The paper presents a comparative analysis of the peculiar institutional features of two retail markets: the middle eastern Bazaar and the western Mall (shopping center). We study the informational functions and performance of the different market institutions using an Agent Based Computational...

Exploitation of non–renewable resources is an intensively studied field of environmental economics in the last century. Since the influential Hotelling’s paper a huge progress is made in the depletable resources literature. Although a variety of methodologies is used in that problem’s...

In this paper we review the state of the art of Games with Strategic Complementarities (GSC), which are fundamental tools in modern Industrial Organization. The originality of the paper lies in the way the material is presented. Indeed, the mathematical aspects of GSC are complex and scattered...

The paper introduces the subject of terrorism and counterterrorism by means of a two-person bimatrix game that provides some insight into the behavior of the two players. We then examine three important areas in counterterrorism tasks: the detection of terrorist cells and how to render them...

In this paper we extend the basic model of Cournot competition to the case where both the demand function and the cost functions of each firm depend on the amounts produced by competitors. In this modified setting, proving existence of equilibria becomes harder. We develop a generalization of...

Purification results are important in game theory and statistical decision theory. The purpose of this paper is to prove a general purification theorem that generalizes many authors' results. The key idea of our proof is to make use of the exact law of large numbers. As an application, we show...

The intuitive idea of two activities being complements, for example tea and lemon, is that increasing the level of one makes somehow desirable to increase the level of the other (Samuelson, 1974). Hence complementarity, in its very nature, is a sensitivity property of the set of solutions to an...

We introduce a class of games with complementarities that has the quasisupermodular games, hence the supermodular games, as a special case. Our games retain the main property of quasisupermodular games: the Nash set is a nonempty complete lattice. We use monotonicity properties on the best reply...

Many economic models include random shocks imposed on a large number (continuum) of economic agents with individual risk. In this context, an exact law of large numbers and its converse is presented in Sun (2006) to characterize the cancelation of individual risk via aggregation. However, it is...

We show that the main theorem in Al-Najjar’s 1995 Econometrica paper is false. We provide additional references for the residual implications that are valid, but point out that these stan- dard implications are incapable of bearing the interpretative weight that Al-Najjar places on them.