We examine the relationship between bank size and financial stability by viewing the supervisor of a banking system as an investor holding a portfolio of banks. Based on this view, we investigate the role of large banks in determining the systemic risk in this portfolio. Our results, based on...

We study an infinite horizon model, where a seller orders his product in batches of fixed size. A sales strategy determines both the order moments and the sales path between these moments. Under some natural conditions on the sellers revenue function, the strategy that maximizes the sellers...

The class of bargaining solutions that are defined on the domain of finite sets of alternatives and satisfy Weak Pareto Optimality (WPO), Independence of Irrelevant Alternatives (IIA) and Covariance (COV), is characterized. These solutions select from the set of maximizers of a nonsymmetric Nash...

This paper is concerned with a combinatorial, multi-attribute procurement mechanism called combinatorial scoring auction. In the setting that we analyze, private information of the suppliers is multi-dimensional. The buyer wants to procure several items at once. Subsets of these items are...

We investigate judgment aggregation by assuming that some formulas of the agenda are singled out as premises, and the Independence condition (formula-wise aggregation) holds for them, though perhaps not for others. Whether premise-based aggregation thus defined is non-degenerate depends on how...

We consider networks evolving over time within an infinite-horizon dynamic setting. Transitions from one network to another are given by a stationary transition probability matrix. We study the problem of fairly and efficiently allocating the value of a network at any point in time among its...

We study sets of preferences that are convex with respect to the betweeness relation induced by the Kemeny distance for preferences. It appears that these sets consist of all preferences containing a certain partial ordering and the other way around all preferences containing a given partial...

Domains of individual preferences for which the well-known impossibility theorems of Gibbard-Satterthwaite and Muller-Satterthwaite do not hold are studied. To comprehend the limitations these results imply for social choice rules, we search for the largest domains that are possible. Here, we...

The Rubinstein alternating offers bargaining game is reconsidered under the assumption that each player is loss averse and the associated reference point is equal to the highest turned down offer of the opponent in the past. This makes the payoffs and therefore potential equilibrium strategies...

In this paper we present a model for games with perfect information in which the players, upon observing an unexpected move, may revise their beliefs about the opponents'' preferences over outcomes. For a given profile P of preference relations over outcomes, we impose the following three...