Review of: Towards a Comparative Institutional Analysis. By Masahiko Aoki. 2001. MIT Press: Cambridge, MA

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This paper studies interactive learning processes that are subject to constant perturbations or "noise." We argue that payoffs in the Ultimatum Game are such that responders are more apt to be "noisy" than are proposers and show that as a result the learning process readily leads to outcomes...

Werner Güth's ultimatum game played a key role in the development of multiple research areas, several of which are highlighted.

This paper reviews the part played by economists in organizing the British third-generation mobile-phone licence auction that concluded on 27 April 2000. It raised £22½ billion ($34 billion or 2½ % of GNP) and was widely described at the time as the biggest auction ever. We discuss the merits...