Nash equilibrium has undoubtedly proved to be the most influential idea in game theory. enabled fundamental breakthroughs in economics and the social sciences. Its development was a major intellectual achievement; what is perhaps more important, it Recent foundational research has emphasized the subtleties in the interpretation of Nash equilibrium. This lecture deals with the technical details of equilibrium analysis, but also with these interpretational issues. However, a more precise appraisal of the situation must

In this paper we discuss the role of the media in pressuring corporate managers and directors to behave in ways that are \socially acceptable. Sometimes this coincides with shareholders' value maximization others not. We provide both anecdotal and systematic evidence that media affect companies' policy toward the environment and the amount of corporate resources that are diverted to the sole advantage of controlling shareholders. Our results have important consequences for the focus of the corporate governance debate and for the feasibility of reforms aimed at improving corporate governance around the

Numerous empirical studies have demonstrated that asset prices react rapidly, if at all, to news published in the mass media. In many cases, the information has been discounted and prices have already moved upon primary publication through news wires, press releases or firm announcements. Any remaining information is usually quickly priced in after

Interest groups seek to influence economic activity through public and private politics. Public politics takes place in the arenas of public inst it utions, whereas private politics takes place out side public inst itutions oft en in the arena of public sentiment. Private politics refers to action by interest groups directed at private parties, as in the case of an activist group launching a campaign against a firm

The independence of editorial content from advertisers' influence is a cornerstone of journalistic ethics We test whether this independence is observed in practice. We find that mutual fund recommendations are correlated with past advertising in three personal finance publications but not in two national news- papers. Our tests control for numerous fund characteristics, total advertising expenditures

Abstract In Chapter Seven we continue to look at the variety of ways in which people in Britain today spend their leisure time. We especially look at excursions away from home for a short or longer break. But we first look at the transport infrastructure of Great Britain a network of airports, railway lines, motorways and other roads, which, together, connect up the even remotest parts of the country and help to make

“The best things in life are free. . . ” Free goods provide a special challenge for economic analysis Most goods in our economy are allocated in markets… …for these goods, prices are the signals that guide the decisions of buyers and sellers

A1 Introduction Definition of crime--Crime is behaviour that breaks those rules of a society which are codified in the criminal law. (p131) Crimes are defined and punished by statutes and by the common law oIn changing society the opportunities for people to commit crimes also change. oChanges in patterns of work, in unemployment

2.1 The postulate In 1864, James Clerk Maxwell proposed one of the most successful theories in the history of science. In a famous memoir to the Royal Society [125] he presented nine equations summarizing all known laws on electricity and magnetism. This was more than a mere cataloging of the laws of nature. By postulating the need for an additional term to make the set of equations self-consistent

Learning strategies are specific methods of learning information that help them learn and remember things. The four commonly observed trends in the development of learning strategies (1)rehearsal increases during the elementary school years. It is rare in kindergarten children but increases in frequency and effectiveness throughout the elementary school years