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We analyze situations where the provision of each of c public goods must be voluntarily assumed by exactly one of n private agents in the absence of transfer schemes or binding contracts. We model this problem as a complete information, potentially infinite horizon game where n agents...
We argue that, in exchange economies, various versions of the bargaining set cannot be implemented in Nash equilibrium. We then propose an extensive form mechanism that exactly implements the Aumann–Davis–Maschler bargaining set in subgame perfect equilibrium. The mechanism corresponds...
We present a series of experimental coordination games with a payoff-dominant and a risk-dominant Nash equilibrium. We examine how much local interaction structures affect players' strategy choices. Our three major observations are the following: First, local interaction with open neighborhoods...
The one-state machine that always defects is the only evolutionarily stable strategy in the machine game that is derived from the prisoners' dilemma, when preferences are lexicographic in complexity. This machine is the only stochastically stable strategy of the machine game when players are...
We study affiliated value second price auctions with two financially constrained bidders. We prove the existence of a symmetric equilibrium under quite general conditions. Comparative static results are provided. Journal of Economic Literature Classification Number: D44.
This paper analyzes endogenous timing in a duopoly model with incomplete information. Firms announce the period in which they will move before choosing an action and are then committed to their choices. Endogenous Stackelberg equilibria, with either the informed or the uninformed firm as the...
This paper scrutinizes various stylized facts related to the minmax theorem for chess. We first point out that, in contrast to the prevalent understanding, chess is actually an infinite game, so that backward induction does not apply in the strict sense. Second, we recall the original argument...
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