Consider a two-person infinitely-repeated game in which one player is either a normal rational type or a commitment type that authomatically plays a fixed repeated-game strategy When her true type is private information a rational type may want to develop a reputation as a commitment type by...

This paper invokes the axiomatic approach to explore the notion of growing awareness in the context of decision making under uncertainty. It introduces a new approach to modeling the expanding universe of a decision maker in the wake of becoming aware of new consequences, new acts, and new links...

This paper axiomatizes expected multi-utility representations of incomplete preferences under risk and under uncertainty. The von Neumann-Morgenstern expected utility model with incomplete preferences is revisited using a "constructive" approach, as opposed to earlier treatments that use convex...

This paper offers a sufficient condition, based on Maharam (1942) and re-emphasized by Hoover-Keisler (1984), for the validity of Lyapunov's (1940) theorem on the range of an atomless vector measure taking values in an infinite-dimensional Banach space that is not necessarily separable nor has...

This study constructs a new data set on unemployment rates in Latin America and the Caribbean and then explores the determinants of unemployment. We compare different countries, finding that unemployment is influenced by the size of the rural population and that the effects of government...

Motivated by recent cartel practices, a stable collusive agreement is characterized when firms' prices and quantities are private information. Conditions are derived whereby an equilibrium exists in which firms truthfully report their sales and then make transfers within the cartel based on...

This paper proposes a new semi-nonparametric maximum likelihood estimation method for estimating production functions. The method extends the literature on structural estimation of production functions, started by the seminal work of Olley and Pakes (1996), by relaxing the scalar-unobservable...

We present proofs, based on the Shapley-Folkman theorem, of the convexity of the range of a strongly continuous, finitely additive measure, as well as that of an atomless, countably additive measure. We also present proofs, based on diagonalization and separation arguments respectively, of the...

A theory of tacit collusion is developed based on coordination through price leadership and less than full mutual understanding of strategies. It is common knowledge that price increases are to be at least matched but who should lead and at what price is not common knowledge. The steady-state...

In the context of an infinitely repeated Prisoners.Dilemma, we explore how cooperation is initiated when players signal and coordinate through their actions. There are two types of players - patient and impatient - and a player's type is private information. An impatient type is incapable of...