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Coalition-Stable Equilibria in Repeated Games
Chung, Anthony Fai-Tong - Econometric Society - 2004
It is well-known that subgame-perfect Nash equilibrium does not eliminate incentives for joint-deviations or renegotiations. This paper presents a systematic framework for studying non-cooperative games with group incentives, and offers a notion of equilibrium that refines the Nash theory in a...
Persistent link: https://www.econbiz.de/10005342239
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The Mushroom Treatment: Information Suppression and Misrepresentation in Organizations
Croson, David C.; Weber, Thomas A. - Econometric Society - 2004
feeding them a steady diet of bull manure.â€? We develop a model of this practice of information suppression and … misrepresentation within organizations, wherein informed principals have an incentive to deliberately communicate degraded information … the principal can generally increase expected revenues by strategically controlling the timing of the information …
Persistent link: https://www.econbiz.de/10005130154
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Achieving Intertemporal Efficiency and Symmetry through Intratemporal Asymmetry: (Eventual) Turn Taking in a Class of Repeated Mixed-Interest Games
Mui, Vai-Lam; Lau, Sau-Him Paul - Econometric Society - 2004
Turn taking is observed in many field and laboratory settings. We study when and how turn taking can be supported as an equilibrium outcome in a class of repeated games, where the stage game is a symmetric two-player mixed-interest game with asymmetric joint-payoff-maximizing outcomes that may...
Persistent link: https://www.econbiz.de/10005702715
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Evolutionarily Stable Correlation
Wong, Kam-Chau; Kim, Chongmin - Econometric Society - 2004
Most existing results of evolutionary games restrict only to the Nash equilibrium. This paper introduces the analogue of evolutionarily stable strategy (ESS) for correlated equilibria. We introduce a new notion of evolutionarily stable correlation (ESC) and prove that it generalizes ESS. We also...
Persistent link: https://www.econbiz.de/10005702729
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A Unified Approach to Information, Knowledge, and Stability
Luo, Xiao; Chen, Yi-Chun - Econometric Society - 2004
Within the context of strategic interaction, we provide a unified framework for analyzing information, knowledge, and … the "stable" pattern of behavior. We first study the related interactive epistemology and, in particular, show an … our approach are: (i)unlike the ad hoc semantic model of knowledge, the state space is constructed by Harsanyi’s types …
Persistent link: https://www.econbiz.de/10005130251
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Punitive Damage Awards, Frivolous Lawsuits and Firm’s Level of Care
Nikitin, Maxim; Landeo, Claudia M. - Econometric Society - 2004
Punitive damage awards have been widely criticized for generating a plaintiff’s windfall (i.e., a payment in excess of the costs of pursuing the punitive claim), which promotes unnecessary litigation, the escalation of liability insurance premiums and over-deterrence. In an attempt to...
Persistent link: https://www.econbiz.de/10005063694
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Deterrence, Lawsuits and Litigation Outcomes under Agency Problems and Court Errors
Landeo, Claudia M.; Nikitin, Maxim - Econometric Society - 2004
Punitive damage awards have been widely criticized for their unpredictability (2004 Economic Report of the President) and for generating a plaintiff’s windfall (i.e., a payment in excess of the costs of pursuing the punitive claim), which promotes unnecessary litigation (Dodson, 2000),...
Persistent link: https://www.econbiz.de/10005699597
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Split-Award Tort Reform, Firm's Level of Care and Litigation Outcomes
Nikitin, Maxim; Landeo, Claudia M. - Econometric Society - 2004
In an attempt to reduce the liability insurance costs of firms, several US states have implemented many different kinds of tort reform. Some reforms take the form of caps or limits on punitive damage awards while others have mandated that a proportion of the award be allocated to the plaintiff...
Persistent link: https://www.econbiz.de/10005699599
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Multidimensional Private Value Auctions
Morris, Stephen; Fang, Hanming - Econometric Society - 2004
auction. We also illustrate that auction mechanisms provide different incentives for bidders to acquire costly information …
Persistent link: https://www.econbiz.de/10005699666
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Split-Award Tort Reform and Settlement Outcomes: An Experimental Investigation
Nikitin, Maxim; Babcock, Linda; Landeo, Claudia M. - Econometric Society - 2004
a strategic model of litigation under asymmetric information to investigate the effect of the split-award reform on the …
Persistent link: https://www.econbiz.de/10005702607