We study tacit collusion in repeated auctions in which bidders can only observe past winners and not their bids. We adopt a stringent interpretation of tacit collusion as collusion without communication about strategies that we model as a symmetry restriction on repeated game strategies:...

The paper focuses on the problem of pricing and hedging a European contingent claim for an incomplete market model, in which evolution of price processes for a saving account and stocks depends on an observable Markov chain. The pricing function is evaluated using the martingale approach. The...

This text deals with epistemological clash between positivistic and intentionalistic programs in the social sciences. The main question, raised here, is whether a social action can be comprehended in both causal and motivational terms, which is stressed to be necessary condition for the...

This paper offers a conceptual framework for analysing and explaining power based on the so-called Capability Approach to development (CA). This framework is intended as a heuristic device for micro-sociological analysis of political interaction in development practice. A systematic connection...

From the early-1950s on, F.A. Hayek was concerned with the development of a methodology of sciences that study systems of complex phenomena. Hayek argued that the knowledge that can be acquired about such systems is, in virtue of their complexity (and the comparatively narrow boundaries of human...