We show that a distribution of a game with a continuum of players is an equilibrium distribution if and only if there exists a sequence of symmetric approximate equilibrium distributions of games with finite support that converges to it. Thus, although not all games have symmetric equilibrium...

We consider non-sealed bid online auctions of common products with quantity uncertainty. Both first-price (also known as pay-as-you-bid) and uniform-price auctions are considered. In these auctions, all bidders have the same valuation of the products but may have different demand quantities. The...

The properties of risk measures or insurance premium principles have been extensively studied in actuarial literature. We propose an axiomatic description of a particular class of coherent risk measures defined in Artzner, Delbaen, Eber, and Heath (1999). The considered risk measures are...

We exhibit and characterize an entire class of simple adaptive strategies, in the repeated play of a game, having the Hannan- consistency property: In the long-run, the player is guaranteed an average payoff as large as the best-reply payoff to the empirical distribution of play of the other...

In time series from the United States, the relationship between the money to income ratio and the nominal interest rate is a negative and stable one. In Swedish data, there is no such stable relationship. In this paper, we argue that this difference can be explained by the differences in the...

We analyze slave redemption programs—the buying of slaves to give them their freedom--in a simple matching model, i.e., under the assumption that it takes time to find slaves to buy or sell. Unlike in a supply and demand framework, where sufficiently large and effective redemption programs...

Namibia does not represent a case of structural adjustment, that is, a kind of economic reform in a situation of crisis with a high leverage of external actors (IMF, World Bank). Rather, the agenda for economic reform is set by the government, and addresses the problems of the high poverty and...

We develop a model of exploitative child labor with two key features: first, parents have imperfect information about whether employment opportunities available to their children are exploitative or not. Second, firms choose whether or not to exploit their child workers. In our model, a ban on...

Subsequent to the economic difficulties of the 1980s, many Latin American governments reluctantly began to introduce market-oriented reform measures. In many cases, the new measures were adopted only as a means of participating in debt-relief programs such as the Brady Initiative. In no case,...

The Austrian social scientist Arno Tausch, back in 1998, already foresaw the present waning of the 'European social model' in his freely available electronic publication at the World Systems Archive at the University of Colorado (now at the University of California, Riverside). Table of...