The paper investigates price formation in a decentralized market with random matching. Agents are assumed to have subdued social preferences: buyers, for example, prefer a lower price to a higher one but experience reduced utility increases below a reference price which serves as a common...

The paper investigates price formation in a decentralized market with random matching. Agents are assumed to have subdued social preferences: buyers, for example, prefer a lower price to a higher one but experience reduced utility increases below a reference price which serves as a common...

Traditional power indices are not suited to take account of explicit preferences, strategic interaction, and particular decision procedures. This paper studies a new way to measure decision power, based on fully specified spatial preferences and strategic interaction in an explicit voting game...

The indirect evolutionary approach integrates forward-looking evaluation of opportunities and adaptation in the light of the past. Subjective motivation determines behaviour, but long-run evolutionary success of motivational types depends on objective factors only. This can justify intrinsic...