Voting problems with a continuum of voters and finitely many alternatives are considered. The classical Arrow and Gibbard-Satterthwaite theorems are shown to persist in this model, not for single voters but for coalitions of positive size. The emphasis of the study is on strategic...

A central finding in happiness research is that a person’s income relative to the average income in her social reference group is more important for her life satisfaction than the absolute level of her income. This dependence of life satisfaction on relative income can be related to the...

Effectivity functions for finitely many players and alternatives are considered. It is shown that every monotonic and superadditive effectivity function can be augmented with equalchance lotteries to a finite lottery model---i.e., an effectivity function that preserves the original effectivity...

Several recent results on the aggregation of judgments over logically connected propositions show that, under certain conditions, dictatorships are the only independent (i.e., propositionwise) aggregation rules generating fully rational (i.e., complete and consistent) collective judgments. A...

When the asset market is incomplete, competitive equilibria are constrained suboptimal, which provides scope for Pareto improving interventions. Price regulation can be such a Pareto improving policy, even when the welfare effects of rationing are taken into account. An appealing aspect of price...

There is an extensive litarature claiming that it is often difficult to make use of arbitrage opportunities in financial markets. This paper provides a new reason why existing arbitrage opportunities might not be seized. We consider a world with short-lived securities, no short-selling...

This paper presents a formal epistemic framework for dynamic games in which players, during the course of the game, may revise their beliefs about the opponents'' utility functions. We impose three key conditions upon the players'' beliefs: (a) throughout the game, every move by the opponent...

In this paper we analyze the performance of a recently proposed sequential auction, called the c-bisection auction, that can be used for a sale of a single indivisible object. We discuss the running time and the e±ciency in the ex-post equilibrium of the auction. We show that by changing the...

In this paper we consider the issue of unit root testing in cross-sectionally dependent panels. We consider panels that may be characterized by various forms of cross-sectionaldependence including (but not exclusive to) the popular common factor framework. Weconsider block bootstrap versions of...

Helmond Print B.V., a (fictional) Dutch print provider, is facing competitive problems. The student is expected to step into the role of an independent expert advising Helmond Print''s owner and manager. The first objective is to let the student find out, from a piece of qualitative and...