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Should Auctions Be Transparent?
Bergemann, Dirk - 2017
We investigate the role of market transparency in repeated first-price auctions. We consider a setting with independent private and persistent values. We analyze three distinct disclosure regimes regarding the bid and award history. In the minimal disclosure regime each bidder only learns...
Persistent link: https://www.econbiz.de/10012948369
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Adaptive Rationality in Strategic Interaction : Do Emotions Regulate Thinking about Others?
Ehrig, Timo; Manjaly, Jaison; Singh, Aditya; Sunder, Shyam - 2021
Forming beliefs or expectations about others’ behavior is fundamental to strategy, as it co-determines the outcomes of … other to form expectations about behavior. According to prior scholarship, actual strategists fall short of this ideal, and … attempts to understand the underlying cognitive processes of forming expectations about others are in their infancy. We propose …
Persistent link: https://www.econbiz.de/10013324375
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Fairness Through the Lens of Cooperative Game Theory : An Experimental Approach
de Clippel, Geoffroy; Rozen, Kareen - 2013
This paper experimentally investigates cooperative game theory from a normative perspective. Subjects designated as Decision Makers express their view on what is fair for others, by recommending a payoff allocation for three subjects (Recipients) whose substitutabilities and complementarities...
Persistent link: https://www.econbiz.de/10014151824
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Trust and Promises over Time
Ederer, Florian - 2020
Using a large-scale hybrid laboratory and online trust experiment with and without pre-play communication, we investigate how the passage of time affects trust, trustworthiness, and cooperation. Communication (predominantly through promises) raises cooperation, trust, and trustworthiness by...
Persistent link: https://www.econbiz.de/10012849057
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Default Penalty as a Selection Mechanism Among Multiple Equilibria
Huber, Juergen - 2012
Closed exchange and production-and-exchange economies may have multiple equilibria, a fact that is usually ignored in macroeconomic models. Our basic argument is that default and bankruptcy laws are required to prevent strategic default, and these laws can also serve to provide the conditions...
Persistent link: https://www.econbiz.de/10013115182
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Default Penalty As a Selection Mechanism Among Multiple Equilibria
Huber, Juergen - 2017
The possibility of the presence of multiple equilibria in closed exchange and production-and-exchange economies is usually ignored in macroeconomic models even though they are important in real economies. We argue that default and bankruptcy laws serve to provide the conditions for uniqueness of...
Persistent link: https://www.econbiz.de/10012955114
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Default Penalty as a Selection Mechanism Among Multiple Equilibria
Huber, Juergen - 2015
Closed exchange and production-and-exchange economies may have multiple equilibria, a fact that is usually ignored in macroeconomic models. Our basic argument is that default and bankruptcy laws are required to prevent strategic default, and these laws can also serve to provide the conditions...
Persistent link: https://www.econbiz.de/10013036170
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Runs, Panics and Bubbles : Diamond Dybvig and Morris Shin Reconsidered
Smith, Eric - 2012
The basic two-noncooperative-equilibrium-point model of Diamond and Dybvig is considered along with the work of Morris and Shin utilizing the possibility of outside noise to select a unique equilibrium point. Both of these approaches are essentially nondynamic. We add an explicit replicator...
Persistent link: https://www.econbiz.de/10013101529
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El Farol Revisited : A Note on Emergence, Game Theory and Society
Shubik, Martin - 2009
Persistent link: https://www.econbiz.de/10014202635
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Market Valuation of Accrued Social Security Benefits
Geanakoplos, John - 2011
One measure of the health of the Social Security system is the difference between the market value of the trust fund and the present value of benefits accrued to date. How should present values be computed for this calculation in light of future uncertainties? We think it is important to use...
Persistent link: https://www.econbiz.de/10013134580