We analyze a principal-agent model in which a principal has two possibilities to improve his knowledge about the quality of an investment project. First, he has access to an informationtechnology that provides a \textit{verifiable}, unbiased signal. Second, he can hire an agent who detects bad...

We put forward a model of private goods with externalities. Agents derive benefit fromcommunicating with each other. In order to communicate they need to have a language in common.Learning languages is costly. In this setting no individually rational and feasible Grovesmechanism exists. We...

In the information technology industries there are several instances of a division of labour between research companies and manufacturers, who apply the researcher''s know how in production. Firms use several different ways to organise the decision making and transfer of know how. The paper...

This note reexamines the connection between the asymmetric Nash bargaining solution and the equilibria of strategic bargaining games. Several papers in the literature obtain the asymmetric Nash bargaining solution as the unique limit of subgame perfect equilibria in stationary strategies when...

The Nearest Neighbor classifier has shown to be a powerful tool for multiclass classification. In this note we explore both theoretical properties and empirical behavior of a variant of such method, in which the Nearest Neighbor rule is applied after selecting a set of so-called prototypes,...

In this paper we apply the concept of preference conjecture equilibrium introduced in Perea (2003) to signaling games and show its relation to sequential equilibrium. Furthermore, we introduce the concept of minimum revision equilibrium and show how this can be interpreted as a refinement of...

This paper analyzes a learning model where sophisticated market designers create new trading platforms and boundedly rational traders select among them. We ask wether "Walrasian'''' platforms, leading to efficient (market - clearing) trading outcomes, will dominate the market in the long run. If...

Georg Simmel (1858-1918) veröffentlichte 1899 und 1907 seine ''Philosophie des Geldes''. Die Rezeption in der amerikanischen Literatur aber aber auch in den Beitrag von Dietz betohnt den Ökonomisch-Geldtheoretischen Aspekt dieses Beitrages und sucht ihn in der österreichischen Tradition der...

The world is changing rapidly in a lot of ways, but the dominant change is in ICT. Changingtechnology has far-reaching implications for how we act and interact at work, in education, incivic life and at home. Furthermore, this change is in large part the driving force behind many ofthe other...

Conferences are an important element in the work of researchers, requiring substantial investments in fees, travel expenses and the time spent by the participants. The aim of this paper is to identify the preferences of participants with respect to conference characteristics. Based on a sample...