnerships, engagement, and transformation capabilities. The title of the Annual Report, “Sustainable Growth”, points to the University’s commitment to economic, social, and environmental sustainability in how we work, learn, and play as an Engaged City University, even as we continue to maintain growth and development. The …


Research@Smu: Sustainable Living, Singapore Management University Jan 2023

Research@Smu: Sustainable Living, Singapore Management University

Research Collection Office of Research

Sustainable Living is one of the three key priorities of the SMU 2025 Strategy, and the University is committed to develop it into an area of cross-disciplinary strength. The articles in this booklet highlight impactful sustainability research accomplishments at SMU, which spans five broad pillars: Sustainable Business Operations; Sustainable Finance and Impact Assessment; Sustainable Ageing and Wellness; Sustainable Urban Infrastructure; and Sustainable Agro-business and Food Consumption.

Contents:

Sustainable Business Operations

  • Managing the Load on Loading Bays
  • Going the Last-mile
  • Feeding a Growing World
  • Pooling the Benefits of Sharing a Ride

Sustainable Finance and Impact Assessment

  • When Going Green Becomes a …


Leadership Through Effective Communication, Han Boon Kevin Lim Jan 2023

Leadership Through Effective Communication, Han Boon Kevin Lim

Dissertations and Theses Collection (Open Access)

Charismatic leadership oratory is critical in aligning the organisational vision and goals for business sustainability. This research focuses on charismatic leadership, particularly on oratory leading to charismatic perception by the audience. This research seeks to provide future leaders with a better perspective of the multigenerational workforce in an effort to customise the rhetorical process for this diverse workforce to enhance charismatic perception, thereby promoting organisational communication.

The audience in prior studies has been treated as a homogeneous unit (Clark & Greatbatch, 2011; Groß et al., 2015), without distinguishing between different generational groups and their respective receptiveness to a leadership oratory. …


Can Digital Finance Promote Low-Carbon Transition? Evidence From China, Xing Ge, Tomoki Fujii Jan 2023

Can Digital Finance Promote Low-Carbon Transition? Evidence From China, Xing Ge, Tomoki Fujii

Research Collection School Of Economics

Using panel data of Chinese cities from 2011 to 2019, this paper analyzes the impact of digital finance on low-carbon transition derived from a super-efficiency slacks-based measure data envelopment analysis. We find that digital finance promotes low-carbon transition, and this finding is robust with respect to the choice of sample, potential presence of measurement issue, choice of study period, presence of other policies, and potential endogeneity, among others. This impact is at least in part goes through increased green innovations. We also find evidence for impact heterogeneity across locations and by the level of low-carbon transition.


School Attendance Information Or Conditional Cash Transfer? Evidence From A Randomized Field Experiment In Rural Bangladesh, Tomoki Fujii, Christine Ho, Rohan Ray, Abu S. Shonchoy Jan 2023

School Attendance Information Or Conditional Cash Transfer? Evidence From A Randomized Field Experiment In Rural Bangladesh, Tomoki Fujii, Christine Ho, Rohan Ray, Abu S. Shonchoy

Research Collection School Of Economics

Low school attendance remains an important challenge in resource-poor settings with cash and information constraints. We compare conditional cash transfer (CCT) treatments with framing variations (gain and loss) against attendance information treatment as interventions to address these constraints in a unified framework. Our randomized evaluation shows CCT treatments increase attendance by 11 percentage points, about half of which is attributable to attendance information. These treatments improve girls’ academic aspirations and reduce early marriage. Daily CCT set at a quarter of local child wage maximizes attendance impact. We highlight the importance of low-cost information technology to boost attendance sustainably and cost-effectively.


Work Effort: A Conceptual And Meta-Analytic Review, Chad H. Van Iddekinge, John D. Arnold, Herman Aquinis, Jonas W. B. Lang, Filip Lievens Jan 2023

Work Effort: A Conceptual And Meta-Analytic Review, Chad H. Van Iddekinge, John D. Arnold, Herman Aquinis, Jonas W. B. Lang, Filip Lievens

Research Collection Lee Kong Chian School Of Business

Work effort has been a key concept in management theories and research for more than a century. Maintaining and increasing employee effort also is a persistent concern to managers. The goal of the present conceptual and meta-analytic review was to increase clarity and consensus regarding what effort is and how to measure it. First, we reviewed conceptualizations of effort and provided an integrated definition that views effort as a direct outcome of motivation that captures (a) what employees work on, (b) how hard they work, and (c) how long they persist in that work. Second, we identified four main ways …


Presidential Economic Approval Rating And The Cross-Section Of Stock Returns, Zilin Chen, Zhi Da, Dashan Huang, Liyao Wang Jan 2023

Presidential Economic Approval Rating And The Cross-Section Of Stock Returns, Zilin Chen, Zhi Da, Dashan Huang, Liyao Wang

Research Collection Lee Kong Chian School Of Business

We construct a monthly presidential economic approval rating (PEAR) index from 1981 to 2019, by averaging ratings on the president’s handling of the economy across various national polls. In the cross-section, stocks with high betas to changes in the PEAR index significantly under-perform those with low betas by 1.00% per month in the future, on a risk-adjusted basis. The low PEAR beta premium persists up to one year, and is present in various sub-samples and even in other G7 countries. PEAR beta dynamically reveals a firm’s perceived alignment to the incumbent president’s economic policies and investors seem to misprice such …


Biting The Hand That Feeds: A Status-Based Model Of When And Why Receiving Help Motivates Social Undermining, Kenneth Tai, Katrina Jia Lin, Catherice K. Lam, Wu Liu Jan 2023

Biting The Hand That Feeds: A Status-Based Model Of When And Why Receiving Help Motivates Social Undermining, Kenneth Tai, Katrina Jia Lin, Catherice K. Lam, Wu Liu

Research Collection Lee Kong Chian School Of Business

Social exchange theory suggests that after receiving help, people reciprocate by helping the original helpgiver. However, we propose that help recipients may respond negatively and harm the help giver when they perceive helping as a status threat and experience envy. Integrating the helping as status relations framework and the social functional perspective of envy, we examine when and why receiving help may prompt help recipients to undermine help givers. Across four studies, we find progressive support for our results, which show that when individuals receive task-related help from help givers who are perceived to be more, rather than less, competent …


Cheating Constraint Decisions And Discrimination Against Workers With Lower Financial Standing, Grace J. H. Lim, Marko Pitesa, Abhijeet K. Vadera Jan 2023

Cheating Constraint Decisions And Discrimination Against Workers With Lower Financial Standing, Grace J. H. Lim, Marko Pitesa, Abhijeet K. Vadera

Research Collection Lee Kong Chian School Of Business

Workers with lower financial standing face many personal challenges due to the relatively lower level of material resources they have at their disposal. We propose that lower financial standing not just impacts workers themselves, but also engenders discrimination from supervisors. Drawing on social cognition principles, we forward a situational inference perspective whereby supervisors make a naïve inference that workers with lower financial standing pose a higher risk of cheating which leads them to subject such workers to more negative treatment and deprive them of opportunities. We focus on two ubiquitous ways in which organizations constrain cheating behavior: worker surveillance and …


Going Beyond Western, Educated, Industrialized, Rich, And Democratic (Weird) Samples And Problems In Organizational Research, Marko Pitesa, Michele J. Gelfand Jan 2023

Going Beyond Western, Educated, Industrialized, Rich, And Democratic (Weird) Samples And Problems In Organizational Research, Marko Pitesa, Michele J. Gelfand

Research Collection Lee Kong Chian School Of Business

The goal of organizational research is to make inferences about a target population based on samples studied. Most target populations referred to in theories of organizational behavior, whether explicitly or implicitly, tend to be the entire populations of workers or managers, or even the entire human population. A typical sample, however, is convenient, being located where most researchers are, and thus also predominantly from Western, Educated, Industrialized, Rich, and Democratic countries (WEIRD; Henrich, Heine, & Norenzayan, 2010).


Automatic Scoring Of Speeded Interpersonal Assessment Center Exercises Via Machine Learning: Initial Psychometric Evidence And Practical Guidelines, Louis Hickman, Christoph N. Herde, Filip Lievens, Louis Tay Jan 2023

Automatic Scoring Of Speeded Interpersonal Assessment Center Exercises Via Machine Learning: Initial Psychometric Evidence And Practical Guidelines, Louis Hickman, Christoph N. Herde, Filip Lievens, Louis Tay

Research Collection Lee Kong Chian School Of Business

Assessment center (AC) exercises such as role-plays have established themselves as valuable approaches for obtaining insights into interpersonal behavior, but they are often considered the “Rolls Royce” of personnel assessment due to their high costs. The observation and rating process comprises a substantial part of these costs. In an exploratory case study, we capitalize on recent advances in natural language processing (NLP) by developing NLP-based machine learning (ML) models to investigate the possibility of automatically scoring AC exercises. First, we compared the convergent-related validity and contamination with word count of ML scores based on models that used different NLP methods …


Multiple, Speeded Assessments: Initial Evidence On Subgroup Differences And Applicant Perceptions, Filip Lievens, Jan Corstjens, Christoph N Herde Jan 2023

Multiple, Speeded Assessments: Initial Evidence On Subgroup Differences And Applicant Perceptions, Filip Lievens, Jan Corstjens, Christoph N Herde

Research Collection Lee Kong Chian School Of Business

Recently, shorter assessments have emerged as potential alternatives for more resourceful traditional selection approaches. Multiple, speeded assessments (MSAs) represent such an alternative. In MSAs, candidates participate in a large number of short (a maximum of 5 min), behavioral simulations in which they face a variety of job situations. Initial psychometric evidence on the validity of MSAs is promising. Yet, validity represents only one piece of evidence. It is not known whether MSAs disadvantage specific subgroups, which may inhibit diversity. There is also no information on candidates' experience of going through an MSA, which is pivotal for the attractiveness of the …


Personnel Selection: A Review Of Ways To Maximize Validity, Diversity, And The Applicant Experience, Chad H. Van Iddekinge, Filip Lievens, Paul R. Sackett Jan 2023

Personnel Selection: A Review Of Ways To Maximize Validity, Diversity, And The Applicant Experience, Chad H. Van Iddekinge, Filip Lievens, Paul R. Sackett

Research Collection Lee Kong Chian School Of Business

Personnel Psychology has a long tradition of publishing important research on personnel selection. In this article, we review some of the key questions and findings from studies published in the journal and in the selection literature more broadly. In doing so, we focus on the various decisions organizations face regarding selection procedure development (e.g., use multiple selection procedures, contextualize procedure content), administration (e.g., provide pre-test explanations, reveal target knowledge, skills, abilities, and other characteristics [KSAOs]), and scoring (e.g., weight predictors and criteria, use artificial intelligence). Further, we focus on how these decisions affect the validity of inferences drawn from the …


Leading A Business School, Julie Davis, Howard Thomas, Eric Cornuel, Rolf D. Cremer Jan 2023

Leading A Business School, Julie Davis, Howard Thomas, Eric Cornuel, Rolf D. Cremer

Research Collection Lee Kong Chian School Of Business

Business schools are critical players in higher education, educating current and future leaders to make a difference in the world. Yet we know surprisingly little about the leaders of business schools. Leading a Business School demystifies this complex and dynamic role, offering international insights into deans’ dilemmas in different contexts and situations. It highlights the importance of deans creating challenging and supportive learning cultures to enhance business and management education, organizations and society more broadly. The book traces the historical evolution of the business school deanship, the current challenges and future sources of disruption. The leadership characteristics and styles of …


Commentaries On “Scale Use And Abuse: Toward Best Practices In The Deployment Of Scales”, Constantine S. Katsikeas, Shilpa Madan, C. Miguel Brendl, Bobby J. Calder, Donald R. Lehmann, Hans Baumgartner, Bert Weijters, Mo Wang, Chengquan Huang, Joel Huber Jan 2023

Commentaries On “Scale Use And Abuse: Toward Best Practices In The Deployment Of Scales”, Constantine S. Katsikeas, Shilpa Madan, C. Miguel Brendl, Bobby J. Calder, Donald R. Lehmann, Hans Baumgartner, Bert Weijters, Mo Wang, Chengquan Huang, Joel Huber

Research Collection Lee Kong Chian School Of Business

Five comments below provide strong and interesting perspectives on multi-item scale use. They define contexts and research areas where developed scales are valuable and where they are vulnerable. Katsikeas and Madan begin by taking a global perspective on scale use, demonstrating how the use and transferability of scales become even more problematic as researchers move across languages and cultures. They provide guidance for scale use that is particularly relevant to international marketing and marketing strategy research. Brendl and Calder acknowledge the use of well-formed scales as measured variables in psychological experiments, both as independent and dependent variables, but critique the …


Employer Branding In The Healthcare Sector: The Role Of Instrumental And Symbolic Image Attributes Among Potential Applicants And Doctors, Jiaxin Luo, Aristides I. Ferreira, Filip Lievens, Beatriz R. Trigo Jan 2023

Employer Branding In The Healthcare Sector: The Role Of Instrumental And Symbolic Image Attributes Among Potential Applicants And Doctors, Jiaxin Luo, Aristides I. Ferreira, Filip Lievens, Beatriz R. Trigo

Research Collection Lee Kong Chian School Of Business

This study draws from the instrumental-symbolic framework to analyze the employer image of public hospitals among final-year students and employed doctors. We examine the relative importance of perceived instrumental and symbolic employer image attributes in public hospitals in China among two groups of individuals (211 final-year students and 200 currently employed doctors). Both instrumental and symbolic attributes are significantly related to hospitals' attractiveness as an employer. Symbolic trait inferences explain incremental variance in employer attraction beyond instrumental attributes. Although both attributes explain similar portions of the variance in the two groups, the attributes that emerge as significantly related to hospitals' …


Smu Receives S$20 Million Landmark Gift From Family Of The Late Dr Yong Pung How, Singapore Management University Jan 2023

Smu Receives S$20 Million Landmark Gift From Family Of The Late Dr Yong Pung How, Singapore Management University

SMU Press Releases

Singapore Management University (SMU) has received a significant gift of S$20 million towards the Yong Pung How School of Law (YPHSL). Generously gifted to SMU by Mrs Yong Wei Woo in Dr Yong’s honour, this gift forms part of the 15th anniversary celebrations of SMU’s law school, which was established in 2007. The announcement also coincides with the third anniversary of the passing of the late Dr Yong Pung How (11 April 1926 – 9 January 2020). The S$20 million gift will be used to establish a financial aid programme, a fellowship programme and a research fund.


Coordinating Multi-Party Vehicle Routing With Location Congestion Via Iterative Best Response, Waldy Joe, Hoong Chuin Lau Jan 2023

Coordinating Multi-Party Vehicle Routing With Location Congestion Via Iterative Best Response, Waldy Joe, Hoong Chuin Lau

Research Collection School Of Computing and Information Systems

This work is motivated by a real-world problem of coordinating B2B pickup-delivery operations to shopping malls involving multiple non-collaborative logistics service providers (LSPs) in a congested city where space is scarce. This problem can be categorized as a vehicle routing problem with pickup and delivery, time windows and location congestion with multiple LSPs (or ML-VRPLC in short), and we propose a scalable, decentralized, coordinated planning approach via iterative best response. We formulate the problem as a strategic game where each LSP is a self-interested agent but is willing to participate in a coordinated planning as long as there are sufficient …


Anchorage: Visual Analysis Of Satisfaction In Customer Service Videos Via Anchor Events, Kam Kwai Wong, Xingbo Wang, Yong Wang, Jianben He, Rong Zhang, Huamin Qu Jan 2023

Anchorage: Visual Analysis Of Satisfaction In Customer Service Videos Via Anchor Events, Kam Kwai Wong, Xingbo Wang, Yong Wang, Jianben He, Rong Zhang, Huamin Qu

Research Collection School Of Computing and Information Systems

Delivering customer services through video communications has brought new opportunities to analyze customer satisfaction for quality management. However, due to the lack of reliable self-reported responses, service providers are troubled by the inadequate estimation of customer services and the tedious investigation into multimodal video recordings. We introduce , a visual analytics system to evaluate customer satisfaction by summarizing multimodal behavioral features in customer service videos and revealing abnormal operations in the service process. We leverage the semantically meaningful operations to introduce structured event understanding into videos which help service providers quickly navigate to events of their interest. supports a comprehensive …


The Demands Of Displacement, The Micro-Aggressions Of Multiculturalism: Performing An Idea Of "Indianness" In Singapore, Orlando Woods, Lily Kong Jan 2023

The Demands Of Displacement, The Micro-Aggressions Of Multiculturalism: Performing An Idea Of "Indianness" In Singapore, Orlando Woods, Lily Kong

Research Collection College of Integrative Studies

This paper explores the ways in which state-defined discourses of multiculturalism can unintentionally create a framework through which micro-aggressions are enacted against those interpreted as "other". These definitions cascade down from the state to majority and then minority ethno-national groups, who leverage positions of relative dominance to establish the terms of acceptance and integration into society. By negotiating these terms, ethnicity becomes a performative construct through which difference is asserted and reified. We illustrate these ideas through an empirical analysis of Singapore's minority Indian community, and how Singaporean Indians perform an idea of "Indianness" in response to their Singaporean Chinese …


Running Out: In Search Of Water On The High Plains By Lucas Bessire, Sayd Randle Jan 2023

Running Out: In Search Of Water On The High Plains By Lucas Bessire, Sayd Randle

Research Collection College of Integrative Studies

Throughout his lyricalRunning Out: In Search of Water on theHigh Plains, Lucas Bessire returns repeatedly to WagonbedSprings, an oasis long gone dry in western Kansas. Withinhis densely woven narrative of aquifer depletion, these springsemerge as a place with several valences. They are, of course, anaboveground manifestation of the effects of subterranean waterextraction. But just as central to the book’s project, Bessire usesthe site to explore the notions of complicity and repair—bothhis own and his ancestors’—in relation to the fast-decliningOgallala Aquifer.


Hawker Culture And Its Infrastructure: Experiences And Contestations In Everyday Life, Lily Kong, Aidan Marc Wong Jan 2023

Hawker Culture And Its Infrastructure: Experiences And Contestations In Everyday Life, Lily Kong, Aidan Marc Wong

Research Collection College of Integrative Studies

Hawker foods characterize urban Asia, with similarities and differences across cities that forge both cultural commonalities and distinctions. From the itinerant to the fixed location, from the temporary sites to the purposebuilt, hawker foods are served in informal settings, with varying degrees of tradition and innovation, hygiene and squalidness, local authenticity and globalized influence. In the side-streets of Beijing where local delicacies such as scorpion are served, to the abundant food cart vendors on Bangkok streets, to the warung (small, typically family-owned eateries) in Surabaya, and the carefully planned and designed hawker centres in Singapore, hawker culture is a distinctive


Motivating Physical Activity With Fitness Tracking And The Interpersonal Context, Sapphire H. Lin, Sonny Rosenthal, Rich Ling Jan 2023

Motivating Physical Activity With Fitness Tracking And The Interpersonal Context, Sapphire H. Lin, Sonny Rosenthal, Rich Ling

Research Collection College of Integrative Studies

Many societies have aging populations. Getting older people to exercise can help them achieve a higher quality of life. Fitness tracking and social support can buttress that goal. This study tested the effects of fitness tracking and spousal influence on the physical activity of older adults. In a 2 (blinded vs. feedback) × 2 (individual vs. dyad) between-group experiment, 240 participants received a fitness tracker with a visible or blinded display. They participated in the three-month experiment either individually or with their spouses. Participants who received feedback met daily step counts of 7500 and 10,000 more frequently than those without …


Decentralizability Of Efficient Allocations With Heterogenous Forecasts, Shurojit Chatterji, Atsushi Kajii Jan 2023

Decentralizability Of Efficient Allocations With Heterogenous Forecasts, Shurojit Chatterji, Atsushi Kajii

Research Collection School Of Economics

Do price forecasts of rational economic agents need to coincide in perfectly competitive complete markets? To address this question, we define an efficient temporary equilibrium (ETE) within the framework of a two period economy. Although an ETE allocation is intertemporally efficient and is obtained by perfect competition, it can arise without the agents forecasts being completely coordinated on a perfect foresight price. Nevertheless, it entails price forecasts delicately related with each other: we show that regardless of the number of agents, there is a one dimensional set of such Pareto efficient allocations for generic endowments.