Related papers: The "power" dimension in a process of exchange
Exchange markets are a significant type of market economy, in which each agent holds a budget and certain (divisible) resources available for trading. Most research on equilibrium in exchange economies is based on an environment of…
The concept of shared value was introduced by Porter and Kramer as a new conception of capitalism. Shared value describes the strategy of organizations that simultaneously enhance their competitiveness and the social conditions of related…
This study constructs a novel analytical general equilibrium model to compare environmental policies in a setting where oligopolistic energy firms engage in third-degree price discrimination across residential consumers and industrial…
This book starts from the basic questions that had been raised by the founders of Economic theory, Smith, Ricardo, and Marx: what makes the value of commodities, what are production, exchange, money and incomes like profits, wages and…
Human behavioural patterns exhibit selfish or competitive, as well as selfless or altruistic tendencies, both of which have demonstrable effects on human social and economic activity. In behavioural economics, such effects have…
Identifying the trade-offs between model-based and model-free methods is a central question in reinforcement learning. Value-based methods offer substantial computational advantages and are sometimes just as statistically efficient as…
The article develops a general equilibrium model where power relations are central in the determination of unemployment, profitability, and income distribution. The paper contributes to the market forces versus institutions debate by…
In complex systems, many different parts interact in non-obvious ways. Traditional research focuses on a few or a single aspect of the problem so as to analyze it with the tools available. To get a better insight of phenomena that emerge…
Polarization and unexpected correlations between opinions on diverse topics (including in politics, culture and consumer choices) are an object of sustained attention. However, numerous theoretical models do not seem to convincingly explain…
We study the Proportional Response dynamic in exchange economies, where each player starts with some amount of money and a good. Every day, the players bring one unit of their good and submit bids on goods they like, each good gets…
These notes discuss several topics in neoclassical economics and alternatives, with an aim of reviewing fundamental issues in modeling economic markets. I start with a brief, non-rigorous summary of the basic Arrow-Debreu model of general…
The electricity industry has been one of the first to face technological changes motivated by sustainability concerns. Whilst efficiency aspects of market design have tended to focus upon market power concerns, the new policy challenges…
This paper explores the economic interactions within modern crowdsourcing markets. In these markets, employers issue requests for tasks, platforms facilitate the recruitment of crowd workers, and workers complete tasks for monetary rewards.…
We study two kinds of economic exchange, additive and multiplicative, in a system of N agents. The work is divided in two parts, in the first one, the agents are free to interact with each other. The system evolves to a Boltzmann-Gibbs…
A key limitation in using various modern methods of machine learning in developing feedback control policies is the lack of appropriate methodologies to analyze their long-term dynamics, in terms of making any sort of guarantees (even…
We characterise the set of dominant strategy incentive compatible (DSIC), strongly budget balanced (SBB), and ex-post individually rational (IR) mechanisms for the multi-unit bilateral trade setting. In such a setting there is a single…
We discuss several multi-agent models that have their origin in the kinetic exchange theory of statistical mechanics and have been recently applied to a variety of problems in the social sciences. This class of models can be easily adapted…
The view that altruistic punishment plays an important role in supporting public cooperation among human beings and other species has been widely accepted by the public. However, the positive role of altruistic punishment in enhancing…
This paper introduces a geometric framework for analyzing power relations in games, independent of their strategic form. We define a canonical preference space where each player's relational stance is a normalized vector. This model…
A negotiation process by 2 agents e1 and e2 can be interleaved by another negotiation process between, say, e1 and e3. The interleaving may alter the resource allocation assumed at the inception of the first negotiation process. Existing…