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Salience: Agenda Choices by Competing Candidates
Berliant, Marcus; Konishi, Hideo - EconWPA - 2004
Which issues are discussed by candidates in an election campaign? Why are some issues never discussed? Model tractability is lost quickly when dealing with these questions, partly because of the multidimensional voting inherent in models of multiple issues. Our model features two candidates for...
Persistent link: https://www.econbiz.de/10005118536
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On the Purification of Nash Equilibria of Large Games
Carmona, Guilherme - EconWPA - 2003
We consider Salim Rashid's asymptotic version of David Schmeidler's theorem on the purification of Nash equilibria. We …
Persistent link: https://www.econbiz.de/10005550924
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On the Existence of Pure Strategy Nash Equilibria in Large Games
Carmona, Guilherme - EconWPA - 2004
We consider an asymptotic version of Mas-Colell's theorem on the existence of pure strategy Nash equilibria in large games. Our result states that, if players' payoff functions are selected from an equicontinuous family, then all sufficiently large games have an epsilon - pure, epsilon -...
Persistent link: https://www.econbiz.de/10005550926
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Population Games
Blume, Lawrence - EconWPA - 1996
Population games are stochastic processes which explicitly model Nash's (1950) mass action interpretation of Nash equilibrium. The mass action interpretation envisions a population of players for each position in the game, and that players are randomly matched for play. The hope is that the...
Persistent link: https://www.econbiz.de/10005407624
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The Choice of Institutions: The Role of Risk and Risk-Aversion
Weinhold, Diana; Zak, Paul J. - EconWPA - 2005
Institutions can affect individual behavior both via their efficiency impact and via their risk reducing mechanisms … simultaneously extant institutions. This paper presents a simple model of institutional choice in a labor market when there is a risk …-sectional survey data from China, we find that risk and risk aversion are strongly related to the choice of a labor market institution …
Persistent link: https://www.econbiz.de/10005118909
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Gains and losses: the same or different choices? A “non-ideal” economics approach.
Harin, Alexander - EconWPA - 2005
Ideal economics? A “non-ideal” economics approach has been proposed, which considers the possibility of arrangement infringements. It gives promises for both solving fundamental problems of economic theory and creation of new directions and fields of research. The approach application in...
Persistent link: https://www.econbiz.de/10005124942
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The Arbitrage Pricing Theorem with Incomplete Preferences
Kelsey, David; Yalcin, Erkan - EconWPA - 2004
This paper proves existence of equilibrium and the arbitrage pricing theorem for an asset exchange economy, where the individual's preferences may be incomplete or intransitive. This extends existing results to a more general set of individual preferences. We also prove the arbitrage pricing...
Persistent link: https://www.econbiz.de/10005062764
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Robust monetary policy in the New-Keynesian framework
Leitemo, Kai; Söderström, Ulf - EconWPA - 2005
We study the effects of model uncertainty in a simple New-Keynesian model using robust control techniques. Due to the simple model structure, we are able to find closed-form solutions for the robust control problem, analysing both instrument rules and targeting rules under different timing...
Persistent link: https://www.econbiz.de/10005126139
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When Curiosity Kills the Profits: an Experimental Examination
Jamison, Julian; Karlan, Dean S. - EconWPA - 2005
Economic theory predicts that in a first-price auction with equal and observable valuations, bidders earn zero profits. Theory also predicts that if valuations are not common knowledge, then since it is weakly dominated to bid your valuation, bidders will bid less and earn positive profits....
Persistent link: https://www.econbiz.de/10005125581
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INTERACTIONS BETWEEN TWO INFORMAL SECTOR LENDERS AND INTEREST RATE DETERMINATION IN THE INFORMAL CREDIT MARKET: A THEORETICAL ANALYSIS
Chaudhuri, Sarbajit - EconWPA - 2005
The paper provides a theory of interest rates determination in the informal credit market in backward agriculture highlighting the interactions between two informal sector lenders (a professional moneylender and a trader-interlocker) and explains the prevalence of different interest rates in the...
Persistent link: https://www.econbiz.de/10005407518