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Least-Unmatched Price Auctions have become a popular format of TV and radio shows. Increasingly, they are also applied in internet trading. In these auctions the lowest single (unique) bid wins. We analyze the game-theoretic solution of least unmatched price auctions when prize, bidding cost and...
Persistent link: https://www.econbiz.de/10011422186
Nash equilibrium is shown to exist for every game. In symmetric bimatrix games, our results imply the existence of a …
Persistent link: https://www.econbiz.de/10010324999
evolutionary forces in games played repeatedly in large populations of boundedly rational agents. The approach is macro oriented in …
Persistent link: https://www.econbiz.de/10010335048
International environmental agreements are increasingly important in a globalised economy. Beyond their specific interest, these agreements are also important in the context of coalition formation theory. Given the incentives to free ride, associated to the environment as a public good and to...
Persistent link: https://www.econbiz.de/10011608368
Anchoring is one of the most studied and robust behavioral biases, but there is little knowledge about its persistence in strategic settings. This article studies the role of anchoring bias in private-value auctions. We test experimentally two different anchor types. The announcement of a random...
Persistent link: https://www.econbiz.de/10012290342
toward the anchor in games where choices are strategic substitutes. …
Persistent link: https://www.econbiz.de/10013197554
models of communication and hierarchy restrictions in cooperative games, compare different network structures with each other … illustrate these network structures by applying them to cooperative games with restricted cooperation. …
Persistent link: https://www.econbiz.de/10012605985
-market entry games. More generally, the algorithm facilitates simulated maximum likelihood (SML) estimation of games with large … numbers of players, T, and/or many binary actions per player, M (e.g., games with tens of thousands of strategic actions, TM …
Persistent link: https://www.econbiz.de/10014480510
We examine a new class of games, which we call social games, where players not only choose strategies but also choose … players in different roles, among other things. We also examine finite repetitions of games where players may choose to … rematch in any period. Some equilibria of fixed-player repeated games cannot be sustained as equilibria in a repeated social …
Persistent link: https://www.econbiz.de/10010312355
Individual players in a simultaneous equation binary choice model act differently in different environments in ways that are frequently not captured by observables and a simple additive random error. This paper proposes a random coefficient specification to capture this type of heterogeneity in...
Persistent link: https://www.econbiz.de/10010318707