This paper presents a sufficient condition for the quasi-acyclic condition. A game is quasi-acyclic if from any strategy profile, there exists a finite sequence of strict best replies that ends in a pure strategy Nash equilibrium. The best-reply dynamics must converge to a pure strategy Nash...

We explore experimentally whether the free-rider problem occurs in corporate takeovers. While Grossman and Hart's (1980) classical proposition states that due to the free-rider problem takeovers never succeed, we observe a considerable number of successful takeovers in real capital markets. To...

This paper presents a sufficient condition for the quasi-acyclic condition. A game is quasi-acyclic if from any strategy profile, there exists a finite sequence of strict best replies that ends in a pure strategy Nash equilibrium. The best-reply dynamics must converge to a pure strategy Nash...

We compare male and female behavior in Japan and Canada in the context of a threshold public goods game with both a strong free-riding equilibrium and many socially efficient threshold equilibria. Although higher rewards produce higher contributions, neither culture nor gender has any...

We conducted a field experiment on the Internet and investigated the participants' belief updating in an individual learning environment where they observe a sequence of private signals and in a social learning environment where they observe a sequence of other people's actions. We observed that...

We compare male and female behavior in Japan and Canada in the context of a threshold public goods game with both a strong free-riding equilibrium and many socially efficient threshold equilibria. Although higher rewards produce higher contributions, neither culture nor gender has any...

We study experimentally how (un)selfish lies are reciprocated – or not – in subsequent economic interactions in the labor market. We find that while selfish lies are punished (negative reciprocity), prosocial and altruistic lies are neither punished nor rewarded (lack of positive...