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The empirical analysis of discrete complete-information games has relied on behavioral restrictions in the form of solution concepts, such as Nash equilibrium. Choosing the right solution concept is crucial not just for identification of payoff parameters, but also for the validity and informativeness of counterfactual exercises and policy implications. We say that a solution concept is discernible if it is possible to determine whether it generated the observed data on the players behavior and covariates. We propose a set of conditions that make it possible to discern solution concepts. In particular, our conditions are sufficient to tell whether the players choices emerged from Nash equilibria. We can also discern between rationalizable behavior, maxmin behavior, and collusive behavior. Finally, we identify the correlation structure of unobserved shocks in our model using a novel approach.
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We study the rise in the acceptability fiat money in a Kiyotaki-Wright economy by developing a method that can determine dynamic Nash equilibria for a class of search models with genuine heterogenous agents. We also address open issues regarding the stability properties of pure strategies equilibria and the presence of multiple equilibria. Experiments illustrate the liquidity conditions that favor the transition from partial to full acceptance of fiat money, and the effects of inflationary shocks on production, liquidity, and trade.
The paper studies the problem of auction design in a setting where the auctioneer accesses the knowledge of the valuation distribution only through statistical samples. A new framework is established that combines the statistical decision theory with mechanism design. Two optimality criteria, maxmin, and equivariance, are studied along with their implications on the form of auctions. The simplest form of the equivariant auction is the average bid auction, which set individual reservation prices proportional to the average of other bids and historical samples. This form of auction can be motivated by the Gamma distribution, and it sheds new light on the estimation of the optimal price, an irregular parameter. Theoretical results show that it is often possible to use the regular parameter population mean to approximate the optimal price. An adaptive average bid estimator is developed under this idea, and it has the same asymptotic properties as the empirical Myerson estimator. The new proposed estimator has a significantly better performance in terms of value at risk and expected shortfall when the sample size is small.
We extend the quantum-mechanical results of Muller & Saunders (2008) establishing the weak discernibility of an arbitrary number of similar fermions in finite-dimensional Hilbert-spaces in two ways: (a) from fermions to bosons for all finite-dimensional Hilbert-spaces; and (b) from finite-dimensional to infinite-dimensional Hilbert-spaces for all elementary particles. In both cases this is performed using operators whose physical significance is beyond doubt.This confutes the currently dominant view that (A) the quantum-mechanical description of similar particles conflicts with Leibnizs Principle of the Identity of Indiscernibles (PII); and that (B) the only way to save PII is by adopting some pre-Kantian metaphysical notion such as Scotusian haecceittas or Adamsian primitive thisness. We take sides with Muller & Saunders (2008) against this currently dominant view, which has been expounded and defended by, among others, Schrodinger, Margenau, Cortes, Dalla Chiara, Di Francia, Redhead, French, Teller, Butterfield, Mittelstaedt, Giuntini, Castellani, Krause and Huggett.
Cooperative interval game is a cooperative game in which every coalition gets assigned some closed real interval. This models uncertainty about how much the members of a coalition get for cooperating together. In this paper we study convexity, core and the Shapley value of games with interval uncertainty. Our motivation to do so is twofold. First, we want to capture which properties are preserved when we generalize concepts from classical cooperative game theory to interval games. Second, since these generalizations can be done in different ways, mainly with regard to the resulting level of uncertainty, we try to compare them and show their relation to each other.
Autler-Townes splitting (ATS) and electromagnetically-induced transparency (EIT) both yield transparency in an absorption profile, but only EIT yields strong transparency for a weak pump field due to Fano interference. Empirically discriminating EIT from ATS is important but so far has been subjective. We introduce an objective method, based on Akaikes information criterion, to test ATS vs. EIT from experimental data and determine which pertains. We apply our method to a recently reported induced-transparency experiment in superconducting circuit quantum electrodynamics.
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