It is well established for evolutionary dynamics in asymmetric games that a pure strategy combination is asymptotically stable if and only if it is a strict Nash equilibrium. We use an extension of the notion of a strict Nash equilibrium to sets of strategy combinations called ‘strict equilibrium set’ and show the following. For a large class of evolutionary dynamics, including all monotone reg...

This paper considers the dynamic evolution of algorithmic (recursive) learning rules in a normal form game. It is shown that the system | the population frequencies | is globally stable for any arbitrary N -player normal form game, if the evolutionary process is algorithmic and the `birth process' guarantees that an appropriate set of `smart' rules is present in the population. The result is in...

This paper develops an extension of expected utility theory by introducing various restrictions; e.g., probabilities have only decimal (or binary) fractions of finite depths not greater than a given constant, the preference relation in question may be incomplete. The basic idea is separation between measurement of utility for pure alternatives and extension to lotteries involving more risks suc...

The Journal of Economic Literature codes classification system (JEL) published by the American Association (AEA) is de facto standard for research literature in economics. JEL used to classify articles, dissertations, books, book reviews, and working papers EconLit, a database maintained AEA. Over time, it has evolved extended with over 850 subclasses. This paper reviews history development sys...

We study decentralized trade processes in general exchange economies and house allocation problems with and without money. The processes are a¤ected by persistent random shocks stemming from agents’maximization of random utility. By imposing structure on the utility noise term –logit distribution–, one is able to calculate exactly the stationary distribution of the perturbed Markov process for ...

The significance of population monotonicity and welfare bounds is well-recognized in the fair division literature. We characterize population monotonic and incentive compatible mechanisms which allocate the goods efficiently and respect a welfare lower bound chosen in the fair allocation problem of allocating collectively owned indivisible goods or bads when monetary transfers are possible and ...

portfolio selection is considered a critically significant decision, firms have to make. as such, much research has been focused on the selection of a portfolio with a controlled level of risk and high expected return. this paper uses a new definition of risk for portfolio selection whereby risk taking is taken as a curve instead of a specific value. in this paper, a genetic algorithm is presen...

This paper assesses nonexperimental estimators using results from a six-state random assignment study of mandatory welfare-to-work programs. The assessment addresses two questions: which nonexperimental methods provide the most accurate estimates; and do the best methods work well enough to replace random assignment? Three tentative conclusions emerge. Nonexperimental bias was larger in the med...

We generalize the classic dynamic single-item search model to multiple items and vector offers for subsets. We first show a computationally feasible way to solve the dynamic optimization problem, and then prove structural results. Although assignment is not generally monotonically increasing in offer value, we show that, in a special case “additive” model, monotonicity holds if costs are submod...

Este estudio identifica en los ámbitos práctico y normativo, si existen buenas prácticas internacionales aplicadas procesos de licitación, especialmente el Bloque I del Programa Estrategia Integral Impulso a Proyectos APP. Para ello se utilizó la guía Concessions for Infrastructure (Kerf et al., 1998), cual identificaron pasos idóneos para implementar un proceso extrajeron elementos por conside...