The concede-and-divide rule is a basic solution for bankruptcy problems with two claimants.An extension of the concede-and-divide rule to bankruptcy problems with more than two claimants is provided.This extension not only uses the concede-and-divide principle in its procedural definition, but...

Different axiomatic systems for the Shapley value can be found in the literature.For games with a coalition structure, the Shapley value also has been axiomatized in several ways.In this paper, we discuss a generalization of the Shapley value to the class of partition function form games.The...

Recently a variety of link-based stability concepts have emerged in the literature on game theoretic models of social network formation.We investigate two basic formation properties that establish equivalence between some well known types of stable networks and their natural extensions.These...

Abstract: We report results from three well-known experimental paradigms, where we use time, rather than money, as the salient component of subjects’ incentives. The three experiments, commonly employed to study social preferences, are the dictator game, the ultimatum game and the trust game....

Many experimental studies indicate that people are motivated by reciprocity. Rabin (1993) develops techniques for incorporating such concerns into game theory and economics. His model, however, does not fare well when applied to situations with an interesting dynamic structure (like many...

The aim of the present study is to construct a state feedback controller for a given linear system that minimizes the worst-case effect of an L2 -bounded disturbance. Our setting is different from the usual framework of H -theory in that we consider nonzero initial conditions. The situation is...

In February 1998 the Dutch government auctioned licences to operate mobile telecommunications networks according to the DCS-1800 technology. Two “national” licences and sixteen “regional” ones were auctioned by using a variant of the simultaneous, multiple round auction that was proposed...

We examine the role of seller bidding and reserve prices in an infinitely repeated independent-private-value (IPV) ascending-price auction.The seller has a single object that she values at zero.At the end of any auction round, she may either sell to the highest bidder or pass-in the object and...

This paper studies the consequences of asymmetric litigation costs. Under three differ- ent protocols: static legal process, dynamic legal process with exogenous sequencing and dynamic legal process with endogenous sequencing, solutions are obtained for the litigation efforts and the expected...