The backward induction (or subgame-perfect) equilibrium of a perfect information game is shown to be the unique evolutionarily stable outcome for dynamic models consisting of selection and mutation, when the mutation rate is low and the populations are large.

This paper examines characteristics of cooperative behavior in a repeated, n-person, continuous action generalization of a Prisoner's Dilemma game. When time preferences are heterogeneous and bounded away from one, how "much" cooperation can be achieved by an ongoing group? How does group...

This paper examines optimal social linkage when each individual's repeated interaction with each of his neighbors creates spillovers. Individuals differ across rates of time preference. A planner must choose a local interaction system or neighborhood design before observing the realization of...

We exhibit and characterize an entire class of simple adaptive strategies, in the repeated play of a game, having the Hannan- consistency property: In the long-run, the player is guaranteed an average payoff as large as the best-reply payoff to the empirical distribution of play of the other...

We theoretically and empirically compare sequential with simultaneous voting elections and the impact of the representativeness of early voters in sequential voting on the electoral outcome when voters have asymmetric information about the candidates. We use a simple three- candidate model where...

We model the decision problems faced by the members of societies whose new members are determined by vote. We adopt a number of simplifying assumptions: the founders and the candidates are fixed; the society operates for $k$ periods and holds elections at the beginning of each period; one vote is...

This is an Invited paper for the World Congress of the Econometric Society held in Seattle in August 2000. We discuss the strong connections between auction theory and "standard" economic theory, and argue that auction-theoretic tools and intuitions can provide useful arguments and insights in a...

This paper examines the role of money in market and centrally planned economies. It then proposes a program and sequence of institutional, macroeconomic and monetary reform aimed at achieving a stable transition. An egalitarian redistribution of the state's custodial assets to its citizens is...

Recent contributions in economic geography reflect renewed interest in issues of location and spatial concentration of economic activities, yet there are still few empirical studies of developing countries, particularly in Africa. This paper aims to contribute to this body of knowledge by (i)...

Dengan munculnya UU No. 22 tahun 1999 yang mengatur pelimpahan wewenang dan tanggung jawab dari pemerintah pusat kepada pemerintah daerah serta UU No. 25 tahun 1999 yang mengatur perimbangan keuangan antara pusat dan daerah, selayaknya kota Surabaya mengembangkan sumber daya lokal dan mengurangi...