We analyse a common value, alternating ascending bid, first price auction as a repeated game of incomplete information where the bidders hold equal property rights to the object auctioned off. Consequently they can accept (by quitting) or veto any proposed settlement. We characterise the...

Optimal incentive mechanisms may require that agents are rewarded differentially even when they are completely identical and are induced to act the same. We demonstrate this point by means of a simple incentive model where agents’ decisions about effort exertion is mapped into a probability...

The springboard for this paper is the nature of the negation relation between the notions of trust and distrust. In order to explore this relation, an analysis of full trust is offered. An investigation follows of the ways in which this "end-concept" of full trust can be negated. In particular,...

This work studies the value of two-person zero-sum repeated games in which at least one of the players is restricted to (mixtures of) bounded recall strategies. A (pure) k-recall strategy is a strategy that relies only on the last k periods of history. This work improves previous results...

A decision maker (an agent) is engaged in a repeated interaction with Nature. The objective of the agent is to guarantee to himself the long-run average payoff as large as the best-reply payoff to Nature?s empirical distribution of play, no matter what Nature does. An agent with perfect recall...

We propose two sequential mechanisms for efficient production of public goods. Our analysis differs from the existing literature in allowing for the presence of multiple public goods and in also being “simple.” While both mechanisms ensure efficiency, the payoffs in the first mechanism are...

The Presidential Address at the First International Congress of the Game Theory Society, held in Bilbao, Spain, in July of 2000. The address contains a discussion of the Congress, of the functions and activities of the Society, of the Logo of the Society, of past accomplishments of the...

The information used in reaching a decision between alternatives is often gleaned through samples drawn from the distributions of their outcomes. Since in most cases it is the direction of the difference in value, rather than its magnitude, that is of primary interest, the decision maker may...

Let A be a finite set of m <FONT FACE="Symbol">³</FONT> 3 alternatives, let N be a finite set of n <FONT FACE="Symbol">³</FONT> 3 players and let R<SUP>n</SUP> be a profile of linear preference orderings on A of the players. Throughout most of the paper the considered voting system is the majority rule. Let u<SUP>N</SUP> be a profile of utility functions for R<SUP>N</SUP>. Using...</sup></sup></sup></font></font>

A social choice rule is a collection of social choice correspondences, one for each agenda. An effectivity rule is a collection of effectivity functions, one for each agenda. We prove that every monotonic and superadditive effectivity rule is the effectivity rule of some social choice rule. A...