This paper uses game theory to analyze mutual cooperatives. Whether or not there are risk premiums is assumed to distinguish mutual cooperatives from insurance companies. In mutual cooperatives, it is assumed that there are no risk premiums involved, which means that no individuals accept any...

In this paper, we analyze the model of agent-based coalition formation in markets. Our goal is to study the convergence of the coalition formation and optimize agents’ strategies. We show that the model has a unique steady state (equilibrium) and prove that all solutions converge to it in the...

Drought is a common occurrence in Nebraska and agriculture is the primary economic sector affected. Because of repeated and widespread severe drought impacts, more emphasis on drought risk management is warranted. This study develops an agricultural drought risk assessment model using...

We experimentally examine repeated partnerships with imperfect monitoring, where participants can unilaterally sever partnerships at any time. The experiment examines effects from changes in the value of an outside-the-partnership option. We find four main results where partners have access to...

The insignificance of currency risk in emerging markets is particularly puzzling, given a lack of hedging instruments and volatile currency movements in these markets. In this paper, we conjecture that this puzzle may be due to the comovement between exchange rates and the market factor in these...

Bayesian decision theory assumes that agents making choices assign subjective probabilities to outcomes, even in cases where information on probabilities is obviously absent. Here we show that agents that presume that they are equal risks can share risks mutually beneficially, even if the...

We present a model to describe the mutualism relationship between search engines and web sites. In the model, search engines and web sites benefit from each other while the search engines are derived products of the web sites and cannot survive independently. Our goal is to show strategies for...

We present a model to describe the dynamics of web sites on the WWW market. The model accounts for cooperation and competition at the same time. Our goal is to establish strategies for web sites to win on the WWW market. Unlike the known competition systems, the model shows unexpected...

Microbial oils with high unsaturated fatty acids content, especially oleic acid content, are good feedstock for high quality biodiesel production. Trichosporon capitatum was found to accumulate lipid with around 80% oleic acid and 89% total unsaturated fatty acids content on nitrogen-limited...