preferences slightly, equilibria other than lexicographic welfare maximizers can be jungle equilibria. This result is due to … myopia. We introduce the concept of farsightedness and show that farsighted jungle equilibria coincide with lexicographic … welfare maximization. However, we also find farsighted equilibria that are Pareto inefficient since stronger agents may …

complementarity at the macro level ispresent. These models often exhibit multiple Pareto-ranked Nash equilibria,and the best response …

type of honesty on the equilibria of the model, and compare it to the basic case, in which honesty is absent. Our analysis … completely characterizes all perfect Bayesian Nash equilibria of the game, assesses their stability and welfare properties. …