This paper proposes and studies a tractable subset of Nash equilibria, belief-free review-strategy equilibria, in repeated games with private monitoring. The payoff set of this class of equilibria is characterized in the limit as the discount factor converges to one for games where players...

In the classical Condorcet jury model, different jurors votes are independent random variables, where each juror has the same probability p1/2 of voting for the correct alternative. The probability that the correct alternative will win under majority voting converges to 1 as the number of jurors...

We empirically investigate the short-run impact of anticipated and unanticipated unemployment rates on stock prices. We particularly examine the nonlinearity in stock market's reaction to unemployment rate and study the effect at each individual point (quantile) of stock return distribution....

The paper provides theoretical foundations for models of strategic interdependence under uncertainty that have a continuum of agents and a decomposition of uncertainty into an macro component and an agent-speci c micro component, with a law of large numbers for the latter. The decomposition of...