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- Benjamin Golub, Matthew O. Jackson, +4 authors Norma Olaizola
- 2011

We examine how the speed of learning and best-response processes depends on homophily: the tendency of agents to associate disproportionately with those having similar traits. When agents’ beliefs or behaviors are developed by averaging what they see among their neighbors, then convergence to a consensus is slowed by the presence of homophily, but is not… (More)

- Carlos Alós-Ferrer, Christoph Kuzmics
- J. Economic Theory
- 2013

This paper provides a general formal framework to define and analyze the concepts of focal points and frames for normal form games. The information provided by a frame is captured by a symmetry structure which is consistent with the payoff structure of the game. The set of alternative symmetry structures has itself a clear structure (a lattice). Focal… (More)

We study a natural (and, in a well-defined sense, minimal) refinement of the best-reply correspondence. Its fixed points, notions of rationalizability and CURB sets based on this correspondence are defined and characterized. Finally minimally asymptotically stable faces under the induced refined best-reply dynamics are characterized.

- Ines Fortin, Christoph Kuzmics
- Int. Syst. in Accounting, Finance and Management
- 2002

The empirical joint distribution of return-pairs on stock indices displays high tail-dependence in the lower tail and low tail-dependence in the upper tail. The presence of tail-dependence is not compatible with the assumption of (conditional) joint normality. The presence of asymmetric-tail dependence is not compatible with the assumption of a joint… (More)

A population of individuals is divided into groups. Individuals are recurrently randomly matched with individuals from their group to play a generic symmetric 2-player game. Deterministic interand intragroup dynamics are derived from a model of individual imitation within groups and individual migration between groups. Conditions are identified under which… (More)

- Matthias Dahm, David Austen-Smith, +13 authors Anáıs Tarragó
- 2006

Since campaign finance reform is usually motivated by the concern that existing legislation can not effectively prevent campaign contributions to ‘buy favors’, this paper assumes that contributions influence political decisions. But, given that it is also widely recognized that interest groups achieve influence by providing political decision makers with… (More)

- Patrick Beissner, Chiaki Hara, +7 authors Walter Trockel
- 2013

We consider fundamental questions of arbitrage pricing arising when the uncertainty model incorporates volatility uncertainty. The resulting ambiguity motivates a new principle of preference-free valuation. By establishing a microeconomic foundation of sublinear price systems, the principle of ambiguity-neutral valuation imposes the novel concept of… (More)

- Christoph Kuzmics
- Games and Economic Behavior
- 2011

This paper analyzes a stochastic best reply evolutionary model with inertia in normal form games. The long-run behavior of individuals in this model is investigated in the limit where experimentation rates tend to zero, while the expected number of experimenters, and hence also population sizes, tend to infinity. Conditions on the learning-rate which are… (More)

- Chiaki Hara, James Huang, Christoph Kuzmics
- J. Economic Theory
- 2007

We study the representative consumer’s risk attitude and efficient risk-sharing rules in a singleperiod, single-good economy in which consumers have homogeneous probabilistic beliefs but heterogeneous risk attitudes. We prove that if all consumers have convex absolute risk tolerance, so must the representative consumer. We also identify a relationship… (More)