We present an experimental test of a procedurally fair co-determination mechanism where group members reduce their value uncertainty before submitting bids for a joint project. The results suggest a relatively efficient mechanism, with unprofitable projects being largely rejected and profitable...

This paper examines stochastic cooperation in markets with two sellers who exhibit one-sided dependency. The independent seller's pricing influences the dependent seller's demand, but not vice versa. We study the one-dimensional hybrid game class whose parameter is the exogenously given...

Institutions may rely on fundamental principles, e.g., of legal philosophy, but may also have evolved according to institutional fitness, as gauged by a society's well-being. In our stylized framework where two fundamental principles, equality and efficiency, conflict with each other, one of the...