A reputational model of debt is examined from an evolutionary game perspective. The game is played between randomly matched opponents and we ask whether debt can be supported in the long run steady state when lenders are given the option of joining an information sharing coalition. The players...

Limitations in agents’ ability to observe, measure and compute are studied. A formulation in terms of induced changes in the players’ subjective perception of the game makes it possible to study these phenomena on a common footing with objective variation in the game. We study a model where...

This paper studies the effects of learning by observation on the production and wage decisions of a firm . Workers can improve their productivity by observing others within the firm. The firm chooses a wage profile, which determines the amount of research done within the firm. Some workers may...