Now showing items 1-5 of 5
Admissible Hierachic Sets
In this paper we present a solution concept for abstract systems called the admissible hierarchic set. The solution we propose is a refinement of the hierarchic solution, a generalization of the von Neumann and Morgenstern ...
A Behavioral Foundation for Models of Evolutionary Drift
Binmore and Samuelson (1999) have shown that perturbations (drift) are crucial to study the stability properties of Nash equilibria. We contribute to this literature by providing a behavioural foundation for models of ...
Mas-Colell, Whinston and Green Versus Scitovsky on Profit and Utility Maximization
I contrast the theoretical foundation of profit maximization of Mas-Colell, Whinston and Green’s “Microeconomics” against that provided by Scitovsky in a paper of 1943. Whereas Mas-Colell, Whinston and Green try to show ...
Implementing with veto players: a simple non cooperative game
The paper adapts a non cooperative game presented by Dagan, Serrano and Volij (1997) for bankruptcy problems to the context of TU veto balanced games. We investigate the relationship between the Nash outcomes of a ...
Valuing Flexibility: The case of an Integrated Gasification Combined Cycle Power Plant
In this paper we analyze the valuation of options stemming from the flexibility in an Integrated Gasification Combined Cycle (IGCC) Power Plant. First we use as a base case the opportunity to invest in a Natural Gas Combined ...