This paper considers the sealed bid and ascending auction, which both identifies the minimum Walrasian equilibrium prices and where truthful preference revelation constitutes an equilibrium. Even though these auction formats share many theortical properties, there are behavioral aspects that are...

It is well known that communication often serves as a facilitator for cooperation in static games. Yet, communication can serve entirely different purposes in dynamic settings as communication during the game may work as a means for renegotiation, potentially undermining the credibility of...

No abstract.

This studyrebuts much of the traditional rationale forregulatory restrictions and provides a list of principles of regulation that would serve as a model for global accounting practices.

Contributors review the collapse of the Bretton Woods system of fixed exchange rates and the historic 1985 agreement by the Group of Five.