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We interpret the Open Method of Coordination (OMC), recently adopted by the EU as a mode of governance in the area of … social policy and other fields, as an imitative learning dynamics of the type considered in evolutionary game theory. The … coordinated policies. The main result is that the OMC allows policy coordination on a strict subset of the set of Nash equilibria …
Persistent link: https://www.econbiz.de/10012753140
private provision of public goods. We examine whether reciprocity can resolve the associated coordination problem. The …
Persistent link: https://www.econbiz.de/10013049219
higher payoffs in the game when the talk is one-way as the truthful reports facilitate desired coordination …
Persistent link: https://www.econbiz.de/10012928248
medium sized and large groups and show that neighborhood choice indeed leads to coordination on the fully efficient …
Persistent link: https://www.econbiz.de/10013315941
equilibrium into a coordination game with a set of Pareto-superior equilibria. Thresholds may therefore improve efficiency in the … voluntary provision of public goods. In our one-shot experiment, we find that coordination often fails and exogenously imposed …, because voting may facilitate coordination due to signaling and commitment effects. We find that voting does have signaling …
Persistent link: https://www.econbiz.de/10013316272
We experimentally study decision-making in a novel dynamic coordination game. The game captures features of a … network has higher payoffs, but the transition is slow and costly. Coordination is required to implement the transition while …
Persistent link: https://www.econbiz.de/10013009866
We scrutinize the scope of auctions in the presence of downstream interactions and information externalities by using the topical example of a firm acquisition. We show that no mechanism exists that allows an investor to acquire a low-cost firm under incomplete information: a separating auction...
Persistent link: https://www.econbiz.de/10013024732
The Babylonian bridal auction, described by Herodotus, is regarded as one of the earliest uses of an auction in history. Yet, to our knowledge, the literature lacks a formal equilibrium analysis of this auction. We provide such an analysis for the two-player case with complete and incomplete...
Persistent link: https://www.econbiz.de/10013316185
The ex ante incentive compatible core of an exchange economy with private information is the (standard) core of a socially designed characteristic function, which expresses the fact that coalitions allocate goods by means of random incentive compatible mechanisms. We first survey some results in...
Persistent link: https://www.econbiz.de/10013317636
In this paper I survey and reinterpret the extensive literature on Europe's Great Depression. I argue that Europe could not exploit her vast economic potential after 1918, because the war had not yet come to an end - indeed it did not end before 1945. Both, domestic and international...
Persistent link: https://www.econbiz.de/10013094292