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The digital revolution has brought about a wave of technological optimism, sustained by all the things technology does for us in our every day lives. This is in principle good, but it has a dark side, as the poor use of the new technologies may lead us to become lazier and to replace or strain...
Persistent link: https://www.econbiz.de/10012131832
The Nash program is an important research agenda initiated in Nash (Econometrica 21:128-140, 1953) in order to bridge the gap between the noncooperative and cooperative counterparts of game theory. The program is thus turning sixty-seven years old, but I will argue it is not ready for...
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We come close to characterizing the class of social choice correspondences that are implementable in rationalizable strategies. We identify a new condition, which we call set-monotonicity, and show that it is necessary and almost sufficient for rationalizable implementation. Set-monotonicity is...
Persistent link: https://www.econbiz.de/10011669323
Models of choice where agents see others as less sophisticated than themselves have significantly different, sometimes more accurate, predictions in games than does Nash equilibrium. When it comes to mechanism design, however, they turn out to have surprisingly similar implications. This paper...
Persistent link: https://www.econbiz.de/10011669325
Given any observed finite sequence of prices, wealth, and demand choices, we propose a way to measure and classify the departures from rationality in a systematic fashion, by connecting violations of the underlying Slutsky matrix properties to the length of revealed demand cycles. The approach...
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Top5itis is a disease that currently affects the economics discipline. It refers to the obsession of the profession of academic economists with the so-called "top5 journals".
Persistent link: https://www.econbiz.de/10012058632
We present a new notion of cardinal revealed preference that exploits the expenditure information in classical consumer theory environments with finite data. We propose a new behavioral axiom, Acyclic Enticement (AE), that requires the acyclicity of the cardinal revealed-preference relation. AE...
Persistent link: https://www.econbiz.de/10012058633