In the rational choice problem Zutler (2011) proposed a model of choice by continuous Markov random walk on a set of alternatives to find the best. In this paper we investigate the optimal properties of obtained solutions. It is shown that the result of this choice is the maximal element on a...

We consider a simplified model of finance market where two players carry on direct multistage bidding with risky assets (shares). One of the players (the insider) is informed on the liquidation price of a share, the other player knows its probability distribution only. It is shown that the...

The paper discusses basic concepts of the evolutionary game theory and provides a survey of the most important applications to modeling of economic behavior. We expound the foundation for application of the Nash equilibrium concept to agents with bounded rationality and incomplete information....

The paper discusses convergence of evolutionary dynamics to mixed equiliria including different behavior strategies. Models of cooperative and altruistic behavior spreading are considered. The paper reveals special features of human behavior evolution in comparison with behavior in biological...

The authors consider theoretical models for mechanisms of the wholesale electricity market. Among them: Cournot auction, first-price auction of supply functions, Vickrey auction, pay-as-bid auction, two-stage auction. Theoretical estimations of their short-term efficiency from social welfare...

The model considered in the paper is devoted to the analysis of local public good provision in the economy the consumers of which are exogenously divided to a finite number of types. Each type is represented by a continuum of identical agents and is described by a certain optimal bundle of...

Game-theoretic model of election to a corporate board of directors is proposed. It is shown that the equilibrium distribution of seats is unique. The uniqueness guarantees nonmanipulability of elections. The distribution is obtained by the d’Hondt method of seats distribution in proportional...

We study the classical problem of spatial competition between two players with linear transport costs proposed by (Hotelling, 1929). We employ the concept of the equilibrium in secure strategies (ESS). The reviewed definitions of the ESS and of the best secure response are presented. The set of...

The paper addresses the issue of linguistic diversity and its impact on economic policy and political decisions. Importance of the topic is illustrated by examination of optimal sets of official languages in the European Union. It is shown that alternative estimation methods of language...

We consider a model with two industrialized countries facing a flow of high-skilled immigrants from the "rest of the world". The countries, that choose immigration quotas, differ in degree of labor complementarity between the natives and immigrants, the population size, and level of cultural...