Institutional economics is one of the most developing fields of economics. However, many its issues still need to be solved. For instance the theory does not give exact answer to why particular institutions (formal and informal norms) occur, change and cease to exist. The paper tries to solve...

This paper challenges the notion that voting games with purely instrumental players cannot account for high turnout (the ‘turnout paradox'). Although it has been known for over 25 years that such games can generate high-turnout equilibria, the said equilibria have been rejected on the grounds...

Gradualism is common in international cooperation, as states begin with limited cooperation and choose more ambitious targets slowly over time. However, most models of international cooperation are static and thus cannot explain gradualism. I show that when states can implement domestic reforms...

This article revisits the 2 × 2 penalty kick game and seeks to explain differences in mixed strategies associated with different player types and the relative performance of these player types. The authors show that (a) a kicker’s general ability is a reliable indicator of his success rate,...

This paper provides a model that attempts to deal with the transboundary nature of the acid rain problem, using a game theoretic approach consistent with mainstream economic theory. The general forms of cooperative and non-cooperative equilibria in the explicit and implicit set-up of the model...

End-stage renal disease (ESRD) is the ninth-leading cause of death in the U.S. Transplantation is the most viable renal replacement therapy for ESRD patients, but there is a severe disparity between the demand for kidneys for transplantation and the supply. This shortage is further complicated...

Purpose – It is hard to accurately price a merger or acquisition, primarily as there are psychological factors that impact such pricing. As a result, it is hard for traditional financial models to accurately undertake valuations for merger or acquisition transactions. The purpose of this paper...

No abstract.

This paper examines the effect of uncertainty on investment timing in a game theoretical real option model. We extend the settings of Gryglewicz et al. (2008), Wong (2007), and Sarkar (2000) by a more general assumption, i.e. the investment is also influenced by the actions of a second player....