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Efficient Coordination in Weakest-Link Games
Riedl, Arno; Rohde, Ingrid M. T.; Strobel, Martin - CESifo - 2011
Existing experimental research on behavior in weakest-link games shows overwhelmingly the inability of people to coordinate on the efficient equilibrium, especially in larger groups. We hypothesize that people will be able to coordinate on efficient outcomes, provided they have sufficient...
Persistent link: https://www.econbiz.de/10009395307
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Risk-Sharing and Contagion in Networks
Cabrales, Antonio; Gottardi, Piero; Vega-Redondo, Fernando - CESifo - 2014
We investigate the trade-off between the risk-sharing gains enjoyed by more interconnected firms and the costs resulting from an increased risk exposure. We find that when the shock distribution displays “fat” tails, extreme segmentation into small components is optimal, while minimal...
Persistent link: https://www.econbiz.de/10010754654
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Bayesian Repeated Games and Reputations
Forges, Francoise; Salomon, Antoine - CESifo - 2014
Under appropriate assumptions (private values and uniform punishments), the Nash equilibria of a Bayesian repeated game without discounting are payoff-equivalent to tractable, completely revealing, equilibria and can be achieved as interim cooperative solutions of the initial Bayesian game. This...
Persistent link: https://www.econbiz.de/10010752435
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Core-stable Rings in Auctions with Independent Private Values
Biran, Omer; Forges, Francoise - CESifo - 2010
We propose a semi-cooperative game theoretic approach to check whether a given coalition is stable in a Bayesian game with independent private values. The ex ante expected utilities of coalitions, at an incentive compatible (noncooperative) coalitional equilibrium, describe a (cooperative)...
Persistent link: https://www.econbiz.de/10008583724
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Two-Sided Markets and Electronic Intermediaries
Jullien, Bruno - CESifo - 2004
The object of this paper is to discuss on-line intermediation from the perspective of two-sided markets. It builds a simple model of the intermediation activity when trading partners are involved in a commercial relationship and uses it to illustrate some of the results that emerge in the...
Persistent link: https://www.econbiz.de/10005181364
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The Old-Boy Network and the Quality of Entrepreneurs
Bac, Mehmet; Inci, Eren - CESifo - 2010
We study a model of network formation and start-up financing with endogenous entrepreneurial type distribution. A hub … firm admits members to its network based on signals about entrepreneurs’ types. Network membership is observable, which … allows lenders to offer different interest rates to network and stand-alone entrepreneurs. We show that a network outcome can …
Persistent link: https://www.econbiz.de/10008583661
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A Strategic R&D Investment with Flexible Development Time in Real Option Game Analysis
Villani, Giovanni - CESifo - 2009
The real option theory provides a useful tool to evaluate an R&D investment under uncertainty because, unlike the NPV (Net Present Value), it considers the managerial flexibility that may be expand the investment opportunity value. However, most R&D investment projects are open to competing...
Persistent link: https://www.econbiz.de/10005013067
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International Environmental Agreements with Uncertainty, Learning and Risk Aversion
Finus, Michael; Pintassilgo, Pedro; Ulph, Alistair - CESifo - 2014
This paper analyses the formation of international environmental agreements (IEAs) under uncertainty, focusing on the role of learning and risk aversion. It bridges two strands of literature: one focused on the role learning for the success of IEA formation when countries are risk neutral and...
Persistent link: https://www.econbiz.de/10010736746
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How Robust are Journal Rankings Based on the Impact Factor? Evidence from the Economic Sciences
Seiler, Christian; Wohlrabe, Klaus - CESifo - 2014
It is well-known that the distribution of citations to articles in a journal is skewed. We ask whether journal rankings based on the impact factor are robust with respect to this fact. We exclude the most cited paper, the top 5 and 10 cited papers for 100 economics journals and recalculate the...
Persistent link: https://www.econbiz.de/10010948832
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The Matthew Effect in Economics Reconsidered
Birkmaier, Daniel; Wohlrabe, Klaus - CESifo - 2014
We apply the test of Ijiri and Simon (1974) to a large data set of authors in economics. This test has been used by Tol (2009, 2013a) to identify a (within-author) Matthew effect for authors based on citations. We show that the test is quite sensitive to its underlying assumptions and identifies...
Persistent link: https://www.econbiz.de/10010948894