Next to technological progress and deregulation, theintroduction of the euro is widely considered to be an importantcatalyst for bank consolidation in Europe. In order to assessthe public policy issues surrounding bank mergers, this paperanalyzes the efficiency effects of 52 horizontal bank...

We examine an experimental gift exchange game in which the players can improve upon theunique no-gifts equilibrium through cooperative gift giving. The main feature of the study is thatthere are two different types of gift exchange, which we call simple and complex exchange,respectively. Complex...

This paper investigates whether transactions where the buyer (or the seller) always moves first, andthe seller (or the buyer) always moves second in the exchange gives higher payoffs than exchangesin which it is randomly determined who moves first. We examine the effect of two...