efficient outcome in equilibrium. We provide a complete characterization of this equilibrium and use it to explore the …

games arise in job markets, research and development, electoral competition, security analysis, and conflict resolution. For … M ≥ N + 1 battlefields, we identify a Bayes-Nash equilibrium in which the resource allocation to a given battlefield is …

technology is in use and then, as a consequence of a large real disturbance, may switch to an alternative equilibrium in which a … correlated behavior in equilibrium even though agents are playing one-shot games and disturbances are not correlated over time … high productivity technology is utilized. The paper also discusses the Pareto ordering of these equilibria …

in a negative correlation in equilibrium between insurance coverage and ex post realization of risk. We show that if the … correlation property in equilibrium, unless there is a sufficiently high loading factor. If the insurance market is monopolistic … or imperfectly competitive, however, we show that it is possible to generate negative correlation property in equilibrium …