Showing 21 - 30 of 7,763
It is well known since Owen (Management Science, 1968) that the weights in the weighted Shapley value cannot be interpreted as a measure of power (i.e. of the ability to bargain) of the players. This paper proposes a new weight scheme for the Shapley value. Weights in this framework have to be...
Persistent link: https://www.econbiz.de/10005407525
We consider an alternating offer bargaining model in which the players may agree to call in an arbitrator in case of disagreement. The main message of our study is that the mere presence of an arbitrator - who can only become active with the consent of both parties - in the background of...
Persistent link: https://www.econbiz.de/10005407526
I explore how and and to what extent policy uncertainty can account for the observed long-run cross-country differences in capital price and levels of aggregate investment and output. I present a model economy where the industry-level policy-related investment cost is uncertain. Holding the...
Persistent link: https://www.econbiz.de/10005407527
This paper looks at simple games with one round of pre-play communication followed by a simultaneous move, complete information game. In these games the {\em curb} concept distinguishes among efficient equilibria according to their risk. The paper contains two major results. First, if only one...
Persistent link: https://www.econbiz.de/10005407528
This paper presents an evolutionary game theoretic analysis of the dynamics of a population of prisoners' dilemma players where the probability of encountering an cooperator is higher for cooperators than for noncooperators. Examples from biological and cultural evolution are presented. There is...
Persistent link: https://www.econbiz.de/10005407529
The study of evolutionary dynamics was so far mainly restricted to finite strategy spaces. In this paper we show that this restriction is in most cases unnecessary. We give a mild condition under which the continuous time replicator dynamics are well defined for infinite strategy spaces....
Persistent link: https://www.econbiz.de/10005407530
Do firms use autonomy to motivate workers, or do they give autonomous jobs to workers who are already especially motivated? A standard result in economics is that firms offer autonomous jobs to promote worker motivation. But surprisingly, little attention has been given to the details of this...
Persistent link: https://www.econbiz.de/10005407531
Two refinements, called value oriented equilibria, of the Nash equilibrium concept are proposed for repeated games of complete information. Value sufficient equilibria make each player's strategic response to the another player's previous actions depend only on the value of those actions to the...
Persistent link: https://www.econbiz.de/10005407532
The Internet exhibits forms of interactions which are not captured by existing models in economics, artificial intelligence and game theory. New models are needed to deal with these multi-agent interactions. In this paper we present a new model--distributed games. In such a model each players...
Persistent link: https://www.econbiz.de/10005407533
A formal scheme is described for coalition formation in a game of interconnected participants with monotonic utility functions. Special coalitions are studied which have an advantage over the rest in the sense of higher utility for each of the participants taken separately.
Persistent link: https://www.econbiz.de/10005407534