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In this paper, the authors characterize belief-free equilibria in infinitely repeated games with incomplete information with N \ge 2 players and arbitrary information structures. This characterization involves a new type of individual rational constraint linking the lowest equilibrium payoffs...
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We show that for any market-clearing price, average profits in a symmetric industry cannot exceed the individual profits from the Walrasian output. This immediately implies that a firm itself can guarantee to beat the market by producing the Walrasian output. This property clarifies and...
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We start out from the hypothesis that limited government leads to low uncertainty and low transaction costs. If … political institutions affect the degree of uncertainty and transaction costs, we formally show they should affect the steady … state level of income per capita. The impact of uncertainty and transaction costs on income per capita is formalized in a …
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A személyazonosság-menedzsment napjaink fontos kutatási területe mind elméleti, mind gyakorlati szempontból. A szakterületen megvalósuló együttműködés, elektronikus tudásáramoltatás és csere hosszú távon csak úgy képzelhető el, hogy az azonos módon történő értelmezést...
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