In a tournament, agents form coalitions, and the coalition with largest power wins the tournament. We introduce a new solution concept for the tournaments, called no threat equilibrium (NTE). NTE is a partition of the agents, where prudent and farsighted agents have no incentive to deviate....

Given the numerous and widely acknowledged benefits of a well-functioning housing market, it is vital to understand the degree of competition in that market, which is the starting point for undertaking any policy tool aimed at improving its efficiency. This paper tests the extent of competition...

This paper studies how market-supporting institutions affect non-market and market exchange. We develop a repeated-game model where individuals decide how much to invest in a network action (non-market) and in a market action. We show that when financial markets are well-developed and...