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Power and the Privilege of Clarity: An Analysis of Bargaining Power and Information Transmission
Ruiz, Adrian de Groot; Offerman, Theo; Onderstal, Sander - Tinbergen Instituut - 2011
We provide a game theoretic analysis of how power shapes the clarity of communication. We analyze information transmission in a cheap talk bargaining game between an informed Sender and an uninformed Receiver. Theoretically, we find that the maximum amount of information that can be transmitted...
Persistent link: https://www.econbiz.de/10011256036
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Diffusion of Behavior in Network Games Orchestrated by Social Learning
Huang, Jia-Ping; Koster, Maurice; Lindner, Ines - Tinbergen Instituut - 2013
The novelty of our model is to combine models of collective action on networks with models of social learning. Agents are connected according to an undirected graph, the social network, and have the choice between two actions: either to adopt a new behavior or technology or stay with the default...
Persistent link: https://www.econbiz.de/10011256157
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An Experimental Study of Credible Deviations and ACDC
Ruiz, Adrian de Groot; Offerman, Theo; Onderstal, Sander - Tinbergen Instituut - 2011
We test the Average Credible Deviation Criterion (ACDC), a stability measure and refinement for cheap talk equilibria introduced in De Groot Ruiz, Offerman & Onderstal (2011b). ACDC has been shown to be predictive under general conditions and to organize data well in previous experiments meant...
Persistent link: https://www.econbiz.de/10011256353
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Equilibrium Selection in Cheap Talk Games: ACDC rocks when Other Criteria remain silent
Ruiz, Adrian de Groot; Offerman, Theo; Onderstal, Sander - Tinbergen Instituut - 2011
Currently no refinement exists that successfully selects equilibria across a wider range of Cheap Talk games. We propose a generalization of refinements based on credible deviations, such as neologism proofness and announcement proofness. According to our Average Credible Deviation Criterion...
Persistent link: https://www.econbiz.de/10011256700
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Consumers Networks and Search Equilibria
Galeotti, Andrea - Tinbergen Instituut - 2004
I examine a search model a la' Burdett and Judd (1983). Consumers are embedded in a consumers network, they may costly search for price quotations and the information gathered are non-excludable along direct links. This allows me to explore the effect of endogenous consumers externalities on...
Persistent link: https://www.econbiz.de/10011257072
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Equilibrium Selection in Experimental Cheap Talk Games
Ruiz, Adrian de Groot; Offerman, Theo; Onderstal, Sander - Tinbergen Instituut - 2015
In the past, many refinements have been proposed to select equilibria in cheap talk games. Usually, these refinements were motivated by a discussion of how rational agents would reason in some particular cheap talk games. In this paper, we propose a new refinement and stability measure that is...
Persistent link: https://www.econbiz.de/10011257267
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Disagreement and Flexibility: A Theory of Optimal Security Issuance and Capital Structure
Boot, Arnoud W.A.; Thakor, Anjan V. - Tinbergen Instituut - 2003
ofthis theory of capital structure evolution is that optimal capital structure is essentiallydynamic, and depends on the firm …’s stock price, implying that firms issue equity when stockprices are high and debt when stock prices are low. The theory … testablepredictions. Moreover, the theory can rationalize the use of debt in the absence of taxes,agency costs or signaling considerations. …
Persistent link: https://www.econbiz.de/10011242147
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The Economic Value of Flexibility when there is Disagreement
Boot, Arnoud W.A.; Thakor, Anjan V. - Tinbergen Instituut - 2003
We develop an economic theory of “flexibility”, which we interpret as the discretion orability to make a decision that …
Persistent link: https://www.econbiz.de/10011249540
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More Hedging Instruments may destablize Markets
Brock, William; Hommes, Cars; Wagener, Florian - Tinbergen Instituut - 2006
This discussion paper resulted in a publication in the <I>Journal of Economic Dynamics & Control</I>. Volume 33(11), pp. 1912-1928.<P> This paper formalizes the idea that more hedging instruments may destabilize markets when traders are heterogeneous and adapt their behavior according to experience based...</p></i>
Persistent link: https://www.econbiz.de/10011255525
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Go Public or Stay Private: A Theory of Entrepreneurial Choice
Boot, Arnoud W.A.; Gopalan, Radhakrishnan; Thakor, Anjan V. - Tinbergen Instituut - 2003
In this paper we analyze an entrepreneur /manager's choice between private and public ownership in a setting in which management needs some "elbow room" or autonomy to optimally manage the firm. In public capital markets, the corporate governance regime in place exposes the firm to exogenous...
Persistent link: https://www.econbiz.de/10011256028