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Approximate Knowledge of Rationality and Correlated Equilibria

Germano, Fabrizio; Zuazo-Garin, Peio - Barcelona Graduate School of Economics (Barcelona GSE) - 2012

We extend Aumann's theorem [Aumann 1987], deriving correlated equilibria as a consequence of common priors and common knowledge of rationality, by explicitly allowing for non-rational behavior. We replace the assumption of common knowledge of rationality with a substantially weaker one, joint...

Persistent link: https://www.econbiz.de/10010851330

Ignorance Promotes Competition: an Auction Model with Endogenous Private Valuations

Ganuza, Juan-José - Barcelona Graduate School of Economics (Barcelona GSE) - 2003

We study a situation in which an auctioneer wishes to sell an object to one of N risk-neutral bidders with heterogeneous preferences. The auctioneer does not know bidders' preferences but has private information about the characteristics of the object, and must decide how much information to...

Persistent link: https://www.econbiz.de/10010547390

Endogenous Private Information Structures

Hurkens, Sjaak; Vulkan, Nir - Barcelona Graduate School of Economics (Barcelona GSE) - 2003

We formally incorporate the option to gather information into a game and thus endogenize the information structure. We ask whether models with exogenous information structures are robust with respect to this endogenization. Any Nash equilibrium of the game with information acquisition induces a...

Persistent link: https://www.econbiz.de/10010547453

On Information and Competition in Private Value Auctions

Ganuza, Juan José; Penalva, José - Barcelona Graduate School of Economics (Barcelona GSE) - 2005

This paper studies the relationship between the auctioneer's provision of information and the level of competition in private value auctions. We use a general notion of informativeness which allows us to compare the efficient with the (privately) optimal amount of information provided by the...

Persistent link: https://www.econbiz.de/10010547489

Bounded Rationality and Correlated Equilibria

Germano, Fabrizio; Zuazo-Garin, Peio - Barcelona Graduate School of Economics (Barcelona GSE) - 2015

We study an interactive framework that explicitly allows for non-rational behavior. We do not place any restrictions on how players can deviate from rational behavior. Instead we assume that there exists a lower bound p 2 [0; 1] such that all players play and are believed to play rationally with...

Persistent link: https://www.econbiz.de/10011188510

Uncertain Rationality and Robustness in Games with Incomplete Information

Germano, Fabrizio; Zuazo-Garin, Peio - Barcelona Graduate School of Economics (Barcelona GSE) - 2015

Economic predictions are highly sensitive to model and informational specifications. Weinstein and Yildiz (2007) show that, in static games with incomplete information, only very weak predictions, namely, the interim correlated rationalizable (ICR) actions, are robust to higher-order belief...

Persistent link: https://www.econbiz.de/10011196334

Media Exposure and Internal Migration – Evidence from Indonesia

Farré, Lidia; Fasani, Francesco - Barcelona Graduate School of Economics (Barcelona GSE) - 2011

causal effect of media exposure. Our estimates reveal important long and short run effects. An increase of one standard …

Persistent link: https://www.econbiz.de/10010851381

Bundling Electronic Journals and Competition among Publishers

Jeon, Doh-Shin; Menicucci, Domenico - Barcelona Graduate School of Economics (Barcelona GSE) - 2005

Site licensing of electronic journals has been revolutionizing the way academic information is distributed. However, many librarians are concerned about the possibility that commercial publishers might abuse site licensing by practicing bundling. In this paper, we analyze how bundling afects...

Persistent link: https://www.econbiz.de/10010851403

Time Scarcity and the Market for News

Alaoui, Larbi; Germano, Fabrizio - Barcelona Graduate School of Economics (Barcelona GSE) - 2014

browse through news items that are available across competing outlets, choosing which ones to read or skip. Media firms are … implications on diverse aspects of new and traditional media. These include a rationale for tabloid news, a theory of optimal … advertisement placement in newscasts, and a justification for readers' migration to online media platforms in order to circumvent …

Persistent link: https://www.econbiz.de/10010950614

Concentration and Self-Censorship in Commercial Media

Germano, Fabrizio; Meier, Martin - Barcelona Graduate School of Economics (Barcelona GSE) - 2011

potentially owned by the same media companies. We argue that externalities resulting from self-censorship could be empirically …Within a simple model of non-localized, Hotelling-type competition among arbitrary numbers of media outlets we … characterize quality and content of media under different ownership structures. Assuming advertising-sponsored, profit …

Persistent link: https://www.econbiz.de/10010547103