The paper investigates price formation in a decentralized market with random matching. Agents are assumed to have subdued social preferences: buyers, for example, prefer a lower price to a higher one but experience reduced utility increases below a reference price which serves as a common...

The paper investigates price formation in a decentralized market with random matching. Agents are assumed to have subdued social preferences: buyers, for example, prefer a lower price to a higher one but experience reduced utility increases below a reference price which serves as a common...

The paper investigates price formation in a decentralized market with random matching. Agents are assumed to have subdued social preferences: buyers, for example, prefer a lower price to a higher one but experience reduced utility increases below a reference price which serves as a common...

The paper investigates price formation in a decentralized market with random matching. Agents are assumed to have subdued social preferences: buyers, for example, prefer a lower price to a higher one but experience reduced utility increases below a reference price which serves as a common...

Executive Directors of the International Monetary Fund elect the Fund’s Managing Director from a shortlist of three candidates; financial quotas of IMF members define the respective numbers of votes. The implied a priori distribution of success (preference satisfaction) is compared across...

Traditional power indices ignore preferences and strategic interaction. Equilibrium analysis of particular non-cooperative decision procedures is unsuitable for normative analysis and assumes typically unavailable information. These points drive a lingering debate about the right approach to...

The European Union (EU) has moved towards bicameralism, making the codecision procedure its most important mechanism for decision making. To gauge if European Parliament (EP) and Council of Ministers (CM) are equally powerful codecision makers', understanding of the final stage of the procedure...