Showing 1 - 7 of 7
This paper analyzes a class of alternating-offer bargaining games with one-sided incomplete information for the case of "no gap." If sequential equilibria are required to satisfy the additional restrictions of stationarity, monotonicity, pure strategies, and no free screening, the authors...
Persistent link: https://www.econbiz.de/10005130008
This paper analyzes durable goods monopoly in an infinite-horizon, discrete-time game. The authors prove that, as the time interval between successive offers approaches zero, all seller payoffs between zero and static monopoly profits are supported by subgame perfect equilibria. This reverses a...
Persistent link: https://www.econbiz.de/10005329060
Persistent link: https://www.econbiz.de/10005332791
This paper provides an empirical analysis of how the U.S. Social Security and Medicare system affects the labor supply of older males in the presence of incomplete markets. The authors estimate a dynamic programming model of the joint labor supply and Social Security acceptance decision. The...
Persistent link: https://www.econbiz.de/10005333058
This paper introduces random versions of successive approximations and multigrid algorithms for computing approximate solutions to a class of finite and infinite horizon Markovian decision problems. The author proves that these algorithms succeed in breaking the 'curse of dimensionality' for a...
Persistent link: https://www.econbiz.de/10005702099
This paper formulates a simple, regenerative, optimal-stopping model of bus-eng ine replacement to describe the behavior of Harold Zurcher, superinte ndent of maintenance at the Madison (Wisconsin) Metropolitan Bus Comp any. Admittedly, few people are likely to take particular interest in Harold...
Persistent link: https://www.econbiz.de/10005170280
Persistent link: https://www.econbiz.de/10005332155