Some recent theoretical approaches to the question of how players might converge over time to a Nash equilibrium have assumed that the players update their beliefs about other players via Bayes' Rule. Jordan has shown in a Bayesian model of this kind that play will (theoretically) always...

This paper presents theoretical extensions and laboratory tests of the Hoffman and Libecap (1994) model of individual firm incentives to form agricultural marketing pools. The key incentives are lower variance in output prices and economies in scale in marketing. This paper extends the model by...