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Studies of cooperation in infinitely repeated matching games focus on homogeneous economies, where full cooperation is …
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Monetary theorists have advanced an intriguing notion: we exchange money to make up for a lack of enforcement, when it is difficult to monitor and sanction opportunistic behaviors. We demonstrate that, in fact, monetary equilibrium cannot generally be sustained when monitoring and punishment...
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Under what conditions can cooperation be sustained in a network of strangers? Here we study the role of institutions … possible, including full intertemporal cooperation supported by a social norm based on community punishment of defectors. We … coordination on intertemporal cooperation in ways that networks of strangers were unable to achieve through social norms. …
Persistent link: https://www.econbiz.de/10011735015