I have recently updated my game theory research page with a new addition written with Subhadip Chakrabarti and Lina Mallozzi. This research note introduces a generalisation of the 𝜆-Core solution for non-cooperative games in normal form. Our results demonstrate that this generalised 𝜆-Core is non-empty for separable games that possess a socially optimal Nash equilibrium….
Greedflation in 2023
Today a report was released of the think tanks Common Wealth and the Institute for Public Policy Research (IPPR) about the causes of inflation. This report confirms that in our contemporary economy, inflation is significantly driven by greed and profiteering by transnational corporations. The report is summarised here. Traditionally, in economics, inflation has theoretically three…
Research update: Gately values
Recently, I stumbled into research on a solution concept for cooperative games that was completely unknown to me: The Gately Value. This solution concept was introduced by Gately (1974) for a particular limited set of cost problems. These cost problems can be transcribed as cooperative games and Gately proposed an innovative solution method to allocate…
Update on Brexit: How are things going for the UK and Northern Ireland, in particular?
After the UK’s decision to leave the European Union (EU), commonly known as Brexit, it has become evident that this monumental shift has had and will continue to have a profound impact on both the UK and the EU from an economic standpoint. The ramifications of Brexit have already become apparent in several key areas,…
Thoughts on the UK’s “Day of Brexit”
Today, on 31 December 2020, at 23:00 local London time, the UK will formally leave the international socio-economic space created by European nation-states through a number of international treaties since the end of the second world war. It is a turning point in the sense that the UK deliberately diminishes its reach in the global…
Commodities: II―A property-based approach to economic goods
In the first instalment of this set of posts on the conception of economic commodities, I discussed the standard economic market approach to commodities: Commodities are determined fully by their market properties. This is rather limiting view of the important concept of economic commodities. It seems more logical and productive to have a property-based conception…