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Classification of Two-Person Ordinal Bimatrix Games

Barany, Imre; Lee, J.; Shubik, Martin - Cowles Foundation for Research in Economics, Yale University - 1991

hull of the point set. We also indicate the effect of individual rationality considerations on our results. As most of our …

Persistent link: https://www.econbiz.de/10005463998

The Virtues and Vices of Equilibrium and the Future of Financial Economics

Farmer, J. Doyne; Geanakoplos, John - Cowles Foundation for Research in Economics, Yale University - 2008

The use of equilibrium models in economics springs from the desire for parsimonious models of economic phenomena that take human reasoning into account. This approach has been the cornerstone of modern economic theory. We explain why this is so, extolling the virtues of equilibrium theory; then...

Persistent link: https://www.econbiz.de/10004976721

Simple Agents, Intelligent Markets

Jamal, Karim; Maier, Michael; Sunder, Shyam - Cowles Foundation for Research in Economics, Yale University - 2012

Attainment of rational expectations equilibria in asset markets calls for the price system to disseminate agents’ private information to others. Markets populated by human agents are known to be capable of converging to rational expectations equilibria. This paper reports comparable market...

Persistent link: https://www.econbiz.de/10011207378

Decoupling Markets and Individuals: Rational Expectations Equilibrium Outcomes from Information Dissemination among Boundedly-Rational Traders

Jamal, Karim; Maier, Michael; Sunder, Shyam - Cowles Foundation for Research in Economics, Yale University - 2012

Attainment of rational expectations equilibria in asset markets calls for the price system to disseminate traders’ private information to others. It is known that markets populated by asymmetrically-informed profit-motivated human traders can converge to rational expectations equilibria. This...

Persistent link: https://www.econbiz.de/10010578248

Understanding Overbidding in Second Price Auctions: An Experimental Study

Cooper, David J.; Fang, Hanming - Cowles Foundation for Research in Economics, Yale University - 2006

able to fully explain all aspects of the experimental data, and we argue for the important role of bounded rationality. We …

Persistent link: https://www.econbiz.de/10005593296

Geanakoplos; Brandenburger, Adam; Dekel, Eddie - Cowles Foundation for Research in Economics, Yale University - 1988

players' priors). Hence a bounded rationality justification of subjective priors is provided. We also describe the set of …

Persistent link: https://www.econbiz.de/10005593303

Bargaining and Markets: Complexity and the Walrasian Outcome

Sabourian, Hamid - Cowles Foundation for Research in Economics, Yale University - 2000

Rubinstein and Wolinsky (1990b) consider a simple decentralized market in which agents either meet randomly or choose their partners volunatarily and bargain over the terms on which they are willing to trade. Intuition suggests that if there are no transaction costs, the outcome of this matching...

Persistent link: https://www.econbiz.de/10005593559

Bounded Rationality and Limited Datasets

Clippel, Geoffroy de; Rozen, Kareen - Cowles Foundation for Research in Economics, Yale University - 2012

Theories of bounded rationality are typically characterized over an exhaustive data set. How does one tell whether … identified about preferences? This paper aims to operationalize some leading bounded rationality theories when the available data … is limited, as is the case in most practical settings. We also point out that the recent bounded rationality literature …

Persistent link: https://www.econbiz.de/10009653367

Rationality of Belief. Or: Why Bayesianism is Neither Necessary nor Sufficient for Rationality

Gilboa, Itzhak; Postlewaite, Andrew; Schmeidler, David - Cowles Foundation for Research in Economics, Yale University - 2004

Economic theory reduces the concept of rationality to internal consistency. The practice of economics, however …

Persistent link: https://www.econbiz.de/10005762708

Do Sympathy Biases Induce Charitable Giving? The Persuasive Effects of Advertising Content

Sudhir, K.; Roy, Subroto; Cherian, Mathew - Cowles Foundation for Research in Economics, Yale University - 2014

We randomize advertising content motivated by the psychology literature on sympathy generation and framing effects in mailings to about 185,000 prospective new donors in India. We find significant impact on the number of donors and amounts donated consistent with sympathy biases such as the...

Persistent link: https://www.econbiz.de/10010895643