We describe non-cooperative game models and discuss game theoretic solution<br/>concepts. Some applications are also noted. Conventional theory focuses on the<br/>question ‘how will rational players play?’, and has the Nash equilibrium at its core.<br/>We discuss this concept and its interpretations, as...

Let (X1, Y1),…., (Xn, Yn) be an i.i.d. sample from a bivariate distribution function that lies in the max-domain of attraction of<br/>an extreme value distribution. The asymptotic joint distribution of the standardized component-wise maxima<br/>√n i=1 Xi and √n i=1 Yi is then characterized by the...

This paper studies the formation of consumers’ infl‡ation expectations using<br/>micro-level data from the Michigan Survey. It shows that beyond the well-established socio-economic determinants of infl‡ation expectations like gender, income or education also other characteristics like the...

We study the effect of the addition of a futures market, in which contracts maturing in the last period of the life of the asset can be traded. Our experiment has two treatments, one in which a spot market operates on its own, and a second treatment in which a spot and futures market are active...

We analyze the payout channel choice of listed UK firms and examine whether the choice between dividends, share repurchases, a combination of payout channels, or complete earnings retention is affected by investor sentiment, taxation, major shareholder ownership, and in particular the CEO’s...

In this paper we introduce three-valued simple games as a natural extension<br/>of simple games. While simple games are used to evaluate single voting systems, three-valued simple games offer the opportunity for a simultaneous analysis of two different voting systems within the same parliamentary...

Demotion – a reduction of an employee’s rank and salary - is often mentioned by managers and policy makers as a measure to increase the employability of older workers, but in practice demotion is rarely applied. This paper takes a fresh look at the question of demotion by first employing a...

We exploit detailed data on approved and rejected small business loans to assess the impact of the introduction of a credit registry in Bosnia and Herzegovina. Our findings are threefold. First, mandatory information sharing tightens lending at the extensive margin as more applications are...

Under strict net neutrality Internet service providers (ISPs) are required to carry<br/>data without any differentiation and at no cost to the content provider. We provide a simple framework with a monopoly ISP to evaluate different net neutrality rules. Content differs in its sensitivity to delay....