In most industries, ranging from information systems development to construction, an overwhelming proportion of projects are delayed beyond estimated completion time. This fact constitutes somewhat of a puzzle for existing theory. The present paper studies project delays and optimal contracts...

A game form constitutionally implements a social choice correspondence if it implements it in Nash equilibrium and, moreover, the associated effectivity functions coincide. This paper presents necessary and sufficient conditions for a unanimous social choice correspondence to be constitutionally...

We introduce an extension of the Mas-Colell bargaining set and construct, by an elabo- ration on a voting paradox, a superadditive four-person nontransferable utility game whose extended bargaining set is empty. It is shown that this extension constitutes an upper hemi- continuous...

We propose and discuss two postulates on the nature of errors in highly correlated noisy physical stochastic systems. The first postulate asserts that errors for a pair of substantially correlated elements are themselves substantially correlated. The second postulate asserts that in a noisy...

We study a repeated game in which one player, the prophet, acquires more information than another player, the follower, about the play that is going to be played. We characterize the optimal amount of information that can be transmitted online by the prophet to the follower, and provide...

We will try to explore, primarily from the complexity-theoretic point of view, limitations of error-correction and fault-tolerant quantum computation. We consider stochastic models of quantum computation on $n$ qubits subject to noise operators that are obtained as products of tiny noise...

Foreign firms to break into a new market commonly undercut domestic prices and, hence, subsidise the consumer's costs of switching in order to get a positive market share. However, this may constitute the act of dumping as drawn in Article VI of the General Agreement on Tariffs and Trade (GATT)....

Consider an exchange economy with asymmetric information. What is the set of outcomes that are consistent with common knowledge of rationality and market clearing? We propose the concept of CKRMC as an answer to this question. The set of price functions that are CKRMC is the maximal set F with...

Let Xn, . . . ,X1 be i.i.d. random variables with distribution function F. A statistician, knowing F, observes the X values sequentially and is given two chances to choose X’s using stopping rules. The statistician’s goal is to stop at a value of X as small as possible. Let V^2 equal the...