Showing 1 - 10 of 29
This paper describes how to implement and run a game for teaching the principles of money and banking to an undergraduate economics class. The game primarily deals with the market for loanable funds, but numerous extensions are provided to cover topics such as monetary policy, the tools of the...
Persistent link: https://www.econbiz.de/10011559177
International environmental agreements are increasingly important in a globalised economy. Beyond their specific interest, these agreements are also important in the context of coalition formation theory. Given the incentives to free ride, associated to the environment as a public good and to...
Persistent link: https://www.econbiz.de/10011608368
Least-Unmatched Price Auctions have become a popular format of TV and radio shows. Increasingly, they are also applied in internet trading. In these auctions the lowest single (unique) bid wins. We analyze the game-theoretic solution of least unmatched price auctions when prize, bidding cost and...
Persistent link: https://www.econbiz.de/10011422186
We show that for many classes of symmetric two-player games, the simple decision rule 'imitate-if-better' can hardly be … game or a quasiconcave game. Our results apply to many interesting examples of symmetric games including 2 x 2 games …, Cournot duopoly, price competition, public goods games, common pool resource games, and minimum effort coordination games. …
Persistent link: https://www.econbiz.de/10010282081
Applying unawareness belief structures introduced in Heifetz, Meier, and Schipper (2012), we develop Bayesian games … higher awareness levels and restricted from higher to lower awareness levels. We apply Bayesian games with unawareness to … relationship between standard Bayesian games and Bayesian games with unawareness. …
Persistent link: https://www.econbiz.de/10010282088
equilibrium under fictitious play like learning processes. We use two 4 x 4 games each with a unique mixed Nash equilibrium; one … is stable and one is unstable under learning. Both games are versions of Rock-Paper-Scissors with the addition of a … fourth strategy, Dumb. Nash equilibrium places a weight of 1/2 on Dumb in both games, but the TASP places no weight on Dumb …
Persistent link: https://www.econbiz.de/10010288137
actions in games, based on a structural econo- metric model of non-equilibrium behavior in games. The model is based pri …-player guessing games. The application illustrates the empirical relevance of the main features of the model. …
Persistent link: https://www.econbiz.de/10011995514
We examine a new class of games, which we call social games, where players not only choose strategies but also choose … players in different roles, among other things. We also examine finite repetitions of games where players may choose to … rematch in any period. Some equilibria of fixed-player repeated games cannot be sustained as equilibria in a repeated social …
Persistent link: https://www.econbiz.de/10010312355
The theory of games against nature relies on complete preferences among all conceivable acts (case 1). Aumann and Drèze …
Persistent link: https://www.econbiz.de/10010317103
Individual players in a simultaneous equation binary choice model act differently in different environments in ways that are frequently not captured by observables and a simple additive random error. This paper proposes a random coefficient specification to capture this type of heterogeneity in...
Persistent link: https://www.econbiz.de/10010318707