We propose a model of price competition where consumers exogenously differ in the number of prices they compare. Our model can be interpreted either as a non–sequential search model or as a network model of price competition. We show that i) if consumers who previously just sampled one firm start to compare more prices all types of consumers will expect to pay a lower price and ii) if consumers...

We develop simple methods for the stochastic comparisons of informational energy functions. We introduce modified informational energy functions and uncertainty of parameter functions are introduced for models with realistic parameter spaces. We present inequalities, comparisons, and applications including test procedures for testing the equality of informational energy functions. Some illustra...

We show that information sharing among banks may serve as a collusive device. An informational sharing agreement is an a-priori commitment to reduce informational asymmetry between banks in future lending. Hence, information sharing agreements tend to increase the intensity of competition in future periods and, thus, reduce the value of informational rents in current competition. We contribute ...

In a model of majority voting with common values and costly but voluntary participation, we show that in the vicinity of equilibrium, it is always Pareto-improving for more agents, on the average, to vote. This demonstrates that the negative voting externality identified by Borgers(2001) in the context of private values is always dominated by a positive informational externality. In addition, w...

The cost and schedule required to design and develop modern computer based systems has grown dramatically over the past decade. Advanced system engineering development methods and automation techniques are required to manage the complexity inherent in the design of large complex computer based systems to provide an efficient means for evaluating various requirements options. OML is an approach,...

A common rationale for bicameralism is that a second look at proposed legislation results in the enactment of informationally better legislation than that enacted by unicameral legislatures. This argument neglects that choices by bicameral chambers to acquire information arise within the strategic environment formed by the interplay of the chambers. Because information is costly, bicameral cham...

verbally, methodologically, formalistically and graphically. On the web site several articles and books in English, German and Slovenian (Meditations) are published free of charge. At the beginning, there are Basic axioms for formula composition as syntactically as partially semantic set of the very basic rules, defining the so-called informational-conscious externalism, internalism, metaphysic...

The paper describes the arriving, the probable and the inevitable, emerging through the exponential technological development, particularly the informational one (IT), and by the new concepts of Kurzweil’s singularity of the strong artificial intelligence (AI) on the one side and by the recursiveness of author’s informational consciousness (IC) on the other. A comparison between the criteria of...

Three experiments measured the effects of age on informational masking of speech by competing speech. The experiments were designed to minimize the energetic contributions of the competing speech so that informational masking could be measured with no large corrections for energetic masking. Experiment 1 used a "speech-in-speech-in-noise" design, in which the competing speech was presented in n...