A class of stochastic games with additive reward and transition structure is studied. For zero-sum games under some ergodicity assumptions 1-equilibria are shown to exist. They correspond to so-called sensitive optimal policies in dynamic programming. For a class of nonzero-sum stochastic games...

The speed of social and technological changes is constantly increasing. Change is a pre-requisite for economic development but this increasing speed carries additional costs that may largely affect the ability of the social systems to adopt them. While the financial costs constitute a limit to...

The family of weighted Banzhaf values for cooperativen-person TU-games is studied. First we introduce the weighted Banzhaf value for an exogenously given vector of positive weights of the players. Then we give an axiomatic characterization of the class of all possible weighted Banzhaf values....

A class of stochastic games with additive reward and transition structure is studied. For zero-sum games under some ergodicity assumptions 1-equilibria are shown to exist. They correspond to so-called sensitive optimal policies in dynamic programming. For a class of nonzero-sum stochastic games...

In this paper we show that many results on equilibria in stochastic games arising from economic theory can be deduced from the theorem on the existence of a correlated equilibrium due to Nowak and Raghavan. Some new classes of nonzero-sum Borel state space discounted stochastic games having...

Proving the existence of speculative financial bubbles even a posteriori has proven exceedingly difficult so anticipating a speculative bubble ex ante would at first seem an impossible task. Still as illustrated by the recent turmoil in financial markets initiated by the so called subprime...

P.W. Anderson proposed the concept of complexity in order to describe the emergence and growth of macroscopic collective patterns out of the simple interactions of many microscopic agents. In the physical sciences this paradigm was implemented systematically and confirmed repeatedly by...

The well-known model of altruistic growth/strategic bequest is studied. A stochastic transition function is considered and fairly general sufficient conditions for the existence of Markov-stationary subgame-perfect equilibrium are given. Also some special cases in which the equilibrium policy is...