Without widespread immunization of the population or complete eradication of the virus, the road to recovery from the current COVID-19 lockdowns will follow a path that strikes the difficult balance between the social and economic benefits of liberty and the death toll from the disease. We...

Consider a society where all agents initially play fair and one agent invents a cheating strategy such as doping in sports. Which factors determine the success of the new cheating strategy? In order to study this question we consider an evolutionary game with local information. Three factors...

We give conditions under which the smoothness properties of the value and policy functions of a dynamic program at discount factor zero extend to small positive discount factors. We apply this to a model of Bayesian learning by a decision maker who does not know which of several parameters is...