Economic historians Douglass C. North and Avner Greif use the tools on the New Institutional Economics and Game Theory and draw the attention of economists to the fact that both markets and governments are institutional constructs created by opportunistic individuals and groups with different...

In this paper, we propose a novel algorithmic approach to solve line planning problems. To this end, we model the line planning problem as a game where the passengers are players which aim at minimizing individual objective functions composed of travel time, transfer penalties, and a share of...

In an international joint venture, two parent companies in two countries called the local and the foreign firm found a new enterprise or form a third player – the IJV-management or the board of directors of the IJV. The triangle structure of this particular enterprise creates a special...

This paper analyzes the FTA strategies of China, Japan and Korea (CJK) toward ASEAN countries using a three-player game. It explores the implications of China, Japan, and/or Korea participating in an FTA with ASEAN and the corresponding rewards in a payoff matrix. The Nash equilibrium occurs...

We study prisoner’s dilemmas played in continuous time with flow payoffs over 60 seconds. In most cases, the median rate of mutual cooperation rises to 90% or more. Control sessions with 8-time repeated matchings achieve less than half as much cooperation, and cooperation rates...

The assumption that decision makers choose actions to maximize their preferences is a central tenet in economics. This assumption is often justified either formally or informally by appealing to evolutionary arguments. In contrast, this paper shows that in almost every game, payoff. maximization...

This paper models the situation where the attacker’s resources are unknown to the defender. Protecting assets presupposes that the defender has some information on the attacker’s resource capabilities. An attacker targets one of two assets. The attacker’s resources and...

This paper exploits an analogy between the “trembles” that underlie the functioning of simulated annealing and the player “trembles” that underlie the Nash refinements known as perfect and proper equilibrium. This paper shows that this relationship can be used to provide a method for...

Of the twelve million people who live within 100 km of the US-Mexico border, 90 percent are clustered in trans boundary sister cities that share common water sources and pollution problems. New institutions created to address environmental concerns over NAFTA offer the promise of greater...

El comercio mundial del plátano y la regulación de las importaciones en la Unión Europea a través de una Organización Común de Mercado ha sido objeto de disputa comercial durante los años noventa entre la UE y Estados Unidos. El objetivo del presente trabajo es analizar el conflicto y las...