Eduardo Perez-Richet

Associate Professor (with tenure)
Department of Economics, Ecole Polytechnique


Microeconomic Theory, Game Theory, Information Economics, Political Economics.


Published Papers

Interim Bayesian Persuasion: First Steps, Abstract: This paper makes a first attempt at building a theory of interim Bayesian persuasion. I work in a minimalist model where a low or high type sender seeks validation from a receiver who is willing to validate high types exclusively. After learning her type, the sender chooses a complete conditional information structure for the receiver from a possibly restricted feasible set. I suggest a solution to this game that takes into account the signaling potential of the sender's choice. Last version: January 2014 American Economic Review: Papers & Proceedings, 2014, 104, 5.

Certifiable Pre-Play Communication: Full Disclosure Abstract: This article asks when communication with certifiable information leads to complete information revelation. We consider Bayesian games augmented by a pre-play communication phase in which announcements are made publicly. We first characterize the augmented games in which there exists a fully revealing sequential equilibrium with extremal beliefs (i.e., any deviation is attributed to a single type of the deviator). Next, we define a class of games for which existence of a fully revealing equilibrium is equivalent to a richness property of the evidence structure. This characterization enables us to provide different sets of sufficient conditions for full information disclosure that encompass and extend all known results in the literature, and are easily applicable. We use these conditions to obtain new insights in persuasion games with multidimensional types, games with strategic complementarities, and voting with deliberation. Last version: December 2013 with Jeanne Hagenbach and Frederic Koessler, Econometrica, 2014, 82, 3, 1093-1131.
[PDF] [Appendix]

Choosing Choices: Agenda Selection with Uncertain Issues Abstract: We study selection rules: voting procedures used by committees to choose whether to place an issue on their agenda. At the selection stage of the model, committee members are uncertain about their final preferences. They only have some private information about these preferences. We show that voters become more conservative when the selection rule itself becomes more conservative. The decision rule has the opposite effect. We compare these voting procedures to the designation of an agenda setter among the committee, and to a utilitarian social planner with all the ex interim private information. Last version: July 2012. with Raphael Godefroy, Econometrica, 2013, 81, 1, 221-253.

A Note on the Tight Simplification of Mechanisms, Abstract: Paul Milgrom (2010) proposes to simplify mechanisms by restricting their message space. When doing so, it is important not to create new equilibria. A weakly tight simplification is one that does not create new Nash equilibria, a tight simplification is one that does not create new ε-Nash equilibria. This note offers characterizations of tightness. When the preference domain is that of continuous utility functions on the outcome space, the two notions are equivalent, and are also equivalent to the outcome closure property of Milgrom (2008). Last version: August 2010 Economics Letters, 2011.

Working Papers

Communication with Evidence in the Lab, Abstract: We study communication with evidence in a collection of sender-receiver games in the lab. We find important differences between games with cyclic and acyclic masquerade relations. Overall, receivers take evidence into account and perform better in acyclic games, and with more precise messages. In acyclic games, they tend to be skeptical about vague messages, and more so over time. Sender types whose interests are aligned with those of the receiver fully disclose in all games, and sender types whose interests are not aligned with those of the receiver tend to use vague messages. When partially disclosing, senders tend to use weakly dominated strategies. This version: December 2015 with Jeanne Hagenbach, 2015.
[PDF] [Appendix]

Altruism in Networks, Abstract: We provide the first analysis of altruism in networks. Agents are connected through a fixed, weighted network and care about the well-being of their network neighbors. Given some initial distribution of incomes, agents may provide financial support to their poorer friends. We characterize the Nash equilibria of this transfer game for general networks and utility functions. We show that equilibria solve a well-behaved maximization program, related to classical problems of optimal transportation on networks. We build on this reformulation and establish existence, uniqueness in consumptions and generic uniqueness in transfers. We show that transfers are affected by the geometry of the altruistic network. They flow through shortest paths and chains of transfers emerge when the network is not transitive. We analyze the effects of changes in incomes and in the network. When an agent suffers a negative income shock, the equilibrium consumption of every agent decreases weakly. We characterize the impact of small redistributions and show that decreasing income inequality may increase consumption inequality. We also characterize the impact of a small increase in altruism. While altruistic networks reduce inequality, more altruism may lead to more inequality. This version: June 2015 with Renaud Bourlès and Yann Bramoullé, 2015. Revision requested at Econometrica.
[PDF] [Appendix]

Evidence Based Mechanisms, Abstract: This paper studies implementation with privately informed agents who can produce evidence. We define evidence based mechanisms as a class of mechanisms such that the designer's contingent plan of action is always consistent with available evidence. We characterize the social choice functions that can be straightforwardly implemented by such mechanisms. Our conditions imply that any social choice function that can be implemented with transfers and no evidence under quasilinear preferences can also be implemented with evidence and no transfers. If the agents have private values, it is possible to ex post implement the efficient social choice function with transfers that satisfy individual rationality and budget balance. With interdependent valuations, it is possible to implement the efficient outcome with transfers that satisfy individual rationality and budget balance in single-object auction and bilateral trade environments. This version: February 2015 with Frederic Koessler, 2015. Revision requested at Journal of Economic Theory.

Complicating to Persuade?, Abstract: This paper addresses a common criticism of certification processes: that they simultaneously generate excessive complexity, insufficient scrutiny and high rates of undue validation. We build a model of persuasion in which low and high types pool on their choice of complexity. A natural criterion based on forward induction selects the high-type optimal pooling equilibrium.When the receiver prefers rejection ex ante, the sender simplifies her report. When the receiver prefers validation ex ante, however, more complexity makes the receiver less selective, and we provide sufficient conditions that lead to complexity inflation in equilibrium. This version: February 2012 with Delphine Prady, 2012.

Competing with Equivocal Information, Abstract: This paper studies strategic disclosure between multiple senders and a single receiver. The senders are competing for prizes awarded by the receiver. They decide whether to disclose a piece of information that is both verifiable and equivocal (it can influence the receiver both ways). Then the standard unraveling argument breaks down: if the commonly known probability that her information is favorable is sufficiently high, a single sender never discloses. Competition restores full disclosure only if some of the senders are sufficiently unlikely to have favorable information. When the senders are uncertain about each other's strength, however, all symmetric equilibria approach full disclosure as the number of candidates increases. This version: July 2012 2012.

In Progress

Robust Evidence Based Implementation, in preparation.

Evidence Based Matching, with Olivier Tercieux, in preparation.

Non Academic

Un commentaire sur le prix Nobel d'économie 2012, with Pierre Fleckinger, La, December 2012.