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A Remark on the Number of Trading Posts in Strategic Market Games.

Koutsougeras, L.C. - Center for Operations Research and Econometrics (CORE), … - 1999

In market games the one to one correspondence between commodity types and trading posts would be justified if it were true that the set of equilibria is not affected by the number of trading posts postulated at the ouset of the model. We show that this is not true.

Persistent link: https://www.econbiz.de/10005478962

Information Advantage and Dominant Strategies in Second-Price Auctions.

Einy, E.; Haimanko, O.; Orzach, R.; Sela, A. - Center for Operations Research and Econometrics (CORE), … - 2000

We study a general model of common-value second-price auctions with differential information. We show that one of the bidders has an inform tion advantage over the other bidders if and only if he possesses dominantstrategy. A dominant strategy is in fact unique and is given by the conditional...

Persistent link: https://www.econbiz.de/10005478966

Alliance Formation in Contests with Incomplete Information

Metzger, Lars P. - Rheinisch-Westfälisches Institut für … - 2015

This paper studies a contest in which players with unobservable types may form an alliance in a pre-stage of the game to join their forces and compete for a prize. We characterize the pure strategy equilibria of this game of incomplete information. We show that if the formation of an alliance is...

Persistent link: https://www.econbiz.de/10011206294

Minimally Complex Exchange Mechanisms: Emergence of Prices, Markets, and Money

Dubey, Pradeep; Sahi, Siddhartha; Shubik, Martin - Cowles Foundation for Research in Economics, Yale University - 2014

"fairness" and "convenience" then it admits unique prices, in the sense of consistent exchange-rates across commodity pairs ij … directed graphs G in a precise sense. The edges of G can be regarded as markets for commodity pairs, and prices play a stronger … role in that the return to a trader depends only on his own offer and the prices. Finally we consider "strongly" minimal …

Persistent link: https://www.econbiz.de/10010817223

Money as Minimal Complexity

Dubey, Pradeep; Sahi, Siddhartha; Shubik, Martin - Cowles Foundation for Research in Economics, Yale University - 2015

mechanism has a distinguished commodity -- the money -- that serves as the sole medium of exchange and mediates trade between …

Persistent link: https://www.econbiz.de/10011170531

Are People Willing to Pay to Reduce Others' Incomes?.

Zizzo, D.J.; Oswald, A. - Department of Economics, University of Warwick - 2000

This paper studies utility interdependence in the laboratory. We design an experiment where subjects can reduce ("burn") other subjects' money. Those who burn the money of others have to give up some of their own cash. Despite this cost, and contrary to the assumptions of economics textbooks,...

Persistent link: https://www.econbiz.de/10005583019

Dominance Solvability of Second-Price Auctions with Differential Information.

Einy, E.; Haimanko, O.; Orzach, R.; Sela, A. - Center for Operations Research and Econometrics (CORE), … - 2001

We study a class of common-value second-price auctions with differential information. This class of common-value auctions is characterized by the property that each player's information set is connected with respect to the common value. We show that the entire class is dominance solvable,...

Persistent link: https://www.econbiz.de/10005634042

Oligopolies With Set-Valued Inverse Demand.

Flam, S.D.; Mallozzi, L.; Morgan, J. - Institutt for Økonomi, Universitetet i Bergen - 2001

This note deals with Cournot type oligopolies in which the market clearing price occasionally may be non-unique. A Stackelberg leading producer is present. Given that setting we explore continuity properties of the followers' reaction and provide sufficient conditions for existence of equilibrium.

Persistent link: https://www.econbiz.de/10005647145

The Theory of Money and Financial Institutions: A Summary of a Game Theoretic Approach

Shubik, Martin - Cowles Foundation for Research in Economics, Yale University - 2006

A game theoretic approach to the theory of money and financial institution is given utilizing both the strategic and coalitional forms for describing the economy. The economy is first modeled as a strategic market game, then the strategic form is used to calculate several cooperative forms that...

Persistent link: https://www.econbiz.de/10005762688

Price Symmetry in a Duopoly with Congestion.

Haimanko, O.; Steinberg, R. - Center for Operations Research and Econometrics (CORE), … - 2000

an equilibrium does exisq it is unique. Closed formexpressions for the symmetric equilibrium prices and profits are …

Persistent link: https://www.econbiz.de/10005207641