Financial intermediary institutions often compete and cooperate with each other at the same time. These financial actors provide services to their investors, and enter into transactions with them. Moreover, these players very often trade with each other to mitigate their market risks related to their exposures against their clients. Decentralized inter-dealer markets differ from the Walrasian t...

This paper presents a large-scale computationally intensive model for understanding the strategic evolution of electricity generating asset portfolios in response to various market interventions, and the consequent longer term effects of such changes on market structure and prices. We formulate a two-stage model involving a Cournot representation of the wholesale electricity market, the perform...

New techniques of capturing shape geometry for the purpose of studying asymmetry in biological objects bring the need to develop new methods of analyzing such data. In this paper we propose a method of mesh asymmetry analysis and decomposition intended for use in geometric morphometry. In geometric morphometry the individual bilateral asymmetry is captured by aligning a specimen with its mirror...

I study a bilateral bargaining game in which the size of the surplus follows a stochastic process and in which players might be optimistic about their bargaining power. Following Yildiz (2003), I model optimism by assuming that players have different beliefs about the recognition process. I show that the unique subgame perfect equilibrium of this game might involve inefficient delays. I also sh...

We present a novel and robust method for localizing and segmenting bilaterally symmetric patterns from real-world images. On the basis of symmetrically matched pairs of local features, our method expands and merges confident local symmetric region matches by exploiting both photometric similarity and geometric consistency via our new symmetry-growing framework. It overcomes the limitations of t...

The paper introduces a model in which complementary monopoly inventors follow quantity-setting strategies and and engage in bilateral negotiation with licensees. The main result of the analysis is that non-cooperative equilibrium with quantity-setting inventors generates prices that correspond to the cooperative outcome. This di¤ers from Cournot’s classic result that noncooperative competition ...

Numerous gift exchange experiments have found a positive wage-effort relationship. In (almost) all these experiments the employer both owns and controls the firm. This paper explores to what extent the separation of ownership and control affects the wage-effort relationship. We compare the standard bilateral gift exchange game between an owner-manager and a worker with two trilateral ones where...