The replacement of national currencies by a common currency in the EMU causes a monetary externality if the European Central Bank is inclined to monetize part of outstanding government debt in the community.High government debt in one part of the EU then increases the common inflation rate.We...

In this paper we characterize the class of games for which the core coincides with the core cover (compromise stable games).Moreover we will develop an easy explicit formula for the nucleolus for this class of games, using an approach based on bankruptcy problems.Also the class of convex...

This study considers a simple newsvendor situation that consists of n retailers, all selling the same item with common purchasing costs and common selling prices.Groups of retailers might increase their expected joint profit by inventory centralization, which means that they make a joint order...

We experimentally investigate the nature of strategic interaction in a 2-player game.Player 1may take x Dutch guilders (f x) and end the game (player 2 then gets f 0), or let player 2 split f 20 between the players. x is a treatment variable taking values of f 4, 7, 10, 13, and 16.We find that...

Informationally Robust Equilibria (IRE) are introduced in Robson (1994) as a refinement of Nash equilibria for e.g. bimatrix games, i.e. mixed extensions of two person finite games.Similar to the concept of perfect equilibria, basically the idea is that an IRE is a limit of some sequence of...

In this paper reasonable payoff intervals for players in a game in partition function form (p.f.f.game) are introduced and used to define the notion of compromisable p.f.f. game.For a compromisable p.f.f. game a compromise value is defined for which an axiomatic characterization is provided.Also...

In this paper we introduce multiple longest traveling salesman (MLTS) games. An MLTS game arises from a network in which a salesman has to visit each node (player) precisely once, except its home location, in an order that maximizes the total reward.First it is shown that the value of a...