Fabrizio Germano

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We construct an uncoupled randomized strategy of repeated play such that, if every player plays according to it, mixed action profiles converge almost surely to a Nash equilibrium of the stage game. The strategy requires very little in terms of information about the game, as players' actions are based only on their own past payoffs. Moreover, in a variant(More)
Standard models of advertising-…nanced media assume consumers patronize a single media platform, precluding e¤ective competition for advertisers. Such competition ensues if consumers multi-home. The principle of incremental pricing implies that multi-homing consumers are less valuable to platforms. Then entry of new platforms decreases ad prices, while a(More)
Standard media economics models imply that increased platform competition decreases ad levels and that mergers reduce per-viewer ad prices. The empirical evidence, however, is mixed. We attribute the theoretical predictions to the combined assumptions that there is no advertising congestion and that viewers single-home. Allowing for crowding in viewer(More)
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