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Information Transmission in Coalitional Voting Games

Vohra, Rajiv; Serrano, Roberto - Econometric Society - 2004

A core allocation of a complete information economy can be characterized as one that would not be unanimously rejected … such voting games, this approach makes it possible to derive core concepts in which information sharing is endogenous. Our … results lend support to credible core of Dutta and Vohra (2003) and the core proposed by Myerson (2003) as two that can be …

Persistent link: https://www.econbiz.de/10005130219

The Gamma-Core and Coalition Formation

Chander, Parkash - Econometric Society - 2004

This paper reinterprets the gamma-core (Chander and Tulkens (1995, 1997)) and justifies it as well as its prediction … that the efficient coalition structure is stable in terms of the coalition formation theory. It is assumed that coalitions … coalitions) and a coalition may deviate if and only if it stands to gain from it. It is then shown that subsequent to a deviation …

Persistent link: https://www.econbiz.de/10005342201

Virtual utility and the core for games with incomplete information

Myerson, Roger - Econometric Society - 2004

The core is extended to games with incomplete information. The feasible set is characterized by incentive …

Persistent link: https://www.econbiz.de/10005342211

Rational overconfidence and excess volatility in general equilibrium

Nielsen, Carsten Krabbe - Econometric Society - 2004

Rational beliefs (in the form of WAMS measures) are expectations which though consistent with empirical observations, may deviate from the true underlying probability measure under which data is generated.We provide results on, as well as a decomposition of, WAMS measures and use this to...

Persistent link: https://www.econbiz.de/10005328856

Efficient Pareto-improving Processes

Yun, Kwan Koo - Econometric Society - 2004

We give two procedures for determining whether efficient Pareto improving local changes are possible. When they are, the procedures compute for them. Any procedure generating efficient and Pareto improving changes can be replicated by these procedures. The two programs form a striking duality....

Persistent link: https://www.econbiz.de/10005342307

Non Monotone Liquidity Under-Supply

Ana, Fostel; John, Geanakoplos - Econometric Society - 2004

We show that very little is needed to create liquidity under-supply in equilibrium: only the presence of credit constraints on demand. We show that the under-supply is a non-monotone function of the demand distortion that causes it, a result that may have interesting implications for emerging...

Persistent link: https://www.econbiz.de/10005063557

Rational overconfidence and excess volatility in General Equilibrium

Nielsen, Carsten Krabbe - Econometric Society - 2004

Persistent link: https://www.econbiz.de/10005063616

Non-Fungibility and Mental Accounting: A Model of Bounded Rationality with Sunspot

Goenka, Aditya - Econometric Society - 2004

In this paper we consider a model where some consumers act in a boundedly rational way by treating money as non-fungible (Kahneman and Tversky (1979) and (1984), Thaler (1987) and (1990). The budget is broken up into different expenditure groups (cookie-jars). Given the amount of resources...

Persistent link: https://www.econbiz.de/10005702537

A Consistent Firm Objective When Markets are Incomplete: Profit Maximization

Sabarwal, Tarun - Econometric Society - 2004

shareholders within a firm and across firms can form coalitions, and when stock trading can be ex-dividend or cum-dividend, and …

Persistent link: https://www.econbiz.de/10005702667

The Role of Trust in Costly Network Formation

Sarangi, Sudipta; Gilles, Robert P. - Econometric Society - 2004

We investigate game theoretic models of entwork formation that are based on individual actions only. Our approach is grounded in three simple and realistic principles. (1) Link formation should be a binary process of consent. (2) Link formation should be costly. (3) The class of network payoff...

Persistent link: https://www.econbiz.de/10005342278