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Theoretical Economics
<!DOCTYPE html> <html lang="en"> <head> <meta charset="utf-8" /> <TITLE>Theoretical Economics</TITLE> <META NAME="keywords" CONTENT="Theoretical Economics, Open Access Economic Theory journal, economic theory, open access journal"> <META NAME="alias" CONTENT="http://econtheory.org/"> <META NAME="description" CONTENT="Theoretical Economics, an Open Access Economic Theory journal publishing leading research in economic theory"> <link rel="stylesheet" href="ojs/styles/common.css" type="text/css" /> <!--<link rel="stylesheet" href="/ojs/public/journals/1/journalStyleSheet.css" type="text/css" />--> <LINK REL="icon" HREF="/favicon.ico" TYPE="image/x-icon"> <script> <!-- Begin windowstatus = 0; function small_window(url) { aWindow = window.open(url,"small_window","toolbar=0,status=0,scrollbars=1,location=0,resize=0,menubar=0,width=400,height=250"); windowstatus = 1; if (window.focus) {aWindow.focus()} } // End --> (function(i,s,o,g,r,a,m){i['GoogleAnalyticsObject']=r;i[r]=i[r]||function(){ (i[r].q=i[r].q||[]).push(arguments)},i[r].l=1*new Date();a=s.createElement(o), m=s.getElementsByTagName(o)[0];a.async=1;a.src=g;m.parentNode.insertBefore(a,m) })(window,document,'script','https://www.google-analytics.com/analytics.js','ga'); ga('create', 'UA-102823963-1', 'auto'); ga('send', 'pageview'); </script> <!-- Global site tag (gtag.js) - Google Analytics --> <script async src="https://www.googletagmanager.com/gtag/js?id=G-P8TRM6W04Y"></script> <script> window.dataLayer = window.dataLayer || []; function gtag(){dataLayer.push(arguments);} gtag('js', new Date()); gtag('config', 'G-P8TRM6W04Y'); </script> </head> <body> <!-- <div id="container"> <div id="body"> <div id="main"> --> <table class="menu" width="100%"> <TR class="menu"> <!-- rectangle at top left of page [original logo color: #D32D12] --> <TD ALIGN=center rowspan="2" valign=center WIDTH="18%" BGCOLOR="#FF0000"> <!-- <TD ALIGN=center rowspan="2" valign=center WIDTH="18%" BGCOLOR="#ED2024"> --> <img src="https://econtheory.org/TE_10r_converted.png" width="50%" alt="TE logo"><br> <!-- <img src="https://econtheory.org/TE_logo_HR.jpg" width="50%" alt="TE logo"><br> --> <font color="white">ISSN (e) 1555-7561</font><br> <font color="white">(print) 1933-6837</font> </TD> <!-- header with name of journal --> <TD colspan="3" bgcolor="#FFCC99" align=center class="mainhead"> <B><FONT class="pubhead">Theoretical Economics</FONT></B><br> <FONT class="pubsubhead">An open-access journal in economic theory</font> </td> <td width="18%" rowspan="2" align="center" bgcolor="#FF0000" class="menu3"> <font class="subhead"><b>A journal of the</b></font><br> <a class="orange" href="http://www.econometricsociety.org/"><font class="subhead"><b>Econometric Society</b></font></a> </td> </TR> <TR class="menu"> <!-- horizontal menu --> <TD class="menu4"> <a class="red" href="index.php">Main page</a> </TD> <TD class="menu4"> <a class="red" href="submit.php">Submit a paper</a> </TD> <TD class="menu4"> <a class="red" href="http://www.econometricsociety.org/memb.asp">Join the Econometric Society</a> </TD> </TR> <!-- editorial board list at left of page --> <TR class="menu" VALIGN=TOP> <TD class="left-panel"> <a class="red" href="ed_board.php"><b>Editorial Board</b></a> <dl class="menu"> <dt>Editor<dd><ul class="plain"><li><a class="red" href="ed_board.php#259">Simon Board</a></ul><dt>Coeditors<dd><ul class="plain"><li><a class="red" href="ed_board.php#168">Todd D. Sarver</a><li><a class="red" href="ed_board.php#2405">Juuso Toikka</a><li><a class="red" href="ed_board.php#1513">Rakesh Vohra</a><li><a class="red" href="ed_board.php#1862">Pierre-Olivier Weill</a></ul><dt>Associate Editors<dd><ul class="plain"><li><a class="red" href="ed_board.php#2191">Scott Ashworth</a><li><a class="red" href="ed_board.php#4133">Sarah Auster</a><li><a class="red" href="ed_board.php#2825">Mariagiovanna Baccara</a><li><a class="red" href="ed_board.php#2271">Marco Bassetto</a><li><a class="red" href="ed_board.php#1395">Francis Bloch</a><li><a class="red" href="ed_board.php#3085">J. Aislinn Bohren</a><li><a class="red" href="ed_board.php#2916">Jaroslav Borovicka</a><li><a class="red" href="ed_board.php#4656">Benjamin Brooks</a><li><a class="red" href="ed_board.php#761">Christopher P. Chambers</a><li><a class="red" href="ed_board.php#1501">Geoffroy de Clippel</a><li><a class="red" href="ed_board.php#3160">Rahul Deb</a><li><a class="red" href="ed_board.php#656">Eddie Dekel</a><li><a class="red" href="ed_board.php#1717">Laura Doval</a><li><a class="red" href="ed_board.php#4093">Piotr Dworczak</a><li><a class="red" href="ed_board.php#174">Federico Echenique</a><li><a class="red" href="ed_board.php#2897">Andrew Ellis</a><li><a class="red" href="ed_board.php#997">Ignacio Esponda</a><li><a class="red" href="ed_board.php#3899">Alex Frankel</a><li><a class="red" href="ed_board.php#2776">Mira Frick</a><li><a class="red" href="ed_board.php#3331">Yingni Guo</a><li><a class="red" href="ed_board.php#3976">Benjamin H茅bert</a><li><a class="red" href="ed_board.php#633">Johannes H枚rner</a><li><a class="red" href="ed_board.php#1351">Fuhito Kojima</a><li><a class="red" href="ed_board.php#176">Vijay Krishna</a><li><a class="red" href="ed_board.php#4636">Pablo Kurlat</a><li><a class="red" href="ed_board.php#1619">Stephan Lauermann</a><li><a class="red" href="ed_board.php#2121">Benjamin Lester</a><li><a class="red" href="ed_board.php#4469">Shengwu Li</a><li><a class="red" href="ed_board.php#2608">Elliot Lipnowski</a><li><a class="red" href="ed_board.php#3855">Jay Lu</a><li><a class="red" href="ed_board.php#188">George J. Mailath</a><li><a class="red" href="ed_board.php#2865">Ezra Oberfield</a><li><a class="red" href="ed_board.php#2326">Antonio Penta</a><li><a class="red" href="ed_board.php#191">Marcin P臋ski</a><li><a class="red" href="ed_board.php#1574">John K.-H. Quah</a><li><a class="red" href="ed_board.php#144">Ariel Rubinstein</a><li><a class="red" href="ed_board.php#1654">Philipp Sadowski</a><li><a class="red" href="ed_board.php#4725">Florian Scheuer</a><li><a class="red" href="ed_board.php#459">Uzi Segal</a><li><a class="red" href="ed_board.php#189">Ran Spiegler</a><li><a class="red" href="ed_board.php#360">Yves Sprumont</a><li><a class="red" href="ed_board.php#1423">Satoru Takahashi</a><li><a class="red" href="ed_board.php#2364">Juuso V盲lim盲ki</a><li><a class="red" href="ed_board.php#2703">Alexander Westkamp</a><li><a class="red" href="ed_board.php#1282">Thomas Wiseman</a></ul> </dl> <hr noshade size=1> <a class="red" href="acknow.php">Acknowledgments</a> </TD> <td colspan="3" class="border=hidden"> <div id="home"> <h2>Journal history</h2> <em>Theoretical Economics</em> had its origins in a project initiated by Manfredi La Manna to establish a low-cost journal in economic theory. Patrick Bolton, Drew Fudenberg, David Levine, George Mailath, and Ariel Rubinstein started working with Manfredi in the early Fall of 2002. By the late Fall of 2002, the Board had assembled a group of coeditors: Narayana Kocherlakota, Bart Lipman, Georg Nöldeke, and Martin Osborne. This group worked together until mid-2004, when disagreements about the nature of the project led them to split from La Manna and start work on setting up an Open Access journal. <p> At that point, Ted Bergstrom, Ed Green, and Preston McAfee joined Jeff Ely, Drew Fudenberg, David Levine, Bart Lipman, George Mailath, and Ariel Rubinstein on the Executive Board. Georg Nöldeke and Narayana Kocherlakota had dropped out of the project earlier because of the pressure of other commitments; Jeff Ely and Ed Green replaced them as coeditors. The group set up a nonprofit organization, the Society for Economic Theory, to run the journal, recruited a group of around 35 Associate Editors, and issued a call for papers in September 2005. The first issue was published in March 2006. A server at the Department of Economics at the University of Toronto hosted the journal's editorial system, and the University of Toronto Library committed to serve as a permanent archive of published articles; the only other significant expense of producing the journal was the cost of typesetting, which was covered by a modest submission fee (US$75.00). <p> Martin Osborne was the editor until June 30, 2013. The other members of the original group of coeditors were Jeff Ely, Ed Green, and Bart Lipman; Debraj Ray joined the group in July 2008. <p> At about the same time the journal started publication, the Econometric Society began considering running journals in addition to <em>Econometrica</em>. Eventually the Society decided to run two additional journals, and approached the Executive Board of <em>Theoretical Economics</em> regarding its taking over the journal. An agreement was finalized on December 25, 2008, and the first issue of the journal published under the auspices of the Econometric Society appeared in January 2010. <h3>Past Editors</h3><ul class="plain"><li>George J. Mailath, 2013–2017</li><li>Martin J. Osborne, 2005–2013</li><li>Ran Spiegler, 2017–2021</li></ul><h3>Past Coeditors</h3><ul class="plain"></li><li>Gadi Barlevy, 2010–2014</li><li>Simon Board, 2017–2021</li><li>Federico Echenique, 2019–2023</li><li>Jeffrey C. Ely, 2005–2010</li><li>Edward J. Green, 2005–2010</li><li>Faruk Gul, 2011–2015</li><li>Marina Halac, 2020–2022</li><li>Johannes H枚rner, 2010–2016</li><li>Narayana R. Kocherlakota, 2009</li><li>Barton L. Lipman, 2005–2011</li><li>Thomas Mariotti, 2016–2020</li><li>Dilip Mookherjee, 2015–2019</li><li>Giuseppe Moscarini, 2014–2018</li><li>Nicola Persico, 2011–2015</li><li>Debraj Ray, 2008–2011</li><li>Florian Scheuer, 2018–2022</li><li>Ran Spiegler, 2015–2017</li><li>Bruno Strulovici, 2022–2024</li></ul><h3>Past Associate Editors</h3><ul class="plain"></li><li>David S. Ahn, 2011–2020</li><li>George-Marios Angeletos, 2007–2008</li><li>Susan Athey, 2005–2008, 2009–2012</li><li>Gadi Barlevy, 2014–2020</li><li>Pierpaolo Battigalli, 2005–2015</li><li>Dirk Bergemann, 2005–2009</li><li>Ted Bergstrom, 2005–2018</li><li>Simon Board, 2012–2017</li><li>Patrick Bolton, 2005–2011</li><li>Gabriel Carroll, 2019–2023</li><li>Sylvain Chassang, 2012–2020</li><li>Yeon-Koo Che, 2009–2012</li><li>Olivier Compte, 2009–2011</li><li>Jacques Cr茅mer, 2005–2008</li><li>Martin W. Cripps, 2005–2009</li><li>David Easley, 2005–2008</li><li>Kfir Eliaz, 2012–2024</li><li>Glenn Ellison, 2005–2008</li><li>Jeffrey C. Ely, 2010–2016</li><li>Haluk I. Ergin, 2009–2011</li><li>Hanming Fang, 2009–2012</li><li>Amanda Friedenberg, 2016–2021</li><li>Drew Fudenberg, 2005–2020</li><li>Douglas Gale, 2011–2017</li><li>Benjamin Golub, 2017–2020</li><li>Veronica Guerrieri, 2009–2015</li><li>Faruk Gul, 2015–2021</li><li>Marina Halac, 2015–2020</li><li>Johannes H枚rner, 2008–2010, 2016–2019</li><li>Matthew O. Jackson, 2005–2008</li><li>Ian Jewitt, 2005–2016</li><li>Atsushi Kajii, 2005–2013</li><li>Yuichiro Kamada, 2018–2024</li><li>Michihiro Kandori, 2005–2016</li><li>Narayana R. Kocherlakota, 2005–2013</li><li>Frederic Koessler, 2016–2022</li><li>Igor Kopylov, 2011–2020</li><li>Dirk Krueger, 2007–2008</li><li>Felix Kubler, 2017–2023</li><li>Guy Laroque, 2005–2008</li><li>Jonathan Levin, 2009–2011</li><li>David K. Levine, 2005–2022</li><li>Gilat Levy, 2010–2016</li><li>Barton L. Lipman, 2011–2018</li><li>Qingmin Liu, 2015–2021</li><li>George J. Mailath, 2005–2013</li><li>Massimo Marinacci, 2005–2012</li><li>Thomas Mariotti, 2013–2016, 2016–2023</li><li>David Martimort, 2005–2018</li><li>Andreu Mas-Colell, 2006–2008</li><li>R. Preston McAfee, 2005–2007</li><li>Giuseppe Moscarini, 2018–2021</li><li>Georg N枚ldeke, 2005–2023</li><li>Wojciech Olszewski, 2008–2020</li><li>Guillermo L. Ordo帽ez, 2015–2019</li><li>Martin J. Osborne, 2013–2019</li><li>Alessandro Pavan, 2010–2013</li><li>Wolfgang Pesendorfer, 2005–2008</li><li>Michael Peters, 2012–2015</li><li>Michele Piccione, 2005–2012</li><li>Andrea Prat, 2005–2006, 2009–2021</li><li>Marek Pycia, 2013–2022</li><li>Roy Radner, 2005–2009, 2010–2013</li><li>Debraj Ray, 2005–2008</li><li>Arthur J. Robson, 2005–2019</li><li>William H. Sandholm, 2010–2020</li><li>Yuliy Sannikov, 2008–2011</li><li>Thomas J. Sargent, 2005–2009</li><li>Todd D. Sarver, 2016–2021</li><li>Mark Satterthwaite, 2005–2010</li><li>Chris Shannon, 2005–2010</li><li>Hyun Song Shin, 2005–2009</li><li>Marciano Siniscalchi, 2005–2014</li><li>Andrzej Skrzypacz, 2009–2011</li><li>Joel Sobel, 2005–2012</li><li>Ran Spiegler, 2005–2014, 2015–2021</li><li>Roland Strausz, 2013–2022</li><li>Tomasz Strzalecki, 2015–2019</li><li>Jeroen M. Swinkels, 2005–2013</li><li>Juuso Toikka, 2018–2024</li><li>Utku Unver, 2012–2024</li><li>Timothy P. Van Zandt, 2009–2015</li><li>Neil Wallace, 2005–2009</li><li>Iv谩n Werning, 2007–2010, 2015–2018</li><li>Mark L. J. Wright, 2009–2015</li><li>Muhamet Yildiz, 2008–2017</li><li>William R. Zame, 2008–2017</li></ul> </div> </td> <td class="left-panel"> <table> <tr> <td valign="center"> <a href="/ojs/rss/article.rss"><img src="https://econtheory.org/ojs/templates/images/rss.png" border="0" width="15px" /></a> <a href="http://www.twitter.com/EconTheory" class="plain"><img src="http://twitter-badges.s3.amazonaws.com/t_mini-a.png" alt="Follow EconTheory on Twitter" border="0"/></a> </td> <td valign="center"> <a href="http://twitter.com/share" class="twitter-share-button" data-count="none" data-via="EconTheory">Tweet</a><script type="text/javascript" src="http://platform.twitter.com/widgets.js"></script> </td> </tr> </table> <!--<span class="blockTitle">About TE</span>--> <dl class="homemenu"> <dt class="first"><a class="red" href="openaccess.php">Open access</a><dt><a class="red" href="editorial.php">Editorial standards</a><dt><a class="red" href="refereeGuidelines.php">Referee guidelines</a><dt><a class="red" href="submit.php">Submit a paper</a><dt><a class="red" href="turnaround.php">Turnaround</a><dt><a class="red" href="copyright.php">Copyright</a><dt><a class="red" href="archiving.php">Archiving, dissemination, hard copy</a><dt><a class="red" href="policies.php">Policies</a><dt><a class="red" href="bestPaperAwards.php">Best paper awards</a><dt><a class="red" href="ojs/index.php/te/index/reports">Annual reports</a><dt><font class="boldRed">Journal history</font><dt><a class="red" href="http://www.econometricsociety.org/">Econometric Society</a><dt><a class="red" href="index.php">Main page</a> </dl> <span class="blockTitle">Journal Content</span> <span class="blockSubtitle">Search</span> <form method="get" action="ojs/index.php/te/search/results"> <table> <tr> <td><input type="text" id="query" name="query" size="15" maxlength="255" value="" class="textField" /></td> </tr> <tr> <td><select name="searchField" size="1" class="selectMenu"> <option label="All" value="">All</option> <option label="Authors" value="1">Authors</option> <option label="Title" value="2">Title</option> <option label="Abstract" value="4">Abstract</option> <option label="Index terms" value="120">Keywords, JEL codes</option> <!-- <option label="Full Text" value="128">Full Text</option> --> </select></td> </tr> <tr> <td><input type="submit" value="Search" class="button" /></td> </tr> </table> </form> <br /> <a href="ojs/index.php/te/search" class="red">Advanced search</a> <p> <div class="block"> <span class="blockSubtitle">Browse</span> <ul> <li><a href="ojs/index.php/te/issue/archive" class="red">By Issue</a></li> <li><a href="ojs/index.php/te/search/authors" class="red">By Author</a></li> <li><a href="ojs/index.php/te/search/titles" class="red">By Title</a></li> </ul> </div> <span class="blockTitle">Login</span> <form method="post" action="https://econtheory.org/ojs/index.php/te/login/signIn"> <table class="nopad"> <tr> <td><label for="username">Username</label></td> <td><input type="text" id="username" name="username" value="" size="12" maxlength="32" class="textField" /></td> </tr> <tr> <td><label for="password">Password</label></td> <td><input type="password" id="password" name="password" value="" size="12" maxlength="32" class="textField" /></td> </tr> <tr> <td colspan="2"><input type="checkbox" id="remember" name="remember" value="1" /> <label for="remember">Remember me</label></td> </tr> <tr> <td><input type="submit" value="Sign In" class="button" /></td> </tr> </table> </form><hr size=1 noshade><p> <font color="red">Endorsed by</font><br><br> <a href="http://www.arl.org/sparc/"><img src="https://econtheory.org/SPARC-logo.gif" border="0"></a> </td> </tr> </table> <!-- </div> --> </body> </html>