We consider voluntarily separable repeated Prisoner's Dilemma in which a pair of players meet randomly and repeatedly play Prisoner's Dilemma only by mutual agreement. Fujiwara-Greve and Okuno-Fujiwara (2007) consider the case that once a partnership is dissolved there is no information flow to...

We analyzed the effects of the progress and propagation of information technology on economic activity and the form of economic organizations from three different viewpoints. First, drastic reduction of information production and information processing costs produced the bursts of information,...

We develop a general framework to analyze endogenous relationships. To consider relationships in the modern society, neither one-shot games nor repeated games are appropriatemodelsbecausethe formationand dissolutionofa relationship is not an option. We formulate voluntarily separable repeated...

We often see people procrastinate what should be done immediately. This propensity seems to be especially high in Japan as bad loans problem in 1990 exemplifies. Propcrastinations in collective decision making tend to occur when there are many stakeholders. They tend to waste time while trying...

We analyze the performance of the Japanese Economy in the last 30 years. We do so by emphasizing the fact that an economy is a social system and people are concerned with social values and norms. We point out that the employment security, which became socially guaranteed during the aftermath of...

Ordinary repeated games do not apply to real societies where one can cheat and escape from partners. We formulate a model of endogenous relationships that a player can unilaterally end and start with a randomly-assigned new partner with no information flow. Focusing on two-person, two-action...