not provide a clear insight on how a modern system of private electronic money would work and how the necessary network …

formed if members of the coalition are connected on a communication network, or a graph. We offer a characterization of non …-manipulable division rules without any assumption on the structure of communication network. As corollaries, we obtain a number of earlier … characterization results established with the assumption of complete network (complete graph) in various specialized settings. Moreover …

In this paper, we consider the network as an alternative trading environment to the market. The main distinctive … feature of the network transaction is the dependence of buyers' purchasing behavior, which makes all consumers not equally … valuable to a seller. We characterize the optimal behavior of a seller and consumers in a network. A seller's strategy of …

male, female and junior matches. We find that there is mixed evidence in support of the minimax hypothesis. Granted, the … choices, or the time that the game has elapsed. We therefore examine the role that simple rules may play in determining the … plays. For a significant number of top tennis players, some simple low-information rules outperform the minimax hypothesis …

This paper develops a search-theoretic model of the cross-sectional distribution of asset returns. It abstracts from …

We study the impact on asset prices of illiquidity associated with search and bargaining in an economy in which agents … find each other more easily. Prices become Walrasian as investors' or marketmakers' search intensities get large …. Endogenizing search intensities yields natural welfare implications. Information can fail to be revealed through trading when …