In a haystack-type representation of a heterogeneous population that is evolving according to a payoff structure of a prisoner’s dilemma game, migration is modeled as a process of “swapping” individuals between heterogeneous groups of constant size after a random allocation fills the...

"We document the market response to an unexpected announcement of proposed sales of government-owned shares in China. In contrast to the "privatization premium" found in earlier work, we find a negative effect of government ownership on returns at the announcement date and a symmetric positive...