Achieving an ambitious goal frequently requires succeeding in a sequence of intermediary tasks, some being critical for the final outcome, and others not. Individuals are not always able to provide a level of effort sufficient to guarantee success in all the intermediary tasks. The ability to...

Achieving an ambitious goal frequently requires succeeding in a sequence of intermediary tasks, some being critical for the final outcome, and others not. Individuals are not always able to provide a level of effort sufficient to guarantee success in all the intermediary tasks. The ability to...

In this paper, we use the axioms introduced in Eisenberg and Noe (2001) and Rogers and Veraart (2013) and study their consequences in terms of optimal sets of defaulting firms. We show that, from this point of view, the Absolute Priority axiom is not independent. We also show that the optimal...

In this paper, we study and test the monetary denominational systems satisfying a given constraint of cognitive complexity. We show that introducing an 80 cents coin in the European denominational system would decrease the average number of coins needed in the economy by about 16%

We introduce the Monte-Carlo based heuristic with first-come-first-served approximation for future optimal strategy (MC-FCFS) in order to maximize profit in a network revenue management problem. Like the randomized linear programming (RLP) model, one purpose of the MC-FCFS heuristic is to have...

We axiomatize the collective identity function selecting the agents that are indirectly designated by all the individuals in the society.

In a recent article, [S. Goyal, F. Vega-Redondo, Structural holes in social networks, J. Econ. Theory 137 (1) (2007) 460-492] the authors (GVR) showed the importance of stars and cycles in a given network formation game. Implicitly, in their article, a network is called an equilibrium if it is...

This paper considers two distinct procedures to lexicographically compose multiple criteria for social or individual decision making. The first procedure composes M binary relations into one, and then selects its maximal elements. The second procedure first selects the set of maximal elements of...

We show that the class of absolute qualified majority voting rules are the only ones to satisfy Anonymity, Neutrality, Monotonicity, Weak Pareto and Decisiveness Non-Equivalence. When there are two alternatives x and y, the latter axiom states that if an individual voting for y can improve the...

We show how introducing a time discount factor can strengthen some results given in [Soubeyran R. (2006) "When Inertia Generates Political Cycles," Economics Bulletin, Vol. 4 no. 31 pp. 1-8.].