This paper investigates how the introduction of social preferences affects players’ equilibrium behavior in both the one-shot and the infinitely repeated version of the Prisoner’s Dilemma game. We show that fairness concerns operate as a ”substitute” for time discounting in the...

In an incomplete information setting, we analyze the sealed bid auction proposed by Knaster (cf. Steinhaus (1948)). This procedure was designed to efficiently and fairly allocate multiple indivisible items when participants report their valuations truthfully. In equilibrium, players do not...

Using the political-economic history of the development of telephony during the 1870s as a backdrop, this paper studies a two-player Tullock contest that includes both research effort (R&D) and legal effort (<i>i.e.</i>, rent-seeking effort). The two types of efforts complement each other and...

We study evolutionary dynamics in assignment games where many agents interact anonymously at virtually no cost.  The process is decentralized, very little information is available and trade takes place at many different prices simultaneously.  We propose a completely uncoupled learning process...

The paper proves the existence and uniqueness of a noncooperative steady state in the context of a model of climate change. It also explores the possibility of cooperation and attainment of an optimal steady state. It is shown that the problem is similar to that in the static model (Chander and...

This paper takes the idea of coalitional behavior – groups of people occasionally acting together to their mutual benefit – and incorporates it into the framework of evolutionary game theory that underpins the social learning literature. An equilibrium selection criterion is defined which we...

An evolutionary style model of recontracting is given which guarantees convergence to core allocations of an underlying cooperative game. Unlike its predecessors in the evolution/learning literature, this is achieved without assumptions of convexity of the characteristic function or a reliance...

This article explains the emergence of an unique equilibrium resolution as the result of a compromise between two selves with different preferences. The stronger this difference is, the more generous the resolution gets. This result is in contrast to predictions of other models in which sinful...

Under appropriate assumptions (private values and uniform punishments), the Nash equilibria of a Bayesian repeated game without discounting are payoff-equivalent to tractable, completely revealing, equilibria and can be achieved as interim cooperative solutions of the initial Bayesian game. This...