This paper is concerned with the number of profiles at which a nondictatorial social choice function is manipulable. For three or more alternatives the lower bound is derived when the social choice function is nondictatorial and unanimous. In the case of three alternatives the lower bound is...

We introduce trustworthy traders in bilateral trading. Trustworthy traders do not misrepresent their private information. We prove that an increase in the levels of trust (probabilities that traders are trustworthy) can reduce the maximum attainable probability of trade among the strategic...

Harmonization of the law, in Europe and elsewhere, can be a theory driven process in which law and economics research (J.E.L. code K) can play an important role. With the example of a recent German case, the Waterpenny case, and an established piece of legislation, the Civil Code, it is shown...

Coordination failures constitute an alternative explanation for underemployment that complements the Keynesian and neo-classical views. The paper proposes to distinguish three classes of models with coordination failures. The classes are formed by strategic models with or without a coordinating...

This study investigates the investor relations activities on the Internet of companies listed on the Euronext stock exchange. For this purpose, the homepages of the 50 largest listed companies in each of the countries Belgium, France and the Netherlands were searched and screened for investor...

The paper analyses the impact of working time (reduction) on wages and unemployment. Using a union bargaining framework, I show that working time reduction leads to wage moderation in terms of annual remuneration. This result is independent of the bargaining regime, as it holds for the...

Dynamic TU-games are considered which consist of a finite player set, a finite sequence of TU-games and a profile of intertemporal utility functions. At every stage a (restrictively) additive solution is applied to the TU-game, which results in a stream of payoff distributions, evaluated by the...

This paper analyzes the effect of retirement on cognitive functioning using two large scale surveys. On the one hand the HRS, a longitudinal survey among individuals aged 50+ living in the United States, allows us to control for individual heterogeneity and endogeneity of the retirement decision...

The conventional wisdom is that cartels are bad. In particular, cartels that merely lead to lower production levels and higher prices are thought to be exclusively detrimental to social welfare. This is reflected in the fact that most capitalist societies have declared such so-called hard core...

We consider the problem of minimizing the makespan on restricted related parallel machines. In restricted machine scheduling each job is only allowed to be scheduled on a subset of machines. We study the worst-case behavior of local search algorithms. In particular, we analyze the quality of...