This paper considers a situation in which a decision maker chooses between the safe action and the uncertain action infinitely many times. The decision maker knows the payoff for the safe action, but does not know the payoff for the uncertain action which is determined by an unknown probability...

This paper investigates implementation of social choice functions in the complete information environments. We construct particularly simple mechanisms named local direct mechanisms, which require each agent to make a single announcement about her own and neighbors' utility indices. We assume...

The present paper provides a survey on the recent progress in the theory of repeated games. Many recent works investigated infinitely repeated games with discounting, and newly assumed that monitoring is private. These works provided their respective folk theorems or efficiency theorems on this...

We investigate the adverse selection problem where a principal delegates multiple tasks to individuals. The individuals form a group as a single agent and share their private signals in order to maximize their average payoff. We characterize the virtually implementable social choice functions by...

We incorporate social influence into implementation theory, and highlight the manner in which an informed agent feels guilty with regard to disobeying an uninformed principal’s wishes. The degree of this feeling depends on the agent’s expectation of others’ behavioral modes....

We examine the impact of financial regulation and innovation on bubbles and crashes due to limited arbitrage by modeling timing games among strategic arbitrageurs whose rationality is not commonly known. An unproductive company raises funds by issuing shares, and for purchasing shares,...

We formulate strategic aspects of speculative arbitrageurs in a stock market as a generalization of timing game with behavioral types explored by Matsushima (2013b). A company raises huge funds during the bubble driven by positive feedback traders’ euphoria by issuing shares in a socially...

We examine repeated prisoners’ dilemma with imperfect private monitoring and random termination where the termination probability is low. We run laboratory experiments and show subjects retaliate more severely when monitoring is more accurate. This experimental result contradicts the...

This paper experimentally examines infinitely repeated prisoners' dilemma games with imperfect private monitoring and random termination where the probability of termination is very low. Laboratory subjects make the cooperative action choices quite often, and make the cooperative action choice...

We investigate revenue maximization in general allocation problems with incomplete information, where we assume quasi-linearity, private values, independent type distributions, and single-dimensionality of type spaces. We require a mechanism to satisfy strategy-proofness and ex-post individual...