If there exist no incentive or selective mechanisms that make cooperation in large groups incentive-compatible under realistic circumstances, functional social institutions will require subjective preferences to diverge from objective payoffs – a "noble lie." This implies the existence of...

The literature shows that integrating tourism management with place governance practices is conducive to harmony and development in urban areas. However, protected areas face peculiar governance and management challenges. This article offers an in-depth study of the governance of the...

John von Neumann (Budapest, 1903–Washington D.C., 1957) was an exceptional polymath, who made fundamental contributions to mathematical logics, functional analysis, quantum mechanics, game theory, computer architecture and automata theory. In this brief paper, I shall review the game-theoretic...

This paper maps Leeper and Walker (2011) model into a game theory framework to study about the strategic aspects of monetary and fiscal interaction under a fiscal stress caused by an ageing population problem. The paper reveals that the outcomes of the game depend on the parameters of the...

In this paper, the Nash equilibrium reversion is used as an optimal tool for clearing dynamic prices and wages. The balanced growth path of the efficiency wage and the outcome of repeated household/firm wage bargaining decisions are determined by various exogenous competitive rigidities. A...