Strategy-proof exchange

Article Abstract:

Walrasian equilibria, rational expectations equilibria and other standard allocation rules do not apply to goods allocation in an exchange economy characterized by a finite number of agents having private information about their choices. A set of incentive-compatible allocation rules was thus examined to identify the set of strategy-proof social choice functions. The strategy-proof social choice functions are those which are determined by trading based on a finite number of pre-specified proportions.

Research

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Efficiency and voluntary implementation in markets with repeated pairwise bargaining

Article Abstract:

An examination of the equilibrium formed in an extensive dynamic pairwise bargaining game where individual rationality is intermittent, showed that participants in the bargaining game were almost at the same wealth or benefit level than the disconted expected value of their future rematching in the successive stages of the game. This is manifest in the value derived from each of their bargaining match, with the initial value of the match almost the same value as the successive matches.

Economics, Research and Development in the Social Sciences and Humanities, Negotiation, Negotiations

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Bayesian representation of stochastic processes under learning: De Finetti revisited

Article Abstract:

A specific natural representation of a probability distribution for a discrete-time finite-state stochastic process has been derived by imposing two requirements on the component distributions. The developed representation is fine enough so that the component distributions are adequate for asymptotic prediction. It is also coarse enough so that it does not consist of component distributions that are not learnable no matter how long the process is observed.

Analysis, Usage, Bayesian statistical decision theory, Bayesian analysis, Probabilities, Probability theory, Stochastic processes

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