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Stationary equilibria in discounted stochastic games with weakly interacting players

Horst, Ulrich - 2002

We give sufficient conditions for a non-zero sum discounted stochastic game with compact and convex action spaces and with norm-continuous transition probabilities, but with possibly unbounded state space to have a N ash equilibrium in homogeneous Markov strategies that depends in a Lipsehitz...

Persistent link: https://www.econbiz.de/10009627284

Forecasting performance of market share attraction models : a comparison of different models assuming that competitors’ actions are forecasts

Klapper, Daniel; Herwartz, Helmut - 1998

Persistent link: https://www.econbiz.de/10009578563

Species survival and evolutionary stability in sustainable habitats : the concept of ecological stability

Aumann, Robert J.; Güth, Werner - 1998 - Rev.

(geno-) types as in evolutionary biology and game theory. Survival in inter- and intraspecies competition together with …

Persistent link: https://www.econbiz.de/10009578002

To commit or not to commit : endogenous timing in experimental duopoly markets

Huck, Steffen; Müller, Wieland; Normann, Hans-Theo - 1999

leadership. Our data, however, does not confirm the theory. While Stackelberg equilibria are extremely rare we often observe … learn to behave in a reciprocal fashion over time, i.e., they learn to reward cooperation and to punish exploitation. …

Persistent link: https://www.econbiz.de/10009580476

Stackelberg beats Cournot : on collusion and efficiency in experimental markets

Huck, Steffen; Müller, Wieland; Normann, Hans-Theo - 1999

We report on an experiment designed to compare Stackelberg and Cournot duopoly markets with quantity competition. For each market we implement both a random matching and fixed-pairs version. Stackelberg markets yield, regardless of the matching scheme, higher outputs than Cournot markets. Under...

Persistent link: https://www.econbiz.de/10009580482

How competition in investing, hiring, and selling affects (un)employment : an analysis of equilibrium scenario

Berninghaus, Siegfried; Güth, Werner; Ramser, Hans Jürgen - 1999

Most models of labor markets and (un)employment neglect how competition among firms or sectors of the economy affects their hiring of workers and working times. Our approach pays special attention to such effects by proposing a complex stage game where firms invest in capital equipment before...

Persistent link: https://www.econbiz.de/10009582404

Optimal consumption choice for ratchet investors

Riedel, Frank - 2001

The utility maximization problem of "ratchet investors" who do not tolerate any decline in their consumption rate is solved explicitly for all felicity functions in a Markovian framework which includes Brownian motion and Poisson processes as special cases. The optimal consumption plan turns out...

Persistent link: https://www.econbiz.de/10009616776

Finance, investment, and firm value in Germany and the US : a comparative analysis

Nowak, Eric - 1998

in the two countries and in (ii) the interaction of investment and financing decisions. This paper investigates the … impact of financing, investment, and dividend decisions on the value of stock corporations in Germany and the US. The … methodology is based on a cross-sectional approach proposed by Fama and French. In general, the evidence shows that relations for …

Persistent link: https://www.econbiz.de/10009578016

Trust and reciprocity in the investment game with indirect reward

Güth, Werner; Königstein, Manfred; Marchand, Nadège; … - 2000

contracting is infeasible. One example is the study by Berg et al. (1995) of the investment game. In this game the person who … receives the investment is the one who may reward the investor. This is a direct reward game. Similar to Dufwenberg et al … investor may only be rewarded by a third person who did not receive his investment. Furthermore we investigate the influence of …

Persistent link: https://www.econbiz.de/10009612013

Time varying market price of risk in the CAPM approaches, empirical evidence and implications

Hafner, Christian M.; Herwartz, Helmut - 1999

Persistent link: https://www.econbiz.de/10001377689