A class of voting procedures based on repeated ballots and elimination of one candidate in each round is shown to always induce an outcome in the top cycle and is thus Condorcet consistent, when voters behave strategically. This is an important class as it covers multi-stage, sequential...

Confirmation bias refers to cognitive errors that bias one towards one's own prior beliefs. A vast empirical literature documents its existence and psychologists identify it as one of the most problematic aspects of human reasoning. In this paper, we present three related scenarios where...

Extensive-form market games typically have a large number of noncompetitive equilibria. In this paper, we argue that the complexity of noncompetitive behavior provides a justification for competitive equilibrium in the sense that if rational agents have an aversion to complexity (at the margin),...

A common interest game is a game in which there exists a unique pair of payoffs which strictly Pareto dominates all other payoffs. The authors consider the undiscounted repeated game obtained by the infinite repetition of such a two-player stage game. They show that, if supergame strategies are...