When coordination games are played under the logit choice rule and there is intentional bias in agents' non-best response behavior, the Egalitarian bargaining solution emerges as the long run social norm. Without intentional bias, a new solution, the Logit bargaining solution emerges as the long...

Is the representation of editors at prestigious economics journals geographically diverse? Using data on the affiliations of academics working in an editorial capacity at such journals, we map the locations of editorial power within the economics profession. This allows us to rank institutions,...

Humans differ in their strategic reasoning abilities and in beliefs about others' strategic reasoning abilities. Models of cognitive hierarchies that express these differences have produced new insights regarding equilibrium analysis in economics. This paper investigates the effect of cognitive...

Strategies of players in a population are updated according to the choice rules of agents, where each agent is a player or a coalition of players. It is known that classic results on the stochastic stability of conventions are due to an asymmetry property of the strategy updating process. We...

Is long-run ambiguity a possible outcome of the multiple prior Bayesian learning model? If the prior support is finite, long-run ambiguity is known to be a possible outcome only if the learning problem is misspecified (Marinacci-Massari 2019). Conversely, here we show that, under natural...

Economic agents are not always rational or farsighted and can make decisions according to simple behavioral rules that vary according to situation and can be studied using the tools of evolutionary game theory. Furthermore, such behavioral rules are themselves subject to evolutionary forces....

By carefully separating (a) the content of intentions, and (b) the holders of intentions, we can describe both individual and collective intentions independently of (i) the beliefs of any individual about the intentions held by any other individual and (ii) the deliberative process by which the...

Agency may be exercised by different entities (e.g. individuals, firms, households). A given individual can form part of multiple agents (e.g. he may belong to a firm and a household). The set of agents that act in a given situation might not be common knowledge. We adapt the standard model of...

US power ‘elites’ are substantially less fair-minded than ‘non-elite’ general populations claims a study by Ray Fisman and coauthors [Science 349, 6254 (2015)]. This supposedly explains why US governments, run by people less fair than the citizens they represent, have been uninclined to...