Showing 1 - 10 of 136
In this paper, we study the effect of share issue privatization (SIP) on private investment and financial market under incomplete risk diversification. Risk neutrality and imperfect intertemporal substitutability make investment decreasing in privatization (crowding-out effect). Vice-versa with...
Persistent link: https://www.econbiz.de/10011335775
We introduce a noncooperative multilateral bargaining model for a network-restricted environment, in which players can … their communication links with upfront transfers. The main theorem characterizes a condition on network structures for … efficient equilibria and shows the prevalence of strategic delays. If the underlying network is either complete or circular …
Persistent link: https://www.econbiz.de/10011307292
connected and undirected network. Players observe their immediate neighbors' behavior only, but communicate over time the … repeated game's history truthfully throughout the network. The Folk Theorem extends to this setup, although for a range of … produces a network result; namely, the level of cooperation in this setup depends on the network's diameter, and not on its …
Persistent link: https://www.econbiz.de/10010270931
This paper extends the theory of endogenous coalition formation, with complete information and transferable utility, to the overlapping case. We propose a cover function bargaining game which allows the formation of overlapping coalitions at equilibrium. We show the existence of subgame perfect...
Persistent link: https://www.econbiz.de/10010272385
Imperfect private monitoring in an infinitely repeated discounted Prisoner's Dilemma played on a communication network …'s history throughout the network. The delay in receiving this information requires the players to be more patient to sustain the … same level of cooperation as in a complete network, although a Folk Theorem obtains when the players are patient enough …
Persistent link: https://www.econbiz.de/10010272435
small world network. This paper develops a strategic network formation model where agents have heterogeneous knowledge of … the network: cognizant agents know the whole network, while ignorant ones are less knowledgeable. For a broad range of … have higher betweenness centrality: they are the brokers who connect different parts of the network. Ignorant agents cause …
Persistent link: https://www.econbiz.de/10010279615
neighbors in the social network. The same activities often exert externalities that cumulate in stocks affecting agents' welfare … instance, care about their friends' health). In such contexts, the patterns of strategic interaction differ from the network of … behavior and key-players tend to move to the periphery of the network, and we discuss the effect of close-knit communities and …
Persistent link: https://www.econbiz.de/10010294280
, I provide a proposition that generalizes the results of these two models by stating that: (i) Strict Nash network … network as in Billand et al (2011). This proposition requires that a certain restriction on link formation cost (called …
Persistent link: https://www.econbiz.de/10011307287
We introduce two pieces of information, denoted memes, into a diffusion process in which memes are transmitted when individuals meet and forgotten at an exogenous rate. At most one meme can be transmitted at a meeting, which introduces opportunity costs in the process. Individuals differ...
Persistent link: https://www.econbiz.de/10011307289
network exposures. We study the problem of designing a network that provides the right individual incentives. Motivated by … cybersecurity, we first study the situation where the threat to the network comes from an intelligent adversary. We show that, by … addressed by disconnecting the network into two unequal components and sacri ficing some nodes. At high costs, under …
Persistent link: https://www.econbiz.de/10011307291