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On the Effects of Mergers on Equilibrium Outcomes in a Common Property Renewable Asset Oligopoly
Benchekroun, Hassan - 2015
This paper examines a dynamic game of exploitation of a common pool of some renewable asset by agents that sell the result of their exploitation on an oligopolistic market. A Markov Perfect Nash Equilibrium of the game is used to analyze the effects of a merger of a subset of the agents. We...
Persistent link: https://www.econbiz.de/10013031656
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On the Effects of Mergers on Equilibrium Outcomes in a Common Property Renewable Asset Oligopoly
Benchekroun, Hassan; Gaudet, Gérard - CESifo - 2014
This paper examines a dynamic game of exploitation of a common pool of some renewable asset by agents that sell the result of their exploitation on an oligopolistic market. A Markov Perfect Nash Equilibrium of the game is used to analyze the effects of a merger of a subset of the agents. We...
Persistent link: https://www.econbiz.de/10011082835
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Imitation and the Evolution of Walrasian Behavior : Theoretically Fragile but Behaviorally Robust
Apesteguia, Jose - 2008
A well-known result by Vega-Redondo (1997) implies that in symmetric Cournot oligopoly, imitation leads to the Walrasian outcome where price equals marginal cost. In this paper, we show that this result is not robust to the slightest asymmetry in fixed costs. Instead of obtaining the Walrasian...
Persistent link: https://www.econbiz.de/10012772613
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Self-Allocation in Contests
Bernergard, Axel - 2017
We consider contestants who must choose exactly one contest, out of several, to participate in. We show that when the contest technology is of a certain type, or when the number of contestants is large, a self-allocation equilibrium, i.e., one where no contestant would wish to change his choice...
Persistent link: https://www.econbiz.de/10012947451
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Sacrifice, Discounting and Climate Policy: Five Questions
Karp, Larry S. - CESifo - 2009
I offer a selective review of discounting and climate policy. Analytic and numerical models show that different …, affects the role of discounting. I argue that the assertion that the risk of catastrophic damage overwhelms discounting is … unfounded. I show that the claim that we “view the world in perspective” implies hyperbolic rather than constant discounting. …
Persistent link: https://www.econbiz.de/10005013940
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Optimum Commodity Taxation in Pooling Equilibria
Sheshinski, Eytan - 2021
This paper extends the standard model of optimum commodity taxation (Ramsey (1927) and Diamond-Mirrlees (1971)) to a competitive economy in which some markets are inefficient due to asymmetric information. As in most insurance markets, consumers impose varying costs on suppliers but firms cannot...
Persistent link: https://www.econbiz.de/10013317382
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Delegation and Interim Performance Evaluation
Schuette, Miriam - 2013
This paper considers the effects of an interim performance evaluation on the decision of a principal to delegate authority to a potentially biased but better informed agent. Assuming the agents' outside option to be determined by market beliefs about their type, interim evaluations (a) provide a...
Persistent link: https://www.econbiz.de/10013082972
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The Intricacy of Adapting to Climate Change : Flood Protection as a Local Public Goods Game
Bondarev, Anton A. - 2017
We study adaptation to climate change in a federalist setting. To protect themselves against an increase in flood risk, regional governments choose among adaptation measures that vary with respect to their costs, the level of protection they offer, and the presence and nature of spillovers to...
Persistent link: https://www.econbiz.de/10012960103
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Bayesian Repeated Games and Reputation
Forges, Francoise - 2014
without discounting are payoff-equivalent to tractable, completely revealing, equilibria and can be achieved as interim …
Persistent link: https://www.econbiz.de/10013055418
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When and How the Punishment Must Fit the Crime
Mailath, George J.; Nocke, Volker; White, Lucy - 2021
In repeated normal-form (simultaneous-move) games, simple penal codes (Abreu, 1986, 1988) permit an elegant characterization of the set of subgame-perfect outcomes. We show that the logic of simple penal codes fails in repeated extensive-form games. By means of examples, we identify two types of...
Persistent link: https://www.econbiz.de/10013315551