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If agents negotiate openly and form coalitions, can they reach efficient agreements? We address this issue within a class of coalition formation games with externalities where agents' preferences depend solely on the coalition structures they are associated with. We derive Ray and Vohra's (1997)...
Persistent link: https://www.econbiz.de/10005114049
Ben-Porath (1997) characterizes the strategies consistent with common certainty of rationality (CCR) and the origin of a generic game of perfect information. More generally, the notion of "weak extensive form rationalizability" (weak EFR) captures the implications initial CCR in an extensive...
Persistent link: https://www.econbiz.de/10005114068
We test the Average Credible Deviation Criterion (ACDC), a stability measure and refinement for cheap talk equilibria introduced in De Groot Ruiz, Offerman & Onderstal (2011b). ACDC has been shown to be predictive under general conditions and to organize data well in previous experiments meant...
Persistent link: https://www.econbiz.de/10011256353
This discussion paper resulted in an article in <I>Economics Letters</I> (2007). Vol. 96, pp. 316-324.<P> The Nash bargaining solution of a modified bargaining problem in the contract space yields the pair of stationary subgame perfect equilibrium proposals in the alternating offers model, also for...</p></i>
Persistent link: https://www.econbiz.de/10011256390
This discussion paper resulted in a publication in <I>Games and Economic Behavior</I> (2014). Volume 86, pages 77-95.<P> Minority games are a stylized description of strategic situations with both coordination and competition. These games are widely studied using either simulations or laboratory...</p></i>
Persistent link: https://www.econbiz.de/10011256405
I study a one-way flow connections model in which players are heterogeneous with respect to values and the costs of establishing a link. I first show that values and costs asymmetries are crucial in determining the level of connectedness of a network. Interestingly, unconnected equilibria are...
Persistent link: https://www.econbiz.de/10011256410
This discussion paper resulted in a publication in <A href="http://link.springer.com/article/10.1007%2Fs11238-010-9196-5">'Theory and Decision'</A>, 2011, 71(2), 269-295.<P> Unique-lowest sealed-bid auctions are auctions in which participation is endogenous and the winning bid is the lowest bid among all unique bids. Such auctions admit very many Nash equilibria (NEs) in...</p></a>
Persistent link: https://www.econbiz.de/10011256442
This discussion paper resulted in a forthcoming article in the <I>Journal of Economic Behavior & Organization</I>.<P> This paper characterizes the set of equilibrium networks in the two-way flow model of network formation with small decay, and this for all increasing benefit functions of the players. We...</p></i>
Persistent link: https://www.econbiz.de/10011256446
This discussion paper led to a publication in <A href="http://www.sciencedirect.com/science/article/pii/S0095069611001380">'Journal of Environmental Economics and Management'</A>.<p>Water markets with market power are analysed as multi-market Cournot competition in which the river structure constrains access to local markets and limited resources impose capacity constraints....</p></a>
Persistent link: https://www.econbiz.de/10011256518
We apply the stochastic evolutionary approach of equilibrium selection tomacroeconomic models in which a complementarity at the macro level ispresent. These models often exhibit multiple Pareto-ranked Nash equilibria,and the best response-correspondence of an individual increases with ameasure...
Persistent link: https://www.econbiz.de/10011256562