Cooperation is widely recognized to be fundamental for the well-balanced development of human societies. Several different approaches have been proposed to explain the emergence of cooperation in populations of individuals playing the Prisoner’s Dilemma game, characterized by two concurrent...

This paper explores the set of stochastically stable equilibria in a model in which individuals first decide to make a high or low investment, and then are matched to play a Nash demand game. If an agreement is not reached, then they are re-matched in the next period, and obtain a payoff...

Is personal currency issued by participants sufficient to operate an economy efficiently, with no outside or government money? Sahi and Yao (in J Math Econ, 1989) and Sorin (in J Econ Theory, 1996) constructed a strategic market game to prove that this is possible. We conduct an experimental...

Evolution of cooperation has traditionally been studied by assuming that individuals adopt either of two pure strategies, to cooperate or defect. Recent work has considered continuous cooperative investments, turning full cooperation and full defection into two opposing ends of a spectrum and...