EC516 Contracts and Organisations, LSE 2. Lecture Notes on Binding Agreements
نویسنده
چکیده
Von Neumann and Morgenstern’s characteristic function tells us that if this firm breaks off, it should anticipate whatever it is that the other firms can hold it down to. But this last number is zero, for it is certainly the case that the other two firms can flood the market and drive prices down to zero. So the characteristic function predicts that our firm should not object to any nonnegative return, however small. This is clearly absurd.
منابع مشابه
EC516 Contracts and Organisations, LSE 3. Lecture Notes on Binding Agreements Debraj Ray 1. Coalition Formation in Symmetric Games
1.1. Standard Equilibrium and the Algorithm. This is the theorem with which we ended the previous lecture: Theorem 1. There exists δ∗ ∈ (0, 1) such that for all δ ∈ (δ∗, 1), any standard equilibrium must be of the following form. At a stage in which any substructure π has left the game (with associated numerical substructure n), the next coalition that forms is of size t(n) and the payoff to a ...
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