The study addresses important question regarding the computational aspect of coalition formation. Almost as well known to find payoffs (imputations) belonging to a core, is prohibitively difficult, NP-hard task even for modern super-computers. In addition to the difficulty, the task becomes...

Game Theory has been gaining great importance in Economics, encouraging research in many theoretical and applied fields. This paper relies on simple game theory tools to set up a major international trade dispute. Using the backward deduction approach, the strategies of the United States and...

When John Nash won the Nobel prize in economics in 1994, many people were surprised to learn that he was alive and well. Since then, Sylvia Nasar's celebrated biography <i>A Beautiful Mind</i>, the basis of a new major motion picture, has revealed the man. <I>The Essential John Nash</I> reveals his work--in...</i>

When John Nash won the Nobel prize in economics in 1994, many people were surprised to learn that he was alive and well. Since then, Sylvia Nasar's celebrated biography <i>A Beautiful Mind</i>, the basis of a new major motion picture, has revealed the man. <I>The Essential John Nash</I> reveals his work--in...</i>

Voters today often desert a preferred candidate for a more viable second choice to avoid wasting their vote. Likewise, parties to a dispute often find themselves unable to agree on a fair division of contested goods. In <i>Mathematics and Democracy</i>, Steven Brams, a leading authority in the use of...

We show that asymmetric equilibria may exist in an ex ante symmetric step-by-step R&D if product market competition is intense. The corresponding symmetric equilibrium is unstable and therefore less likely the one selected, while the asymmetric ones result in lower economic growth (reversing...

The objective of this work is to present a principle taht has recently played a fundamental role in axiomatic analysis, and a converse of this principle, which has also played an important role. They are now most commonly known under the names of consistence and converse consistency. We survey...