Bargaining under uncertainty is modeled by the assumption that thereare several possible states of nature, each of which is identied with abargaining problem...

We construct a simple three person trust game with one trustor and two trustees. The trustorhas the possibility to either trust both trustees or none, while the trustees make their decisionseither sequentially or simultaneously, depending on the treatment. When trustees play...

Different evaluators typically disagree how to rank different candidates since theycare more or less for the various qualities of the candidates. It is assumed that allevaluators submit vector bids assigning a monetary bid for each possible rank order.The rules must specify for all possible...

Ordinarily, the process of decision making by a committee through voting is mod-elled by a monotonic game the range of whose characteristic function is restricted tof0; 1g: The decision rule that governs the collective action of a voting body induces ahierarchy in the set of players in terms of...

I show how improper conditioning of beliefs can lead to under-contribution in public goods environments with interdependent values. I consider a simple model of a binary, excludable public good. In equilibrium, provision of the public good is good news about its value. Naive players who...

Ken Arrow (1998) asks, “What has economics to say about racial discrimination?” He replies – entirely correctly – that racial “segregation within an industry – that is, firms with either all black or all white labor forces” – may be explained by economic theory, but “the...

By generalizing the standard solution for 2-person games into n-person cases, this paper develops a new solution concept for cooperative games: the consensus value.We characterize the consensus value as the unique function that satisfies efficiency, symmetry, the quasi dummy property and...

90 Classical problems in economics are concerned with the solutions of several simultaneous nonlinear optimization problems, one for each consumer or producer, all facing constraints posed by the scarcity of resources. Often their interests conflict, and it is generally impossible to find a...

“Written with the attempt to tell credible history and possible scenes, in order to anticipate still latent tendencies, or in order to imagine communities and societies more civil, richer than reciprocity, in all its shapes. ” (pp. XV). From this ambitious premised the author of the issue...

We model the decision problems faced by the members of societies whose new members are determined by vote. We adopt a number of simplifying assumptions: the founders and the candidates are fixed; the society operates for $k$ periods and holds elections at the beginning of each period; one vote is...