IRRATIONALITY‐PROOFNESS: MARKETS VERSUS GAMES
研究了非理性行为对经济模型稳健性的影响，发现竞争均衡的帕累托效率因一个非理性主体而失效，但理性主体无法利用自身资源改进分配的性质不受非理性主体数量影响。
How robust are economic models to the introduction of irrational agents? The Pareto efficiency of competitive equilibria is not robust since one irrational agent leads to inefficiency. But the property that rational agents cannot use their own resources to Pareto improve on their competitive allocation holds regardless of the number of irrational agents. Full production efficiency can be robust as well, but irrational firms introduce a trade‐off between efficiency and the attainment of Pareto improvements. Regarding games, I show that while existing implementation mechanisms are sensitive to the presence of irrational agents, there are robust alternatives with attractive welfare properties.