A model of a market with pairwise meetings is developed in which traders have asymmetric information about the true state of the world. The focus is on information transmission. The main questions concern the extent to which the information is revealed to uninformed agents through the trade...

What on earth are economic theorists like me trying to accomplish? This paper discusses four dilemmas encountered by an economic theorist: Copyright The Econometric Society 2006.

The aim of this paper is to explain the fact that certain properties of binary relations are frequently observed in natural language while others do not appear at all. Three features of binary relation are studied: (1) The ability to use the relation to indicate nameless elements. (2) The...

The authors study the Nash equilibria of a two-person, infinitely-repeated game in which players' preferences depend on repeated game payoffs and the complexity of the strategies they use. The model considered is that of A. Rubinstein (1986). Necessary conditions on the structure of the...

This paper questions the interpretation of the Nash bargaining solution. A new definition is suggested. Revisions of Nash axioms characterize the solution. The definition makes possible its extension to non-expected-utility preferences. It also reveals the logic behind the comparative statics of...