This paper considers a adjustment process in a society with a continuum of agents. Each agent takes an action upon entry and commits to it until he is replaced by his successor at a stochastic point in time. In this society, rationality is common Knowledge, but beliefs may not be coordinated...

In a (generalized symmetric aggregative game, payoffs depend only on individual strategy and an aggregate of all strategies. Players behaving as if they were negligible would optimize taking the aggregate as given. We provide evolutionary and dynamic foundations for such behavior when the game...

This article adds technology choice to a free-entry Cournot model with linear demand and constant marginal costs. Firms can choose from a discrete set of technologies. This simple framework yields non-existence of equilibrium, existence of multiple equilibria and equilibria in which ex-ante...

We provide existence results for equilibria of games where players employ abstract (non binary) choice rules. Such results are shown to encompass as a relevant instance that of games where players have (non-transitive) SSB (Skew-Symmetric Bilinear) preferences, as will as other well-known...

This paper examines the robustness of the determinants of economic growth in cross-country regressions allowing for nonlinearity in the specification of the data generating process. The nonlinearity is modelled as regime-dependent parameter heterogeneity, where the regime is determined by the...

This article analyzes the market for credit cards. I begin with a discussion of the organization and the characteristics of the market. Next I present the antitrust cases in the USA and the European Union. Contributions to the literature on credit cards in respect to the market characteristics...

I study the robustness of Rubinstein´s (1989) E-Mail Game results towards rough inductive reasoning. Rough induction is a form of boundedly rational reasoning where a player does not carry out every inductive step. The information structure in the E-Mail game is generalized and the conditions...

Using data from the Austrian retail gasoline market we test the following two hypotheses derived from spatial economics: (i) Retail shops are more densely located in areas with a higher population density. (ii) Spatial competition equilibrium prices are decreasing in the density of seller...

We observe that the imitation dynamics of Cubitt and Sugden (CS) is the same as the Replicator Dynamics for a certain class of games. Known results for such games then permit a more complete analysis of the CS imitaion process, containing their results as special cases, and extending them...

This article introduces technology choice into a Hotelling model of spatial competition. This yields two entry deterrence devices, as well as complex strategic choices for the firms and a rich of industry structure. Depending on cost parameters and market size, firms may choose to over-invest or...