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<!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="icon" HREF="/favicon.ico" TYPE="image/x-icon"> <script>  (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>  <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>  <table class="menu" width="100%"> <TR class="menu">  <TD ALIGN=center rowspan="2" valign=center WIDTH="18%" BGCOLOR="#FF0000">  <img src="https://econtheory.org/TE_10r_converted.png" width="50%" alt="TE logo"><br>  <font color="white">ISSN (e) 1555-7561</font><br> <font color="white">(print) 1933-6837</font> </TD>  <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">  <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>  <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>Copyright</h2> <p> When an article is accepted for publication, nearly all academic journals in economics require authors to transfer copyright to the publisher. This transfer is not consistent with two core principles of <i>Theoretical Economics</i>. First, we want the work that we publish to be freely accessible to the widest audience possible. Second, we want authors to retain the maximum control over their work consistent with the first goal. For this reason, authors who publish in <i>Theoretical Economics</i> release their articles under the Creative Commons Attribution-NonCommercial license. This license allows anyone to copy and distribute the article for non-commercial purposes provided that appropriate attribution is given. For details of the rights authors grant users of their work, see the <a href="http://creativecommons.org/licenses/by-nc/4.0/">"human-readable summary" of the license</a>, with a link to the full license. (Note that "you" refers to a user, not an author, in the summary.) Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in Theoretical Economics. Authors must post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process. </p> </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>  <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><font class="boldRed">Copyright</font><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><a class="red" href="history.php">Journal history</a><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>  </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>  </body> </html>