With his characteristic acuteness and lucidity, William Baumol, one of America's foremost economists, tackles the problem of equity considerations in welfare economics by applying the novel "superfairness" criterion to the distribution of resources, product, income, and wealth that arises from...

This volume presents an approach to the evaluation of economic policies through the econometric modeling of aggregate consumer behavior. While the preferences of individual consumers are revealed by their market choices, these preferences can be recovered only by econometric methods, not through...

This timely book surveys and illuminates the recent literature on industrial organization by contrasting the analyses based on the idea of "natural" adaptation of industry to environmental conditions and those that focus on the "strategic" dimension and manipulation of environment. Among the...

Corporate managers who face both strategic uncertainty and market uncertainty confront a classic trade-off between commitment and flexibility. They can stake a claim by making a large capital investment today, influencing their rivals' behavior; or they can take a "wait and see" approach to...

This book bridges optimal control theory and economics, discussing ordinary differential equations, optimal control, game theory, and mechanism design in one volume. Technically rigorous and largely self-contained, it provides an introduction to the use of optimal control theory for...

In Game Theory and the Social Contract, Ken Binmore argues that game theory provides a systematic tool for investigating ethical matters. His reinterpretation of classical social contract ideas within a game-theoretic framework generates new insights into the fundamental questions of social...

This volume brings together all of Ken Binmore's influential experimental papers on bargaining along with newly written commentary in which Binmore discusses the underlying game theory and addresses the criticism leveled at it by behavioral economists. When Binmore began his experimental work in...

Evolutionary game theory attempts to predict individual behavior (whether of humans or other species) when interactions between individuals are modeled as a noncooperative game. Most dynamic analyses of evolutionary games are based on their normal forms, despite the fact that many interesting...

Robert Aumann's groundbreaking career in game theory has spanned over 35 years. These two volumes provide convenient access to all of his major research--from his doctoral dissertation in 1956 to papers as recent as January 1995. Threaded through all of Aumann's work (symbolized in his thesis on...

The "oligopoly problem"--the question of how prices are formed when the market contains only a few competitors--is one of the more persistent problems in the history of economic thought. In this book Xavier Vives applies a modern game-theoretic approach to develop a theory of oligopoly pricing....