We apply the stochastic evolutionary approach of equilibrium selection to macroeconomic models in which a complementarity at the macro level is present. These models often exhibit multile Pareto-ranked Nash equilibria , and the best response-correspondence of an individual increases with a...

A two-agent model for the exploitation of the Arcto-Norwegian cod stock is developed to investigate the economic benefits that can be realized from resources , and the effect of exploitation on stock sustainability under cooperation and non-cooperation.

This paper develops a bioeconomic model for two Barents Sea fisheries that attempts to capture the predator-prey relationships between cod and capelin, the two main species in the habitat. The aim is to analyze joint (cooperative) versus separate (noncooperative) management of this predator-prey...

So-called potential functions are important, prominent, and common to many diverses fields, including optimization, dynamic processes, and physics. Monderer and Shapley have recently added a class of noncooperative games to that list. We extend their notion and consider repeated play of games...

If we express our knowledge in sentences, we will find that these sentences to some extent are linked by logical rules. We ask whether the structure logic imposes on our knowledge restricts what we forget and what we remember. The model is a two period S5-style modal logic. In this logic we...