The present paper extends the standard model of pairwise communication among Bayesianagents to cases where the structure of the communication protocol is not commonly known.We show that, even under strict conditions on the structure of the protocols and the nature of the transmitted signals, a...

This paper develops new methods for determining the cointegration rank in a nonstationary fractionally integrated system, extending univariate optimal methods for testing the degree of integration. We propose a simple Wald test based on the singular value decompositionof the unrestricted...

We examine product-games, which are n-player stochastic games satisfying: (1) the state space is a product S(1)×…×S(n); (2) the action space of any player i only depends of the i-th coordinate of the state; (3) the transition probability of moving from s(i) ∈ S(i) to t(i) ∈S(i), on the...

We introduce a new class of bankruptcy problems in which the value of the estate is endogenous and depends on agents'' investment decisions. There are two investment alternatives: investing in a company and becoming a shareholder (risky asset) and depositing money into a savings account...

In this paper we consider the issue of unit root testing in cross-sectionally dependent panels. We consider panels that may be characterized by various forms of cross-sectionaldependence including (but not exclusive to) the popular common factor framework. Weconsider block bootstrap versions of...

While they use the language of game theory known measures of a priory voting power are hardly more than statistical expectations assuming the random behaviour of the players. Focusing on normalised indices we show that rational players would behave differently from the indices predictions and...

We present sucient conditions for the implementation of the (pessimistic) recursive core (Kóczy, 2007) in discrete partition function form games using a modified version of the sequential coalition formation game by Bloch (1996) extending the results of Kóczy (2008) and - in a slightly...

We present a model of adaptive economic agents that are k periods forward looking. Agents in our model are randomly matched to interact in finitely repeated games. They form beliefs by relying on their past experience in the same situation (after the same recent history) and then best respond to...

Bloch (1996) presents a novel method to solve cooperative games with externalities. When trying to relate this to classical approaches he could only present negative results. We elaborate on these problems, define a modification of Bloch''s model and show that its order-independent equilibria...

This paper deals with the optimization of the flow of sterile instruments in hospital which takes place between the sterilization department and the operating theatre. This topic is especially of interest in view of the current attempts of hospitals to cut costs by outsourcing sterilization...