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Robust Mechanism Design and Social Preferences AbstractWe study a classic mechanism design problem: How to organize trade between two privately informed parties. We characterize an optimal mechanism under selfish preferences and present experimental evidence that, under such a mechanism, a non-negligible fraction of individuals deviates from the intended behavior. We show that this can be explained by models of social preferences and introduce the notion of a social-preference-robust mechanism. We characterize an optimal mechanism in this class and present experimental evidence that it successfully controls behavior. We finally show that this mechanism is more profitable only if deviations from selfish behavior are sufficiently frequent.JEL-Code: C920, D030, D820.
Over the past decades, private R&D spending in the US and other developed countries has been growing faster than GDP. At the same time, the growth rates of per capita and aggregate output have been rather stable, possibly declining slightly.This paper proposes a growth model that can account for the observed phenomenon by explicitly describing competition among technological leaders and followers in individual markets in a way that is consistent with existing studies on firms' motivation to invest in R&D. The model shows the possibility that the unsustainable trend of rising R&D intensity persists for a very long time.
JEL-Classification: O3, O4, L1
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