Modelling structural changes in the volatility process

Tibor Neugebauer, Juan A. Lacomba and Francisco Lagos
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Juan A. Lacomba: University of Granada, Department of Economics
Francisco Lagos: University of Granada, Department of Economics

LSF Research Working Paper Series from Luxembourg School of Finance, University of Luxembourg

Abstract: The tension between cooperation and competition that characterizes many business " relationships is experimentally studied in a “pie”-creation game; value is created and" increased through cooperation in a repeated prisoner’s dilemma game. At the end, the player with the greater stake in the joint pie decides on the division of the pie. Three treatments of the pie-creation game are considered: in the first treatment, rivals create " the pie; in the second, non-rivals create the pie; finally, in the third, the pie is created by" subjects who do not know about the future pie-division. The data show that the competition for the right to split the pie biases behaviors towards defection when subjects play with their rival.

Keywords: Competition; cooperation; co-opetition; ambiguously repeated prisoner’s dilemma; experimental economics. (search for similar items in EconPapers)
Date: 2010
New Economics Papers: this item is included in nep-bec, nep-com, nep-ets and nep-exp
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