A characteristic of many bargaining situations is that the negotiators represents the interests of a set of parties (trade unions, political parties, etc.) with composite interests, whose bargaining behaviour is regulated by some collective decision mechanism. In this paper we provide a natural...

This paper compares the NBS and market outcomes in a simple n-person economy. It shows how the two outcomes differ with respect to responsiveness to differences in risk aversion, endowments, and market positions.

This paper examines Markov Perfect equilibria of general, finite state stochastic games. Our main result is that the number of such equilibria is finite for a set of stochastic game payoffs with full Lebesgue measure. We further discuss extensions to lower dimensional stochastic games like the...

It has been said, fairly plausibly, that "Bayesian inference is one of the most widely known eponyms in all of science". But unlike common scientific eponyms, it is by no means clear exactly what "Bayesian" means, and what it has to do with Bayes. "Bayesian", and the dozen or so words and...

This note gives explicit formulas for the non-expected utility Nash- as well as the Kalai-Smorodinsky bargaining solution.

This paper studies the role of memory and communication in games between ongoing organizations. In each organization, each individual, upon entry into the game, replaces his predecessor who has the same preferences and faces the same strategic possibilities. Entry across distinct organizations...

This paper presents an alternative or enhanced approach to information acquisition in Cournot markets with stochastic demand in which the cost of information acquisition is endogenously determined by firms\222 information purchasing strategy. I propose a two-stage model in which in the first...

This paper examines optimal social linkage when each individual's repeated interaction with each of his neighbors creates spillovers. Individuals differ across rates of time preference. A planner must choose a local interaction system or neighborhood design before observing the realization of...

The type function of an agent, in a type space, associates with each state a probability distribution on the type space. Thus, a type function can be considered as a Markov chain on the state space. A common prior for the space turns out to be a probability distribution which is invariant under...