Evolutionary stability in repeated games played by finite automata

We consider a game in which "meta-players" choose finite automata to play a repeated stage game. Meta-players' utilities are lexicographic, first increasing in the (limit-of-the-means) payoffs of the repeated game and second decreasing in the number of states in their automaton. We examine the outcomes in this game which satisfy a version of evolutionary stability that has been modified to permit existence. We find that such automata must be efficient, in that they must maximize the sum of the (limit-of-the-means) payoffs from the repeated game.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/29923/1/0000280.pd

Economic Analysis of Knowledge: The History of Thought and the Central Themes

Following the development of knowledge economies, there has been a rapid expansion of economic analysis of knowledge, both in the context of technological knowledge in particular and the decision theory in general. This paper surveys this literature by identifying the main themes and contributions and outlines the future prospects of the discipline. The wide scope of knowledge related questions in terms of applicability and alternative approaches has led to the fragmentation of research. Nevertheless, one can identify a continuing tradition which analyses various aspects of the generation, dissemination and use of knowledge in the economy

Managerial Power, Stock-Based Compensation, and Firm Performance: Theory and Evidence

We study theoretically and empirically the relation among CEO power, CEO pay and firm performance. Our theoretical model follows the rent extraction view of CEO compensation put forward by the managerial power theory. We test our theoretical findings using the sample of S&P1500 firms. The predicted relation between power and pay is largely supported. However, the relation between power and firm performance has mixed support, suggesting that, while the managerial power theory has relevance in explaining the relation between power and pay, the scope of power needs to be broadened for better understanding of how managerial power affects firm performance

Some properties of series summable by Abel methods

Imperial Users onl

Book Review

Review of: Towards a Comparative Institutional Analysis. By Masahiko Aoki. 2001. MIT Press: Cambridge, MA