Is civil and criminal litigation a search for truth, like science or philosophy, or a game of skill and luck, like the game of poker? Although the process of litigation has been modeled as a Prisoner’s Dilemma, as a War of Attrition, as a Game of Chicken, and even as a simple coin toss, no one...

This paper studies a 2-agent, 2-type principal-multiagent model of adverse selection under the assumption that the agents each have complete information. We construct a mechanism implementing the first-best contracts in Nash equilibrium that: satisfies a condition related to individual...

This study constructs a simplest model to examine anticompetitive exclusive contracts that prevent a downstream buyer from buying input from a new up-stream supplier. Incorporating Nash bargaining into the standard one-buyer-one-supplier framework in the Chicago School critique, we show a...

It is known that there are uncoupled learning heuristics leading to Nash equilibrium in all finite games. Why should players use such learning heuristics and where could they come from? We show that there is no uncoupled learning heuristic leading to Nash equilibrium in all finite games that a...

It is known that there are uncoupled learning heuristics leading to Nash equilibrium in all finite games. Why should players use such learning heuristics and where could they come from? We show that there is no uncoupled learning heuristic leading to Nash equilibrium in all finite games that a...

It is known that there are uncoupled learning heuristics leading to Nash equilibrium in all finite games. Why should players use such learning heuristics and where could they come from? We show that there is no uncoupled learning heuristic leading to Nash equilibrium in all finite games that a...

It is known that there are uncoupled learning heuristics leading to Nash equilibrium in all finite games. Why should players use such learning heuristics and where could they come from? We show that there is no uncoupled learning heuristic leading to Nash equilibrium in all finite games that a...

The U.K.'s decision to leave the EU and the voting in of the protectionist Donald Trump to the US presidency has drawn both the UK and the USA into the Nash Trap.U.S. mathematician John Nash (the movie ‘A Beautiful Mind') postulated that Adam Smith's declaration that ‘In competition,...

In John Nash’s proofs for the existence of (Nash) equilibria basedon Brouwer’s theorem, an iteration mapping is used. A continuous—time analogue of the same mapping has been studied even earlier byBrown and von Neumann. This differential equation has recently beensuggested as a plausible...