The main objects here are two-stage games in which players first compete and subsequently collaborate. We consider instances where second-stage collaboration is anticipated and sustained in terms of core solutions.

Numerous economic problems assume the form of finding a fixed point of a continuous self-mapping on a compact interval. We consider instances where the mapping is a parametrized expected value, and we offer an iterative scheme for locating a fixed point. The proposed method can be seen as an...

We consider financial contracts that are tradeble in any quantities at fixed prices. A bundle of such contracts constitutes an arbitrage if it offers non-negative payiff in any future state, but commands negative present cost. This note brings together fairly recent results on how to find an...

The main objects here are noncooperative games in which all externalities occur via a one-dimensional variable. So-called mean-value iterates are used to approach Nash equilibrium. The proposed schemes generalize many received methods, and can be interpreted as learning taking place during...

The paper analyzes asymptotic properties of optimal paths in multisector stochastic models of economic dynamics. We find conditions under which the rate of convergence in stochastic turnpike theorems is exponential. Using this result, we prove a functional central limit theorem for sums of...

Prime objects of this note are (I) excess demand generated by price-taking economic agents, and (II) an alternative version of tatonnement. We relate laws of demand, axioms of revealed preferences, and other notions of generalized monotonicity to "evolutionary stable" prices. Focus is on local...

We provide necessary condition for Pareto optimum in economies where tastes or technologies may be nonconvex, nonsmooth, and affected by externalities. Firms can pursue own objectives, much like the consumers. Infinite-dimensional commodity spaces are accomodated. Public goods and material...

Emission of uniformly dispersed greenhouse gases in construed here as a cooperative production game, featuring side-payments, quata exchange, uncertainty, and multi-period planning. Stochastic programming offers good instruments to analyze such games. Absent efficient markets for emissions, such...

Motivated by non-cooperative games we study repeated interaction among non-communicating agents, each dealing with his block of variables, each moving merely on the basis of his marginal payoff and its most recent change.

Motivated by economic examples the authors study equation solving undertaken in parallel by several non-communicating agents, each dealing with his own block of variables. The process is akin to Newton's method in using derivative information. It does, however, proceed without matrix inversion...