This site uses the tools of modern economics and game theory to explore how the interaction of intelligent goal-seeking individuals determines social outcomes. Find out more about game theory. In Memoriam: Axel Leijonhufvud: An appreciation of Axel as a man and an economist here. My friend Roger Farmer has an appreciation here. [Posted at // : AM by David K. Levine ]Tale of Two Sub...
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maintenance costs, being right is always as good as being smart. Moreover, if a manifest way to play emerges, then dumb players never die out, while smarter.
The paper examines a large population analog of fictitious play in which players learn from personal experience, focusing on what happens when a single ...
Abstract. Evolutionary games have considerable unrealized potential for modeling substantive economic issues. They promise richer predictions than.
We thank Fernando Alvarez, Patrick Bolton, Jacques Dreze, Tim Kehoe, Herakles Polemar- chakis, seminar audiences at Arizona State University, the University ...
Kehoe, T. J. and D. K. Levine [1993]: “Debt Constrained Asset Markets,” Review of. Economic Studies, 60, 865-888. Kehoe, T. J., D. K. Levine, ...
A common problem in the social sciences is the observation of large differences in outcomes in the absence of corresponding differences in fundamentals.
In March 2001, bowing to public pressure, the pharmaceutical company Merck announced that it would sell its AIDS drug at cost in South Africa.
Abstract. We provide a time-consistent model that addresses the preference reversals that motivate the time-inconsistency literature.
ABSTRACT. We construct an abstract, dynamic general equilibrium model of innovation and growth, in the spirit of Schumpeter's Theory of Eco-.
New: Research Paper Podcasts: Get 'em at http://www.dklevine.com/papers.htm [Posted at 03/29/2006 02:39 PM by David K. Levine ].
uses the tools of modern economics and game theory to explore how the interaction of intelligent goal-seeking individuals determines social outcomes.
This paper analyzes the effects of moral hazard on long-run consumption or utility. Given exponential utility, it is shown that the utility of those with ...
Fudenberg, D., D. K. Levine, and S. Takahashi [2006] “Perfect Public Equilibrium when. Players are Patient,” forthcoming in Games and Economic Behavior.
Accessed: 07/12/2010 13:40. Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use, available at.
This paper provides an analog to the aggregate monotonicity condition introduced by Samuelson and Zhang [J. .&on. Theory, 19921 in a study of.
from the set of Nash equilibria in generic games. We fit the model to a variety of experimental data sets by using maximum likelihood estimation.
A decision maker (DM) is characterized by two binary relations. The first reffects choices that are rational in an “objective” sense: the DM can convince ...
Accessed: 10/12/2010 20:22. Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use, available at.
Accessed: 07/12/2010 12:54. Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use, available at.
The paper studies two-person supergames. Each player is restricted to carry out his strategies by finite automata. A player's aim is to maximize his average ...
Department of Economics. Villa La Fonte, Via delle Fontanelle 18, 50014, San Domenico di Fiesole, Italy. Tel. +39 055 4685 954. Email. [email protected].
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