We construct a centralised market where agents can trade voting rights. Text book markets do not work but the situation is strategic, and there are many equilibria. In an equilibrium where trading takes place the minimum efficiency gain, i.e. the probability with which an efficient outcome is...

In 1980 three Finnish companies established a research joint venture in order to develop semiconductors. The project was initiated when a de facto standard was on the verge of tumbling down, and it was terminated when a new standard emerged. We study the RJV in the light of the contract theory,...

The agents are matched randomly, and they are allowed to choose whether to become buyers or sellers, or which good to produce. The terms of trade as well as the allocation of the agents in different roles depend on the trading mechanism. The goods may be traded by using auctions, bargaining, or...