This paper examines a two-period principal and agent model where the agent's ability level is not observable to the principal and revealed to the agent only after the contract is signed. The value of the agent's output to the principal is affected by the agent's collegiality, which is unknown to...

In any Nash equilibrium no player will unilaterally deviate. However, many games have multiple Nash equilibria. In this paper, we survey some refinements of Nash equilibria based on the hypothesis that any player may consider a deliberate deviation from a Nash equilibrium vector while expecting...

Recent volatility in real exchange rates has renewed interest in the nature of multinational firms. One increasingly common phenomenon involves the foreign sourcing of production, in which certain domestic firms choose to produce part or all of their product abroad and then export the commodity...

The concept of Nash equilibrium is widely used to analyze non-cooperative games. However, one of the problems with that concept is that many games have multiple equilibria. Recent work has concentrated on reducing or refining the set of Nash equilibria in some games. In this paper, we survey...