This paper studies models where the optimal response functions under consideration are non-increasing in endogenous variables, and weakly increasing in exogenous parameters. Such models include games with strategic substitutes, and include cases where additionally, some variables may be...

In this report, we outline a method for approximating a Markovian (or feedback-Nash) equilibrium of a dynamic game, possibly subject to coupled-constraints. We treat such a game as a "multiple" optimal control problem. A method for approximating a solution to a given optimal control problem via...

This paper introduces a game-theoretical framework for The Problem of Sustainable Economic Development, axioms which help clarify the problem itself, and, reductio ad absurdum, falsify many widely-held economic, evolutionary, and ecological principles. This brief communiqué lays the foundation...

The Nash equilibrium concept combines two fundamental ideas. First, rational players choose the most preferred strategy given their beliefs about what other players will do. Second, it imposes the consistency condition that all players' beliefs are correct. This consistency condition has often...

The theory presented here was developed to address the problem of the long-term survival of the human species. This paper tables axioms which fruitfully model The Problem of Sustainable Economic Development, a theoretical framework which, reductio ad absurdum, falsifies many widely-held...

Policy implications of complexity economics (CE) are investigated. CE deals with “Complex Adaptive (Economic) Systems” [CA(E)S], generally characterized by mechanisms and properties such as “emergence” of structure or some capacity of “self-organization”. With this, CE has manifold...

We report experimental evidence on second-movers' behavior in the investment game (also known as the trust game) when there exists endowment heterogeneity. Using a within-subject analysis, we investigate whether second-movers have a tendency to be reciprocal (i.e., they return to first movers at...

Arguments are statements used to persuade someone or in support of a claim. However, these are not perfect and part are be exploited by the opponent to build its own argumentation. In this paper we present a litigation success function (LSF) that considers the quality of the plainti¤ and...

The effect of the competition among self-regulatory organizations (SROs) on the efficiency of the corresponding goods and services markets is studied. It is shown that under certain conditions the competition among SROs worsens the quality of the goods and services and leads to decreasing...

This article experimentally studies a two-stage elimination contest and compares its performance with a one-stage contest. Contrary to the theory, the two-stage contest generates higher revenue than the equivalent one-stage contest. There is significant over-dissipation in both stages of the...