John and Lisa are offered additional insurance against the risk of a heart disease. They
would like to know the probability of developing such a disease over the next 10 years. The …

Few papers in the literature on inequality measurement deal with uncertainty, particularly
when the ranking of cohorts may not be fixed. We present a set of axioms implying such a …

The recent development of computational methods in repeated games has made it possible
to study the properties of subgame-perfect equilibria in more detail. This paper shows that …

This paper examines how to construct subgame-perfect mixed-strategy equilibria in
discounted repeated games with perfect monitoring. We introduce a relatively simple class …

This paper develops a positive theory of informal justice based on social preferences. We
consider a principal and an agent whose relationship is mediated by a third-party arbitrator …

Raiffa (1961) criticizes ambiguity-averse preferences by claiming that hedging is possible
with randomization of choices. We argue that the timing of randomization is crucial for …

This paper presents a method for computing the minimum purestrategy subgame-perfect
equilibrium payoffs in repeated games. These optimal punishments play an important role …

In the first chapter I discuss how OPEC's internal costs restrict their ability collude. Where
membership in 2007 was anchored by three large, low-cost producers in Iran, Venezuela …

This paper develops a novel positive model of informal contracting in which rewards and
punishments are not determined by an ex ante optimal plan but instead express the ex post …