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We examine an Outside Option Game in which player I submits a claim for a share of a cake while player II simultaneously either makes a claim or chooses to opt out. If player II opts out, then she receives an opt-out payment while player I receives nothing. If player II opts in and if the claims...
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Using data from the Vienna Stock Exchange we investigate three different types of consumption based capital asset pricing models: the well known two state model of Mehra and Prescott, the model of Rietz, which includes also a crash state, and an own four state model. The aim of this Vienna Stock...
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This paper develops an approach to equilibrium selection in game theory based on studying the equilibriating process …
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If some of the returns to migration accrue from return migration, the optimal duration of migration may be shorter than the feasible duration of migration. We develop a model that provides and highlights conditions under which return migration takes place even though a reversal of the...
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The importance of auction theory has gained increased recognition in the scientific community, the latest recognition … being the award of the Nobel price to Vickrey and Mirrlees. Auction theory has been used in quite different fields, both … theoretical, empirical, and experimental results. -- auction theory ; information and uncertainty ; asymmetric and private …
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