Showing 1 - 10 of 111
We study the long-run behavior of an economy where agents who are heterogeneous with respect to risk attitudes can either earn a certain income or enter a risky rent seeking contest. In contrast with standard evolutionary game theory, we distinguish between utility and material payoffs, and...
Persistent link: https://www.econbiz.de/10005649513
We consider a committee facing a binary decision under uncertainty. Each member holds some private information. Members may have different preferences and initial beliefs, but they all agree which decision should be taken in each of the two states of the world. We characterize the optimal...
Persistent link: https://www.econbiz.de/10010281176
The Pareto dominance relation is shown to be the unique nontrivial partial order on the set of finite-dimensional real vectors satisfying a number of intuitive properties.
Persistent link: https://www.econbiz.de/10010281310
In this paper we study a sender-receiver game between an uninformed government and two informed lobbyists. There is a conflict of interest between government and lobbyists in the sense that the government's payoff is state-dependent while lobbyists prefer a certain policy irrespective of the...
Persistent link: https://www.econbiz.de/10005423873
The Pareto dominance relation is shown to be the unique nontrivial partial order on the set of finite-dimensional real vectors satisfying a number of intuitive properties.
Persistent link: https://www.econbiz.de/10005649371
We consider a committee facing a binary decision under uncertainty. Each member holds some private information. Members may have different preferences and initial beliefs, but they all agree which decision should be taken in each of the two states of the world. We characterize the optimal...
Persistent link: https://www.econbiz.de/10005649510
Average profits of a price taker are increasing in the variability of the output price (Oi, 1961). We show that, for the same reason, average profits of the price taker are increasing in the variability of the price of inputs. We proceed to establish that the same holds for a firm with a...
Persistent link: https://www.econbiz.de/10010281199
Experiments in psychology, where subjects estimate confidence intervals to a series of factual questions, have shown that individuals report far too narrow intervals. This has been interpreted as evidence of overconfidence in the preciseness of knowledge, a potentially serious violation of the...
Persistent link: https://www.econbiz.de/10010281394
Experiments in psychology, where subjects estimate confidence intervals to a series of factual questions, have shown that individuals report far too narrow intervals. This has been interpreted as evidence of overconfidence in the preciseness of knowledge, a potentially serious violation of the...
Persistent link: https://www.econbiz.de/10005649239
There has been a revival of interest in small scale industries and their linkages with a nation's institutional arrangements, among both academicians and policy makers. Extending the definition of institutions to include formal and informal rules, this paper attempts to identify these lingages...
Persistent link: https://www.econbiz.de/10005649292