We examine merger activity and its effect on asset pricing in a firm network economy. Mergers create internal capital markets which change the cash flow risk structure of the merging firms. We propose a solution concept for coalitional games without the superadditivity axiom, which extends...

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...

Many real-life applications of house allocation problems are dynamic. For example, inthe case of on-campus housing for college students, each year freshmen apply to move inand graduating seniors leave. Each student stays on campus for a few years only. A studentis a \newcomer" in the beginning...

This paper considers a matchmaker game in the Shapley-Shubik(1971) (one-to-one) assignment problem. Each …rm proposes how muchit is willing to pay each worker if they are matched. Each worker alsoproposes which salary she is willing to accept from each …rm if they arematched. The matchmaker...

The objective of this paper is to investigate the usefulness of non-cooperative bargaining theory for the analysis of negotiations on water allocation and management. We explore the impacts of different economic incentives, a stochastic environment and varying individual preferences on players'...

We examine a new class of games, which we call social games, where players not only choose strategies but also choose with whom they play. A group of players who are dissatisfied with the play of their current partners can join together and play a new equilibrium. This imposes new refinements on...

The relevance of bargaining to everyday life can easily be ascertained, yet the study of any bargaining process is extremely hard, involving a multiplicity of questions and complex issues. The objective of this paper is to provide new insights on some dimensions of the bargaining process -...

Decentralized matching markets on the internet allow large numbers of agents to interact anonymously at virtually no cost. Very little information is available to market participants and trade takes place at many different prices simultaneously. We propose a decentralized, completely uncoupled...

We propose positive and normative foundations for the average prekernel of NTU games, and compare them with the existing ones for the prekernel. In our non-cooperative analysis, the average prekernel is understood as the equilibrium payoffs of a game where each player faces the possibility of...

This paper is a survey of the work in the Nash program for coalitional games, a research agenda proposed by Nash (1953) to bridge the gap between the non-cooperative and cooperative approaches to game theory.