Showing 1 - 10 of 24
Throughout modern business history, contract has been used as an organizational technology that holds counterparties in formal or legally binding agreements. The proliferation of contract prompted the emergence of professional contract managers who played an important but relatively peripheral...
Persistent link: https://www.econbiz.de/10010744884
In this paper, we suggest a simple sequential mechanism whose subgame perfect equilibria give rise to efficient networks. Moreover, the payoffs received by the agents coincide with their Shapley value in an appropriately defined cooperative game.
Persistent link: https://www.econbiz.de/10005247843
In this paper, we consider two classes of economic environments. In the first type, agents are faced with the task of providing local public goods that will benefit some or all of them. In the second type, economic activity takes place via formation of links. Agents need both to both form a...
Persistent link: https://www.econbiz.de/10005247858
We implement a family of efficient proposals to share benefits generated in environments with externalities. These proposals extend the Shapley value to games with externalities and are parametrized through the method by which the externalities are averaged. We construct two slightly different...
Persistent link: https://www.econbiz.de/10005823915
This paper is concerned with the realism of mechanisms that implement social choice functions in the traditional sense. Will agents actually play the equilibrium assumed by the analysis? As an example, we study the convergence and stability properties of Sj\"ostr\"om's (1994) mechanism, on the...
Persistent link: https://www.econbiz.de/10005772028
We perform an experimental test of Maskin's canonical mechanism for Nash implementation, using 3 subjects in non … comprehend their decision tasks. The performance can also be improved by imposing a fine on non designated dissidents. We offer … some explanations for the imperfect implementation, including risk preferences, the possibilities that agents have for …
Persistent link: https://www.econbiz.de/10005772110
This paper studies the equilibrating process of several implementation mechanisms using naive adaptive dynamics. We … show that the dynamics converge and are stable, for the canonical mechanism of implementation in Nash equilibrium. In this … implementation with refined equilibrium concepts have claimed that the mechanisms they propose are ``simple'' and implement …
Persistent link: https://www.econbiz.de/10005772289
implementation. This is done through a reinterpretation of the characteristic function that avoids feasibility problems, thereby … cooperative solution that is Maskin monotonic. Thus, implementation of most cooperative solutions must rely on refinements of the …
Persistent link: https://www.econbiz.de/10005772396
We consider cooperative environments with externalities (games in partition function form) and provide a recursive definition of dividends for each coalition and any partition of the players it belongs to. We show that with this definition and equal sharing of these dividends the averaged sum of...
Persistent link: https://www.econbiz.de/10005168502
intertemporally fair allocations in Bayes-Nash equilibrium. Implementation at the ex ante stage is considered, too. I also generalize …
Persistent link: https://www.econbiz.de/10005582597