A smart contract can be defined as a computer program, stored on a blockchain, which allows a transaction or an agreement-defined ex-ante-to be self-executed when some conditions are met, and without the need for a central authority to enforce it. Even if this new technology is very promising,...

[eng] Equilibration and context dependency : an experimental investigation of the ultimatum bargaining game. . Reciprocal fairness has to be proved a robust phenomena in ultimatum bargaining game, but it does not drive players' behaviors through equilibration process to the unique Nash subgame...

The European Central Bank (ECB) will offer to banks in 2013 an european shared platform for securities settlement, named TARGET 2 Securities (T2S), in order to open the national financial markets. The financial crisis did not change the ECB agenda. This paper develops a spatial competition model...

Most of experimental results about the ultimatum bargaining game demonstrate the persistence of behaviour that deviates strongly from sub-perfect Nash equilibrium predictions. Many contributions ascribe this deviation to the reciprocal fairness which drives the proposer and responder behaviours....

For several years, European financial markets have been the place of important mutations. These mutations have hit both stock markets themselves as well as the infrastructures including all necessary services for the transactions on financial securities. Among the market services to which the...

The game theoretic prediction for alternating offer bargaining depends crucially on how 'the pie' changes over time, and whether the proposer in a given round has ultimatum power. We study experimentally eight such bargaining games. Each game is once repeated before moving on to the next one...

Experimental studies have shown that trust and reciprocity are effective in increasing efficiency when complete contracting is infeasible. One example is the study by Berg et al. (1995) of the investment game. In this game the person who receives the investment is the one who may reward the...