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We justify risk neutral equilibrium bidding in commonly known fair division games with incompleteinformation by an evolutionary setup postulating (i) minimal common knowledge, (ii) optimal responses to conjectural beliefs how others behave and (iii) evolutionary selection of conjectural beliefs...
Persistent link: https://www.econbiz.de/10012848843
We review theoretical and empirical research on the dynamic interactions between cultures and institutions. We think about culture as a system of values and about institutions as formalized rules of the game. Our presentation is organized around a simple theoretical framework of political...
Persistent link: https://www.econbiz.de/10012824810
Do political institutions shape economic policy? I argue that this question should naturally appeal to economists. Moreover, the answer is in the affirmative, both in theory and in practice. In particular, recent theoretical work predicts systematic eects of electoral rules and political regimes...
Persistent link: https://www.econbiz.de/10013223867
Do political institutions shape economic policy? I argue that this question should naturally appeal to economists. Moreover, the answer is in the affirmative, both in theory and in practice. In particular, recent theoretical work predicts systematic eects of electoral rules and political regimes...
Persistent link: https://www.econbiz.de/10012470510