In a game where the players have non-additive beliefs, we explore the beliefs implicit in the equilibrium behaviour of the players. Under one interpretation, we can show that there are well-defined departures from common knowledge of the game among the players. Our argument revolves around a...

In an environment in which both workers and firms undertake match specific investments, the presence of market competition for matches may solve the hold-up problems generated by the absence of complete contingent contracts. In particular, this paper shows that in a world in which workers' and...

This book is a non-technical introduction to auction theory; its practical application in auction design (including many examples); and its uses in other parts of economics. It can be used for a graduate course on auction theory, or – by picking selectively – an advanced undergraduate or MBA...

We distinguish two notions of substitutes for discrete inputs of a firm. Class substitutes are defined assuming that units of a given input have the same price while unitary substitutes treat each unit as a distinct input with its own price. Unitary substitutes is necessary and sufficient for...

This paper examines the comparative statics of Walrasian economies with excess demand functions which obey the weak axiom. We show that in these economies there is a precise sense in which goods that are in excess supply (demand) after some perturbation will experience a fall (rise) in its...

This paper is concerned with the Bayesian estimation of non-linear stochastic differential equations when only discrete observations are available. The estimation is carried out using a tuned MCMC method, in particular a blcked Metropolis-Hastings algorithm, by introducing auxiliary points and...

These are additional notes relating to the paper `The Comparative Statics of Constrained Optimization Problems' which is appearing in Econometrica. It gathers together material present in various earlier versions of the paper, as well as some new material, which are not found in the published...

This note determines the precise connection between an agent's attitude towards income risks and his attitude over risks in the underlying consumption space. Our results follow a general mathematical theory connecting the curvature properties of an objective function with the ray-curvature...

In indusrialized countries, men and women tend to work in different occupations. Particularly striking is the degree to which gender segregation has persisted despite changes in legislation, employers' attitudes and preferences. This paper presents a possible explanation of such persistence when...