Author: Alexander Wolitzky
Publisher:
ISBN:
Category :
Languages : en
Pages : 202
Book Description
The thesis consists of four essays on bargaining and repeated games. The first essay studies whether allowing players to sign binding contracts governing future play leads to reputation effects in repeated games with long-run players. Given any prior over behavioral types, a modified prior is constructed with the same total weight on behavioral types and a larger support under which almost all efficient, feasible, and individually rational payoffs are attainable in perfect Bayesian equilibrium. Thus, whether reputation effects emerge in repeated games with contracts depends on details of the prior distribution over behavioral types other than its support. The second essay studies reputational bargaining under the assumption of first-order knowledge of rationality. The share of the surplus that a player can guarantee herself is determined, as is the bargaining posture that she must announce in order to guarantee herself this much. It is shown that this maxmin share of the surplus is large relative to the player's initial reputation, and that the corresponding bargaining posture simply demands this share plus compensation for any delay in reaching agreement. The third essay studies the maximum level of cooperation that can be sustained in sequential equilibrium in repeated games with network monitoring. The foundational result is that the maximum level of cooperation can be sustained in grim trigger strategies. Comparative statics on the maximum level of cooperation are shown to be highly tractable. For the case of fixed monitoring networks, a new notion of network centrality is introduced, which characterizes which players have greater capacities for cooperation and which networks can support more cooperation. The fourth essay studies the price-setting problem of a monopoly that in each time period has the option of failing to deliver its good after receiving payment. Optimal equilibrium pricing and profits are characterized. For durable goods, a lower bound on optimal profit for any discount factor is provided. The bound converges to the optimal static monopoly profit as the discount factor converges to one, in contrast to the Coase conjecture.
Essays on Bargaining and Repeated Games
Author: Alexander Wolitzky
Publisher:
ISBN:
Category :
Languages : en
Pages : 202
Book Description
The thesis consists of four essays on bargaining and repeated games. The first essay studies whether allowing players to sign binding contracts governing future play leads to reputation effects in repeated games with long-run players. Given any prior over behavioral types, a modified prior is constructed with the same total weight on behavioral types and a larger support under which almost all efficient, feasible, and individually rational payoffs are attainable in perfect Bayesian equilibrium. Thus, whether reputation effects emerge in repeated games with contracts depends on details of the prior distribution over behavioral types other than its support. The second essay studies reputational bargaining under the assumption of first-order knowledge of rationality. The share of the surplus that a player can guarantee herself is determined, as is the bargaining posture that she must announce in order to guarantee herself this much. It is shown that this maxmin share of the surplus is large relative to the player's initial reputation, and that the corresponding bargaining posture simply demands this share plus compensation for any delay in reaching agreement. The third essay studies the maximum level of cooperation that can be sustained in sequential equilibrium in repeated games with network monitoring. The foundational result is that the maximum level of cooperation can be sustained in grim trigger strategies. Comparative statics on the maximum level of cooperation are shown to be highly tractable. For the case of fixed monitoring networks, a new notion of network centrality is introduced, which characterizes which players have greater capacities for cooperation and which networks can support more cooperation. The fourth essay studies the price-setting problem of a monopoly that in each time period has the option of failing to deliver its good after receiving payment. Optimal equilibrium pricing and profits are characterized. For durable goods, a lower bound on optimal profit for any discount factor is provided. The bound converges to the optimal static monopoly profit as the discount factor converges to one, in contrast to the Coase conjecture.
Publisher:
ISBN:
Category :
Languages : en
Pages : 202
Book Description
The thesis consists of four essays on bargaining and repeated games. The first essay studies whether allowing players to sign binding contracts governing future play leads to reputation effects in repeated games with long-run players. Given any prior over behavioral types, a modified prior is constructed with the same total weight on behavioral types and a larger support under which almost all efficient, feasible, and individually rational payoffs are attainable in perfect Bayesian equilibrium. Thus, whether reputation effects emerge in repeated games with contracts depends on details of the prior distribution over behavioral types other than its support. The second essay studies reputational bargaining under the assumption of first-order knowledge of rationality. The share of the surplus that a player can guarantee herself is determined, as is the bargaining posture that she must announce in order to guarantee herself this much. It is shown that this maxmin share of the surplus is large relative to the player's initial reputation, and that the corresponding bargaining posture simply demands this share plus compensation for any delay in reaching agreement. The third essay studies the maximum level of cooperation that can be sustained in sequential equilibrium in repeated games with network monitoring. The foundational result is that the maximum level of cooperation can be sustained in grim trigger strategies. Comparative statics on the maximum level of cooperation are shown to be highly tractable. For the case of fixed monitoring networks, a new notion of network centrality is introduced, which characterizes which players have greater capacities for cooperation and which networks can support more cooperation. The fourth essay studies the price-setting problem of a monopoly that in each time period has the option of failing to deliver its good after receiving payment. Optimal equilibrium pricing and profits are characterized. For durable goods, a lower bound on optimal profit for any discount factor is provided. The bound converges to the optimal static monopoly profit as the discount factor converges to one, in contrast to the Coase conjecture.
Essays in Game Theory
Author: Nimrod Megiddo
Publisher: Springer Science & Business Media
ISBN: 1461226481
Category : Mathematics
Languages : en
Pages : 209
Book Description
This volume presents a collection of papers on game theory dedicated to Michael Maschler. Through his dedication and contributions to game theory, Maschler has become an important figure particularly in the area of cooperative games. Game theory has since become an important subject in operations research, economics and management science. As befits such a volume, the main themes covered are cooperative games, coalitions, repeated games, and a cost allocation games. All the contributions are authoritative surveys of a particular topic, so together they will present an invaluable overview of the field to all those working on game theory problems.
Publisher: Springer Science & Business Media
ISBN: 1461226481
Category : Mathematics
Languages : en
Pages : 209
Book Description
This volume presents a collection of papers on game theory dedicated to Michael Maschler. Through his dedication and contributions to game theory, Maschler has become an important figure particularly in the area of cooperative games. Game theory has since become an important subject in operations research, economics and management science. As befits such a volume, the main themes covered are cooperative games, coalitions, repeated games, and a cost allocation games. All the contributions are authoritative surveys of a particular topic, so together they will present an invaluable overview of the field to all those working on game theory problems.
Essays on Dynamic Game Theory
Author: Gyu Ho Wang
Publisher:
ISBN:
Category :
Languages : en
Pages : 314
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages : 314
Book Description
Three Essays in Applied Game Theory
Author: Kwok H. Cheung
Publisher:
ISBN:
Category : Collective bargaining
Languages : en
Pages : 232
Book Description
Publisher:
ISBN:
Category : Collective bargaining
Languages : en
Pages : 232
Book Description
Essays in Dynamic Games
Author: Syed Nageeb Mustafa Ali
Publisher:
ISBN:
Category :
Languages : en
Pages : 300
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages : 300
Book Description
Essays in Game Theory and Mathematical Economics in Honor of Oskar Morgenstern
Author: Robert J. Aumann
Publisher: Bibliographisches Institut & F.A. Brockhaus AG
ISBN:
Category : Business & Economics
Languages : en
Pages : 206
Book Description
Publisher: Bibliographisches Institut & F.A. Brockhaus AG
ISBN:
Category : Business & Economics
Languages : en
Pages : 206
Book Description
Bargaining and Market Behavior
Author: Vernon L. Smith
Publisher: Cambridge University Press
ISBN: 0521584507
Category : Business & Economics
Languages : en
Pages : 474
Book Description
This second Cambridge University Press collection of papers by Vernon L. Smith, a creator of the field of experimental economics, includes many of his primary authored and coauthored contributions on bargaining and market behavior between 1990 and 1998. The essays explore the use of laboratory experiments to test propositions derived from economics and game theory. They also investigate the relationship between experimental economics and psychology, particularly the field of evolutionary psychology, using the latter to broaden the perspective in which experimental results are interpreted. The volume complements Professor Smith's earlier work by demonstrating the importance of institutional features of markets in understanding behavior and market performance. Specific themes investigated include rational choice, the notion of fairness, game theory and extensive form experimental interactions, institutions and market behavior, and the study of laboratory stock markets.
Publisher: Cambridge University Press
ISBN: 0521584507
Category : Business & Economics
Languages : en
Pages : 474
Book Description
This second Cambridge University Press collection of papers by Vernon L. Smith, a creator of the field of experimental economics, includes many of his primary authored and coauthored contributions on bargaining and market behavior between 1990 and 1998. The essays explore the use of laboratory experiments to test propositions derived from economics and game theory. They also investigate the relationship between experimental economics and psychology, particularly the field of evolutionary psychology, using the latter to broaden the perspective in which experimental results are interpreted. The volume complements Professor Smith's earlier work by demonstrating the importance of institutional features of markets in understanding behavior and market performance. Specific themes investigated include rational choice, the notion of fairness, game theory and extensive form experimental interactions, institutions and market behavior, and the study of laboratory stock markets.
Three Essays in Pre-trial Negotiation
Author: Jeong-Yoo Kim
Publisher:
ISBN:
Category : Actions and defenses
Languages : en
Pages : 244
Book Description
Publisher:
ISBN:
Category : Actions and defenses
Languages : en
Pages : 244
Book Description
Three Essays on Renegotiation in Games
Author: Andreas Blume
Publisher:
ISBN:
Category : Game theory
Languages : en
Pages : 292
Book Description
Publisher:
ISBN:
Category : Game theory
Languages : en
Pages : 292
Book Description
Essays in Game Theory
Author: Mehmet Barlo
Publisher:
ISBN:
Category :
Languages : en
Pages : 232
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages : 232
Book Description