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14.123 Microeconomic Theory III, Spring 2009

Eso, Peter - 2009

This half-semester course discusses decision theory and topics in game theory. We present models of individual decision-making under certainty and uncertainty. Topics include preference orderings, expected utility, risk, stochastic dominance, supermodularity, monotone comparative statics,...

Persistent link: https://www.econbiz.de/10009432546

Why Fairness? Facial Expressions, Evolutionary Psychology, and the Emergence of Fairness in Simple Bargaining Games

Eckel, Catherine; Wilson, Rick K. - 1999

"One of the successes in contemporary social science is the development and proliferation of game theory. For a wide range of phenomena, game theory produces enormous insight into the strategic interaction of individuals. Its greatest power lies with predicting the behavior of large groups --...

Persistent link: https://www.econbiz.de/10009468443

Under-connected and over-connected networks

Buechel, Berno; Hellmann, Tim - 2008

Since the seminal contribution of Jackson & Wolinsky 1996 [A Strategic Model of Social and Economic Networks, JET 71, 44-74] it has been widely acknowledged that the formation of social networks exhibits a general conflict between individual strategic behavior and collective outcome. What has...

Persistent link: https://www.econbiz.de/10009452539

On the stability of CSS under the replicator dynamic

Louge, Fernando - 2010

This paper considers a two-player game with a one-dimensional continuous strategy. We study the asymptotic stability of equilibria under the replicator dynamic when the support of the initial population is an interval. We find that, under strategic complementarities, Continuously Stable Strategy...

Persistent link: https://www.econbiz.de/10009452570

Evolutionary stability of first price auctions

Louge, Fernando; Riedel, Frank - 2010

This paper studies the evolutionary stability of the unique Nash equilibrium of a first price sealed bid auction. It is shown that the Nash equilibrium is not asymptotically stable under payoff monotonic dynamics for arbitrary initial populations. In contrast, when the initial population...

Persistent link: https://www.econbiz.de/10009452572

Enhancing expert system intelligentagents using game theory

Vineyard, Craig - 2009

An agent is generally defined as an entity capable of perceiving its environment and accomplishing a particular action without explicit instruction. Blindly taking directives without thinking is typically not intelligent, so rather a software agent is deemed intelligent if it may be...

Persistent link: https://www.econbiz.de/10009429652

Compensatory Transfers in Two-Player Decision Problems

Green, Jerry - 2005

axioms. The paper presents and justifies these axioms and compares them to related conditions used in other bargaining … contexts. In Nash Bargaining Theory, the axioms analogous to these three are in conflict with each other. In contrast, in the …

Persistent link: https://www.econbiz.de/10009431894

Negotiating Free Trade

Helpman, Elhanan; Antras, Pol; Aghion, Philippe - 2007

We develop a dynamic bargaining model in which a leading country endogenously decides whether to sequentially negotiate … free trade agreements with subsets of countries or engage in simultaneous multilateral bargaining with all countries at … once. We show how the structure of coalition externalities shapes the choice between sequential and multilateral bargaining …

Persistent link: https://www.econbiz.de/10009432009

A Price Theory of Legal Bargaining: An Inquiry into the Selection of Settlement and Litigation Under Uncertainty

Rhee, Robert J. - 2006

Conventional wisdom says that economic surplus is created when the cost of litigation is foregone in favor of settlement, a theory flowing from the Coase Theorem. The cost-benefit analysis weighs settlement against the expected value of litigation net of transaction cost. This calculus yields...

Persistent link: https://www.econbiz.de/10009432053

The Ombudsman: Value of Expertise for Forecasting Decisions in Conflicts

Green, Kesten C.; Armstrong, J. Scott - 2007

In important conflicts such as wars and labor-management disputes, people typically rely on the judgment of experts to predict the decisions that will be made. We compared the accuracy of 106 forecasts by experts and 169 forecasts by novices about eight real conflicts. The forecasts of experts...

Persistent link: https://www.econbiz.de/10009439172