This paper studies the incentives of short-lived agents to acquire costly private information in the presence of public signals arising from market interaction. It characterizes the social learning process, that is the revelation of information by public signals, and the information...

The stationary structure of the simple overlapping generations economies is used to try to extend to the case with extrinsic uncertainty the characterizations of their stationary equilibria by means of symmetrical multiple equilibria of a related exchange economy in which the representative...

This paper studies a model of announcements by a privately informed government about the future state of the economic activity in an economy subject to recurrent shocks and with distortions due to income taxation. Although transparent communication would ex ante be desirable, we find that even a...

Calculating explicit closed form solutions of Cournot models where firms have private information about their costs is, in general, very cumbersome. Most authors consider therefore linear demands and constant marginal costs. However, within this framework, the nonnegativity constraint on prices...

A key issue multicriteria evaluation in a fuzzy environment is how to compare fuzzy numbers. In this paper, the case of criterion scores in the form of L-R fuzzy numbers, i.e. the most general form of fuzzy numbers, will be considered.

We study the optimal public intervention in setting minimum standards of formation for specialized medical care. The abilities the physicians obtain by means of their training allow them to improve their performance as providers of cure and earn some monopoly rents.. Our aim is to characterize...

This paper investigates how time and uncertainty interweave. Specifically, it studies the appearance of symmetries and asymmetries - with respect to the direction in which time flows - in the set of equilibria of simple overlapping generations economies which are open-ended in both directions,...

We discuss sincere voting when voters have cardinal preferences over alter- natives. We interpret sincerity as opposed to strategic voting, and thus define sincerity as the optimal behaviour when conditions to vote strategically vanish. When voting mechanisms allow for only one message type we...

This paper is a positive analysis of the driving forces in interdisciplinary research. I take the perspective of a research institution that has to decide how to apply its resources among the production of two types of knowledge: specialized or interdisciplinary. Using a prize mechanism of...

This paper presents results from experiments with finitely repeated games with complete and incomplete information. We use two treatment variables: the number of rounds the game is played and the value of the probability that reflects the presence of incomplete information.