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We propose two generalizations of the Davis Maschler reduced game property to economies with asymmetric information and apply them in the characterization of two solution concepts. One is Wilson's (1978) Coarse Core and the other is a subsolution of it which we call the Coarse+ Core.
Persistent link: https://www.econbiz.de/10005118523
We analyze an economy with asymmetric information and endogenize the possibilities for information transmission between members of a coalition. We then define a concept of the Core that takes into account these communication possibilities. The internal consistency of the improvements is...
Persistent link: https://www.econbiz.de/10005118634
Persistent link: https://www.econbiz.de/10005118590
We provide a result for non-emptiness of the core in NTU games. We use a payoffs-dependent balancedness condition, based on transfer rate mappings. Going beyond the non-emptiness of standard core, existence of some refined solution is proved, including specific core allocations and...
Persistent link: https://www.econbiz.de/10005118637
stable and efficient networks in a variety of contexts and under several definitions of efficiency. …
Persistent link: https://www.econbiz.de/10005135109
We analyze the formation of networks among individuals. In particular, we examine the existence of networks that are stable against changes in links by any coalition of individuals. We show that to investigate the existence of such strongly stable networks one can restrict focus on a...
Persistent link: https://www.econbiz.de/10005135119
When potential shareholders cannot observe the business conditions of the firms, the latter desiring to acquire capital by an IPO and operating under less favourable business conditions have a strong incentive to appear more successful.
Persistent link: https://www.econbiz.de/10005077052
One of the most striking results in experimental economics is the ease with which market bubbles form in a laboratory setting and the difficulty of preventing them. This article re-examines bubble experiments in light of the results of an earlier series of market experiments that examine how...
Persistent link: https://www.econbiz.de/10005125589
We propose a continuum model for the description of buyer and seller dynamics in an Internet market. The relevant variables are the research effort of buyers and the sellers' reputation building process. We show that, if a commercial website gives consumers the possibility to rate credibly...
Persistent link: https://www.econbiz.de/10005407517
Many couples do not sign prenuptial agreements, even though this often leads to costly and inefficient litigation in case of divorce. In this paper we show that strategic reasons may prevent agents from signing a prenuptial agreement. Partners which have high productivity in marital activities...
Persistent link: https://www.econbiz.de/10005407538