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For a quarter century, a top priority in transportation economic theory has been to develop models of rush-hour traffic dynamics that incorporate traffic jams (hypercongestion). The difficulty has been that "proper" models result in mathematical intractabilty, while none of the proposed...
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well known refinements of the Nash equilibrium, namely, perfect Nash equilibrium and proper Nash equilibrium, are special … Nash equilibrium is shown to exist for every game. In symmetric bimatrix games, our results imply the existence of a … symmetric proper equilibrium. Applying our results to the field of evolutionary game theory yields a refinement of the …
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players to which ν will become disconnected. We focus on unilateral link formation and Nash equilibrium. We show existence of …
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We investigate the effect of both research and consulting on higher education teaching quality at the individual level. We propose a theor etical model in which academics allocate limited time between three activities, over a two period horizon, under the assumption of positive spillovers from...
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Fiscal externalities arise if subsidies to higher education raise future net fiscal revenues. We investigate in which countries fiscal externalities provide a justification for increasing subsidies to higher education. First, we show that the marginal fiscal recovery rate, i.e. the ratio of the...
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