Closed exchange and production-and-exchange economies may have multiple equilibria, a fact that is usually ignored in … one of the equilibria. Our data show that the choice of default penalty takes the economy close to the chosen equilibrium … of equilibria in closed economies. Additionally we discuss the politico-economic meaning and experimental implications of …

Closed exchange and production-and-exchange economies may have multiple equilibria, a fact that is usually ignored in … selects one of the equilibria. Our data show that the choice of default penalty takes the economy close to the chosen … of equilibria in closed economies …

-optimal public perfect equilibria is in stark contrast to fundamental assumptions of hold-up models. We develop a model in which … bygones. The model nests the traditional formulation of relational contracts as Pareto-optimal equilibria as a special case …

-timed phase transition moments. We identify equilibria with a rich enough structure to capture a wide array of economic and social … well as the number of symmetric Nash equilibria. Finally, we compute the payoff and duration of each equilibrium, which we …

The possibility of the presence of multiple equilibria in closed exchange and production-and-exchange economies is … the economy selects one of the equilibria. The laboratory data show that the choice of default penalty takes the economy … associated with multiplicity of equilibria in closed economies …