We extend the notions of evolutionary stability and, for the first time, that of neutral stability to asymmetric games played between two populations. Stability with respect to simultaneous entry of a small proportion of mutants into both populations is considered. Allocations where neither...

Once relegated to cinema or history lectures, bank runs have become a modern phenomenon that captures the interest of students. We use a simple classroom experiment based upon the Diamond-Dybvig Model (1983) to demonstrate how a bank run, a seemingly irrational event, can occur rationally. We...

Analytic Hierarchy Process (AHP) is one of the most popular multi-attribute decision aid methods. However, within AHP, there are several competing preference measurement scales and aggregation techniques. In this paper, we compare these possibilities using a decision problem with an inherent...

In this paper, we use experimental economics methods to test how well Analytic Hierarchy Process (AHP) fares as a choice support system in a real decision problem. AHP provides a ranking that we statistically compare with three additional rankings given by the subjects in the experiment: one at...

The hold-up problem is central to the theory of incomplete contracts. It shows how the difficulty to write complete contracts and the resulting need to renegotiate can lead to underinvestment. We describe the design of a simple teaching experiment that illustrates the hold-up problem. The model...

We call a correspondence, defined on the set of mixed strategy profiles, a generalized best reply correspondence if it has (1) a product structure, is (2) upper semi-continuous, (3) always includes a best reply to any mixed strategy profile, and is (4) convex- and closed-valued. For each...

This paper provides an in-depth study of the (most) refined best reply correspondence introduced by Balkenborg, Hofbauer, and Kuzmics (2012). An example demonstrates that this correspondence can be very different from the standard best reply correspondence. In two-player games, however, the...

We call a correspondence, defined on the set of mixed strategy pro les, a generalized best reply correspondence if it (1) has a product structure, (2) is upper hemi-continuous, (3) always includes a best reply to any mixed strategy pro le, and (4) is convex- and closed-valued. For each...

The hold-up problem is central to the theory of incomplete contracts. It shows how the difficulty to write complete contracts and the resulting need to renegotiate can lead to underinvestment. We describe the design of a simple teaching experiment that illustrates the hold-up problem. The model...