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In this paper, we study in?nitely repeated games with imperfect public monitoring and the possibility of monetary transfers. We develop an effcient algorithm to compute the set of pure strategy public perfect equilibrium payoffs for each discount factor. We also show how all equilibrium payoffs...
Persistent link: https://www.econbiz.de/10008490449
We study persuasion effects in experimental ultimatum games and find that Proposers' payoffs significantly increase if, along with offers, they can send messages which Responders read before deciding. Higher payoffs are driven by both lower offers and higher acceptance rates.
Persistent link: https://www.econbiz.de/10008494861
This paper experimentally studies persuasion effects in ultimatum games and finds that Proposers' payoffs significantly increase if, along with offers, they can send messages which Responders read before their acceptance decision. Higher payoffs are due to higher acceptance rates as well as more...
Persistent link: https://www.econbiz.de/10005190303
This paper studies discounted stochastic games perfect or imperfect public monitoring and the opportunity to conduct voluntary monetary transfers. We show that for all discount factors every public perfect equilibrium payoff can be implemented with a simple class of equilibria that have a...
Persistent link: https://www.econbiz.de/10009421459
A fully unbundled, regulated network fi?rm of unknown efficiency level can undertake unobservable effort to increase the likelihood of low downstream prices, e.g., by facilitating downstream competition. To incentivize such effort, the regulator can use an incentive scheme paying transfers to...
Persistent link: https://www.econbiz.de/10009226921
We study an industry in which an upstream monopolist supplies an essential input at a regulated price to several downstream firms. Legal unbundling means in our model that a downstream firm owns the upstream firm, but this upstream firm is legally independent and maximizes its own upstream...
Persistent link: https://www.econbiz.de/10009249910
The article investigates social interaction among individuals who differ in their privately known motivation to comply with moral norms that are collectively rational in the sense that they maximize welfare given the distribution of moral motivation in the society. This yields tractable models...
Persistent link: https://www.econbiz.de/10008565457
A fully unbundled, regulated network firm of unknown efficiency level can untertake unobservable effort to increase the likelihood of low downstream prices, e.g. by facilitating downstream competition. To incentivize such effort, the regulator can use an incentive scheme paying transfers to the...
Persistent link: https://www.econbiz.de/10008577619
Persistent link: https://www.econbiz.de/10009150243
We propose a unified framework to study relational contracting and hold-up problems in infinite horizon stochastic games. We first illustrate that with respect to long run decisions, the common formulation of relational contracts as Pareto-optimal public perfect equilibria is in stark contrast...
Persistent link: https://www.econbiz.de/10010607540