We consider markets in which agents aupply one unit of time that is equal to the duration of the market. We show that a coalitional game can be generated by such a market if and only if the characteristic function of the game is superadditive. We also characterize the vectors of balancing...

A model of coalition government formation is presented in which inefficient, non-minimal winning coalitions may form in Nash equilibrium. Predictions for five games are presented and tested experimentally. The experimental data support potential maximization as a refinement of Nash equilibrium....

In standard auctions with symmetric, independent private value bidders resale creates a role for a speculator' a bidder who is commonly known to have no use value for the good on sale. For second-price and English auctions the efficient value-bidding equilibrium coexists with a continuum of...