In social choice settings with linear preferences, random dictatorship is known to be the only social decision scheme satisfying strategyproofness and ex post efficiency. When also allowing indifferences, random serial dictatorship (RSD) is a well-known generalization of random dictatorship that...

We study the problem of assigning indivisible objects to agents where each is to receive one object. To ensure fairness in the absence of monetary compensation, we consider random assignments. Random Priority, also known as Random Serial Dictatorship, is characterized by symmetry, ex-post...

We analyze the problem of dividing a fixed amount of a single commodity between two players on the basis of the Nash Bargaining Solution (NBS). For one-shot negotiations, a cornerstone result of Roth (1989) establishes that the more risk averse player will obtain less than half the total amount....

The United Kingdom will leave the European Union. Brexit will involve many complex negotiations. This paper analyses the negotiation position of the parties (UK, EU, Member States) based on a set of four key negotiation factors: agreement options, non-agreement alternatives, interests, and...

We apply the aggregation property of Identical Shape Harmonic Absolute Risk Aversion (ISHARA) utility functions to analyze the comparative statics properties of a bargaining model with uncertainty. We identify sufficient and necessary conditions under which an increase in one's degree of risk...

We introduce the novel concept of a three-dimensional payoff matrix based on a simplified version of a card game. This matrix is necessary to represent the three variables which correspond to the dynamics of the game. We find Sonnaville-Mensink Equilibria (SME) that represent the optimal actions...

The ultimatum game models social exchange in situations in which the rational motive to maximize gains conflicts with fairness considerations. Using two independent behavioral measurements, the authors tested two contradicting predictions: that the preference for fairness is a deliberative...

There is a general consensus that the root cause of the most recent turmoil in the domestic and global markets is due to a failure in our regulatory system. Yet, Congress has not supported comprehensive regulation related to the day-to-day activities of mortgage brokers and their relationship...

This article gives a brief introduction to reputation effects. A canonical model is described, the reputation bound result of Fudenberg and Levine (1989 1992) and the temporary reputation result of Cripps, Mailath, and Samuelson (2004, 2007) are stated and discussed

Economic models usually assume that agents play precise best responses to others' actions. It is sometimes argued that this is a good approximation when there are many agents in the game, because if their mistakes are independent, aggregate uncertainty is small. We study a class of games in...