This study uses a multiagent system to investigate English auctions with two-dimensional value signals and agents that learn a signal-averaging factor. I find that signal averaging increases nonlinearly as the common value percent increases, decreases with the number of bidders, and decreases at...

This study uses a multiagent system to determine which payment rule provides the most revenue in Treasury auctions that are based on Canadian rules. The model encompasses the when-issued, auction, and secondary markets, as well as constraints for primary dealers. I find that the Spanish payment...

I have developed a multiagent system platform that provides a valuable complement to the alternative auction research methods. The platform facilitates the development of heterogeneous agents and provides an experimental environment that is under the experimenter's complete control. Simulations...

Although global free trade is efficient, each country’s benefit from free trade depends on the path that leads to the global free trade agreement. Using a dynamic model of trading bloc formation, we show that when global free trade is reached gradually, the countries that are initially...

This paper is a survey of the work in the Nash program for coalitional games, a research agenda proposed by Nash (1953) to bridge the gap between the non-cooperative and cooperative approaches to game theory. (Copyright: Fundación SEPI)

Car owners are liable for property damage inflicted on other motorists. In most countries such liability must be insured by law. That law may favor expensive or heavy vehicles, prone to suffer or inflict large losses. This paper explores links between liability rules and vehicle choice. It...

This paper studies the dynamics of bargaining in an intrahousehold context. To explore long-term partner relationships, we analyse bilateral bargaining by considering that spouses take decisions sequentially. We conclude that, for the spouse who takes the second decision, a greater discount...

We study information transmission in large interim quasilinear economies using the theory of the core. We concentrate on the core with respect to equilibrium blocking, a core notion in which information is transmitted endogenously within coalitions, as blocking can be understood as an...

We apply farsighted stable set to two versions of Hotelling's location games: one with linear market and another with circular market. It is shown that there always exists a farsighted stable set in both games. In particular, the set of all location profiles that yields equal payoff across all...

This article provides an exact non-cooperative foundation of the sequential Raiffa solution for two person bargaining games. Based on an approximate foundation due to Myerson (1997) for any two-person bargaining game (S, d) an extensive form game G^{S,d} is defined that has an infinity of weakly...