This paper contributes to the debate on liquidity in resolution by providing a quantitative assessment of liquidity gaps of banks in resolution in the euro area. It estimates possible ranges of liquidity gaps for significant banks under different assumptions and scenarios. The findings suggest...

We introduce two refinements of the neutral stability criterion, namely the ascending and the eroding neutrally stable strategies (NSS). These criteria take into account how well the NSS preform against all pure strategies in symmetric two-player games. We also present a dynamic model which...

We study an asymmetric two-player bargaining game with risk of breakdown and no discounting. We characterize the modified evolutionarily stable strategies (MESS) by modelling strategies as automata. Payoff and complexity considerations are taken in the automata-selection process. We show that a...

When Herrero (1985) extends Rubinstein's (1982) alternating-offers bargaining model to the case of three or more players any agreement can be supported as a subgame perfect equilibrium (SPE) outcome, given a sufficiently large discount factor. We show that this is not the case when players...

We introduce two refinements of the neutral stability criterion, namely the ascending and the eroding neutrally stable strategies (NSS). These criteria take into account how well the NSS preform against all pure strategies in symmetric two-player games. We also present a dynamic model which...

We characterize the set of strategy-proof social choice functions (SCFs), the outcome of which are multiple public goods. The set of feasible alternatives is a subset of a product set with a finite number of elements. We do not require the SCFs to be ‘onto’, but instead impose the weaker...