Correlated equilibrium [1] generalizes Nash equilibrium to allow correlation devices. Aumann showed an example of a game, and of a correlated equilibrium in this game, in which the agents’ surplus (expected sum of payoffs) is greater than their surplus in all mixedstrategy equilibria. Following the idea initiated by the price of anarchy literature [2, 3] this suggests the study of two major mea...

BACKGROUND The purpose of this study was to investigate attitudes towards the donation of surplus embryos among couples with cryopreserved embryos/zygotes, and to identify correlates associated with attitudes toward the destinations of surplus embryos/zygotes. METHODS Eleven of 19 Swiss in vitro fertilization (IVF) centers in existence in 2004 participated in the survey. Questionnaires were s...

This paper analyzes the numerical impact of different surplus distribution mechanisms on the risk exposure of a life insurance company selling with profit life insurance policies with a cliquet-style interest rate guarantee. Three representative companies are considered, each using a different type of surplus distribution: A mechanism, where the guaranteed interest rate also applies to surplus ...

This essay will attempt, first and foremost, a definitive exposition of Marx’s theory of productive and unproductive labour.1 This theory is presented in the three volumes of Capital and in Theories of Surplus Value—Marx’s projected historico-critical fourth volume.2 This seems useful and necessary for several reasons. First, as one of the most suspect legacies of classical political economy, i...

Abstract. The form and regulation of contracts is of increasing importance to agricultural economists as farmers and agribusinesses increasing rely on contracts rather than markets to acquire inputs and sell outputs. We focus on the differences between the joint and individual surplus achievable under complete versus incomplete or relational contracts, where the latter are contracts that are no...

Competitive information revealed in a marketplace will have significant impact on the learning ability of the participating sellers across market sessions and therefore, on performance of the marketplace. The marketplace that we study in this paper has the following characteristics: a) Products transacted are custom-built – created specifically for a consumer and cannot be resold to other consu...

THE DEVELOPMENT OF MARX'S THEORY OF THE DISTRIBUTION OF SURPLUS-VALUE Marx's theory of the production and distribution of surplus-value is based on a fundamental methodological premise, which has not been sufficiently recognized: that the total amount of surplus-value is determined prior to and independent of the division of this total amount into individual parts. The individual parts of surpl...