Heidi Christina Thysen
PhD student at London School of Economics
Microeconomic Theory, Bounded Rationality
PhD in Economics
July 2021 (Expected), London School of Economics
MRes in Economics
July 2018, London School of Economics
IMSQE (eqiuv. MSc in Economics)
August 2016, Aarhus University
BSs in Economics and Management
June 2013, Aarhus University
"Equilibrium Contracts and Boundedly Rational Expectations", joint with Heiner Schumacher
We study a principal-agent framework in which the agent forms beliefs based on a misspecified or simplified model of the principal's project. She fits this model to the objective probability distribution to predict output under alternative actions. Under mild restrictions, the agent has correct beliefs on the equilibrium path, so that the optimal contract is non-exploitative. However, she may overestimate the productivity of her effort. The scope for such biases depends on the agent's role in the organization, i.e., through which channels she influences the output. We obtain new results on the informativeness principle and the risk-incentive trade-off.
"Strategic Interpretations", joint with Kfir Eliaz and Rani Spiegler
We study strategic communication when the sender can influence the receiver's understanding of messages' equilibrium meaning. We focus on a "pure persuasion" setting, in which the informed sender wants the uninformed receiver to always choose "accept". The sender's strategy maps each state of Nature to a distribution over pairs consisting of: (i) a multi-dimensional message, and (ii) a "dictionary" that credibly discloses the state-dependent distribution of some of the message's components. The receiver does not know the sender's strategy by default; he can only interpret message components that are covered by the dictionary he is provided with. We characterize the sender's optimal persuasion strategy and show that full persuasion is possible when the prior on the acceptance state exceeds a threshold that quickly decreases with the message dimensionality. We extend our analysis to situations where interpretation is done by a third party with uncertain preferences, and explore alternative notions of "dictionaries".
Work in progress
"Correlation Neglect as a Commitment Device"