This paper studies frequent monitoring in a simple infinitely repeated game with imperfect public information and discounting, where players observe the state of a continuous time Brownian process at moments in time of length Δ. It shows that efficient strongly symmetric perfect public...

This paper studies repeated games where the time of repetitions of the stage game is not known or controlled by the players. Many economic situations of interest where players repeatedly interact share this feature, players do not know exactly when is the next time they will be called to play...

The recent global crisis has forced many countries to a tight fiscal discipline. As a consequence, the cultural sectors in those countries have experienced severe budget cuts. In this context, disparate suggestions for additional sources of revenue available to public institutions have emerged....

The paper analyzes multilateral relations and distortions of investments in the Eurasian gas network, supplying gas from countries of the Former Soviet Union to Western Europe. We use a two stage model of endogenous coalition formation to study cooperation among gas producers and transiters,...

This paper confronts the current European gas regulation with the emerging new energy paradigm. It argues that due to a lack of policy credibility, the hold-up problem is a serious threat that will undermine the workings of the future EU gas market. This paper explores how one could from a...

This paper surveys models of markets in which some consumers are "savvy" while others are not. We discuss when the presence of savvy consumers improves the deals available to non-savvy consumers in the market (the case of search externalities), and when the non-savvy fund generous deals for...

With cumulative innovation and imperfect information about the value of innovations, intellectual property rights can result in hold-up and therefore it may be better not to have them. Extending the basic cumulative innovation model to include `sampling' by second-stage firms, we find that the...

This paper reports 5 laboratory sessions that analyze the effects of group sizes in the voluntary contribution mechanism, when contribution level is either complementary or substitute. The theorical argument is that each production function provides different incentives for the agent along scale...

We modify the Diamond-Dybvig [3] model studied in Green and Lin [5] to incorporate a self-interested banker who has a private record-keeping technology. A public record-keeping device does not exist. We find that there is a trade-off between sophisticated contracts that possess relatively good...

We revisit the signalling hypothesis, whereby potential employers use the duration of unemployment as a signal as to the productivity of applicants. We suggest that the quality of such a signal is very low when the unemployed receive unemployment benefits: individuals have good reasons to remain...