We study a repeated game with asymmetric information about a dynamic state of nature. In the course of the game, the better informed player can communicate some or all of his information with the other. Our model covers costly and/or bounded communication. We characterize the set of equilibrium...

This paper studies implementation of cooperative payoffs in finitely repeated games when players implement their strategies by finite automata of big sizes. Specifically, we analyze how much we have to depart from fully rational behavior to achieve the Folk Theorem payoffs, i.e., which are the...

This paper is a note in which we prove that Cellular Automata are suitable tools to model multi-agent interactive procedures. In particular, we apply the argument to validate results from simulation tools obtained for the classical model of segregation of Thomas Schelling (1971a).

The main contribution of this paper is to present a new procedure to reach cooperation through pseudorandom schemes in the finitely repeated Prisoner's Dilemma game, when strategies are implemented by automata. The equilibrium path consists of a communication process followed by a coordinated...

This paper estimates single factor stochastic models describing daily air temperature behaviour. We modify classical financial models to reflect temperature seasonality and fit them to a time series representing temperatures in Spain. The estimated models are used in Montecarlo simulations to...

This article analyzes the way in which intemational stock markets transmit information around the world. We are able to decompose the influenced of one market on another one in two elements: the capability of one market to exercise influence on any other market and the sensitivity of every...

In the last years, the increase in the level of competition, the reduction of margins, the phenomenon of banking disintermediation, etc. have affected the bank´s income structure, increasing the importance of non-interest income. This paper examines the impact of past and current developments...

This study analyzes the links between efficiency and the decentralization of competencies among Spanish local governments for years 1995 and 2000. The aim is pursued by considering a two-stage activity analysis model in which the performance of eachmunicipality is first evaluated against other...

The aim of this paper is to examine the evidence for capital-skilled labor complementarity in six different activity sectors using aggregate production function specifications and a time-series, cross-section panel of Spanish regions. Estimation results have troubles finding evidence that...

The main idea upon which this paper is based is that outlined by Samuelson (1958) -that a pensions system, financed by way of transfers between generations, will only be viable in the long term if the internal rate of return of the system does not exceed the growth rate of salaries plus the...