We consider repeated games with transferable utility: players have an endowment of wealth in each period in which transfers can be made. We show that if endowments are large enough and the comon discount factor high enough, then a trongly renegotiation-proof equilibrium (SRP) in the sense of...

This study empirically investigates the impact of privatisation on firm performance in the global oil and gas industry, where questions of resource control have regained widespread attention. Using a dataset of 60 public share offerings by 28 National Oil Companies it is shown that privatisation...

The literature on informational cascades and herding theory has for a decade focused on the externality and suboptimal outcomes generated from decision-making when spaces are coarser than private information spaces. Much of the output has therefore been positive, not normative. This paper...

In the context of liberalisation of electricity markets world wide, the need for agreed protocols for electricity trades between systems with different charges poses a special challenge. System operators need to know how much a given trade uses the network, in order to allocate an appropriate...

This paper shows a core-equilibrium convergence in a public goods economy where consumers' preferences display warm glow effects. We demonstrate that if each consumer becomes satiated to other consumers' provision, then as the economy grows large the core shrinks to the set of Edgeworth...

We consider an exchange economy in which there are infinitely many consumers and some commodities are bads, that is, cause disutility to consumers. We give an example of such an economy for which there is no competitive equilibrium or its variants (quasi- or psuedo-equilibrium). We also give...

This paper proposes a dynamic model of bargaining to analyze decentralized markets where buyers and sellers obtain information about past deals through their social network. There is a unique equilibrium outcome which depends crucially on the peripheral (least connected) individuals in each...

Empirical studies have found ethnic cleavages to play an important role in the occurrence of civil conflict. Surprisingly, theoretical research on ethnic con.ict has been very scarce. In the present contribution a theoretical model of reputation and ethnic conflict is built. Depending on the...