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We establish that in the Prisoners' Dilemma, the model of Daley and Sadowski (2014) is logically distinct from three models that employ well-known forms of other regarding preferences: altruism (Ledyard, 1995; Levine, 1998), inequity aversion (Fehr and Schmidt, 1999), and reciprocity (Rabin,...
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We propose an information-based theory to explain time variation in liquidity and link it to a variety of patterns in asset markets. In "normal times," the market is fully liquid and gains from trade are realized immediately. However, the equilibrium also involves periods during which liquidity...
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