default, improved creditor coordination reduces ex ante efficiency and the interim efficient CAC threshold is higher than the …In a model with both issues of sovereign debtor moral hazard and creditor coordination under incomplete information, we … show that the resulting conflict between ex ante and interim efficiency limits the welfare impact of strengthening CACs …

-of these markets. Allowing for general fee structures, we show that their impact on incentives and efficiency in large Double …

experiment whether gossip affects the efficiency of human interactions. We let subjects play a trust game. Third parties observe … possibility of gossip is highly efficiency-increasing compared to a situation without any gossip. In two further control … treatments, we show that the mere fact of being observed by third parties cannot explain the efficiency-increasing effect of …

experiment whether gossip affects the efficiency of human interactions. We let subjects play a trust game. Third parties observe … possibility of gossip is highly efficiency-increasing compared to a situation without any gossip. In two further control … treatments, we show that the mere fact of being observed by third parties cannot explain the efficiency-increasing effect of …

focality of three properties of bargaining outcomes: equality, Pareto efficiency, and total earnings maximization. Our main …

I prove an efficiency result for repeated games with imperfect public monitoring in which one player's utility is … assumptions, the efficiency result partially extends to settings in which one player has private information that determines every …

This paper presents an experimental analysis of 2x2 coordination games in which player 1 earns a substantially higher … coordination on an efficient equilibrium, (2) a transfer from player 1 to player 2 is positive, and is higher when player 2 chooses … efficiency and equity of the final outcome. Furthermore, these tendencies are stronger when the two players have conflicting …

properties of markets without transaction costs, namely strategyproofness, efficiency, and robustness to misspecified beliefs and …

in absolute terms are characterized. Efficiency and stability are shown to be incompatible, but partial subsidizing is …

best we mean that one can find mechanisms that satisfy efficiency of decision, dominant strategy incentive compatibility …