We propose a complete version of the sequential equilibrium (CSE) and its alternative solution concept (WCSE) for general finite-period games with observed actions. The sequential equilibrium (SE) is not a complete solution concept in that it might not be a Nash equilibrium in the general games...

Crawford and Sobel (1982) developed a model of strategic information transmission in which a better-informed sender sends a possibly informative signal to a decision-making receiver and studied how strategically transmitted information is related to the analogy between the two players'...

Dairy products are characterized by two properties, namely, perishability and short-periodic production. These properties are so unique that conventional studies in agricultural economics or in industrial organization might not explain the dairy product supply well. Hence, to understand this...

This paper studies the possibility of cooperation based on players' preferences. Consider the following infinitely repeated game, similar to Ghosh and Ray (1996). At each stage, uncountable numbers of players are randomly matched without information about their partners' past actions and play a...