Levy (2013) presents examples of discounted stochastic games that do not have stationary equilibria. The second named author has pointed out that one of these examples is incorrect. In addition to describing the details of this error, this note presents a new example by the first named author...

Mertens and Parthasarathy (1987) proved the existence of sub-game perfect equilibria in discounted stochastic games.  Their method involved new techniques in dynamic programming, which were presented in a very general framework, with no expense spared in highlighting versatility and scope. ...

New ways of doing things often get started through the actions of a few innovators, then diffuse rapidly as more and more people come into contact with prior adopters in their social network. Much of the literature focuses on the speed of diffusion as a function of the network topology. In...

Mean-preserving contractions are critical for studying Bayesian models of information design. We introduce the class of bi-pooling policies, and the class of bi-pooling distributions as their induced distributions over posteriors. We show that every extreme point in the set of all...

Two firms produce substitute goods of unknown quality. At each stage the firms set prices and a consumer with private information and unit demand buys from one of the firms. Both firms and consumers see the entire history of prices and purchases. Will such markets aggregate information? Will the...