investors differ in their investment horizons. In equilibrium, illiquidity spills over from short-term to long-term assets and …

investors differ in their investment horizons. In equilibrium, short-horizon investors only invest in short-term assets and …

players to which ν will become disconnected. We focus on unilateral link formation and Nash equilibrium. We show existence of …

investors differ in their trading needs. Our equilibrium model generates a clientele effect (frequently trading investors only …

well known refinements of the Nash equilibrium, namely, perfect Nash equilibrium and proper Nash equilibrium, are special … Nash equilibrium is shown to exist for every game. In symmetric bimatrix games, our results imply the existence of a … symmetric proper equilibrium. Applying our results to the field of evolutionary game theory yields a refinement of the …

investigates this specific tradeoff and identifies an allocation rule that is individually rational, equilibrium selecting, and … domain, the identified rule is the equilibrium selecting rule that transfers the maximum number of ownerships from the public …