Articles scientifiques

A Case Study in Securization: Value Creation in the Chargeurs Wool December 1998 Issue


The Securitization Conduit

1999, vol. 2, n°4

Départements : Finance

Proceedings of the Conference on Financial Innovations and the Welfare of Nations, The Fletcher School

Book Review : Asia Falling: Making Sense of the Asian Currency Crisis and its Aftermath, Callum Henderson


Asia-Pacific Journal of Management

avril 1999, vol. 16, n°1, pp.173-175

Départements : Finance, GREGHEC (CNRS)

Choisir son Organisation dans un Environnement Instable : une Perspective Macro-économique

M. Thoenig, D. THESMAR

Revue Economique

mai 1999

Départements : Finance

Comparaison de méthodes d'extraction d'information à partir d'options de change : le cas du Franc-Deutschemark

E. Jondeau, M. ROCKINGER


juin 1999, vol. 20, n°1, pp.23-60

Départements : Finance

Convergence of aspirations and (partial) cooperation in the prisoner's dilemma

F. Vega Redondo, F. PALOMINO

International Journal of Game Theory

1999, vol. 28, n°4, pp.465-488

Départements : Finance

This paper proposes an aspiration-based dynamic model for cooperation where a large population of agents are matched afresh every period to playa Prisoner's Dilemma. At each point in time, agents hold a common aspiration level which is updated on the basis of some "population statistic". i.e. a certain scalar summary (e.g. average payoff) associated to the current state. On the other hand, those agents who feel "dissatisfied" (relative to-current aspiration) switch actions at a rate which is increasing in the magnitude:of the dissatisfaction. The resulting process is shown to converge in the long run under quite general conditions. Moreover, if agents are responsive enough, the long-run social state displays some extent of cooperation, with a constant positive fraction of the population (always less than half) choosing to cooperate in every period.