C&BA, University of Alabama, Department of Economics, Finance, & Legal Studies

April 19-21, 1996

Organizer: Frank H. Page, Jr. (

Contact for Information: Debra Wheatley (

All sessions were held in Room 20 (lower level) of Alston Hall

Thursday, April 18


5 - 9 pm Reception at Professor & Mrs. Chwe's Home (Click here for Map)

Friday, April 19

9:30 - 10 am Coffee and Rolls

Morning Session

10 - 10:50 am Mark R. Johnson (University of Alabama)

"Algebraic Complexity of Strategy-Implementing Semiautomatons for Repeated-Play Games"

11 - 11:50 am S. K. Chakrabarti (IUPUI)

"Pure Strategy Markov Equilibria in Stochastic Games with a Continuum of Players"


Afternoon Session

2 - 2:50 pm Beth Allen (University of Minnesota)

(co-authored with Jayasri Dutta (Cambridge University) and Heracles Polemarchakis (CORE))

" Equilibrium Selections"

3 - 3:50 pm Alberto Bisin (MIT)

" Walrasian Economies with Nonlinear, Individualized Prices"

4 - 4:50 pm Frank Milne (Queens University)

"The Existence of Equilibrium in Incomplete Markets and the Objective Function of the Firm"


5 - 7 pm Reception Alston Parlor

Small effective groups will form for dinner

Saturday April 20

9:30 - 10 am Coffee and Rolls

Morning Session

10 - 10:50 am Charles Kahn (University of Illinois) and Andrew Winton (Northwestern University)

"Ownership Structure, Liquidity Demand, and Shareholder Monitoring"

11 - 11:50 am Milton Harris (University of Chicago) (co-authored with Artur Raviv (Northwestern University)

"The Capital Budgeting Process, Incentives and Information"


Afternoon Session

2 - 2:50 pm Oliver Hart (Harvard University)

"Debt, Default and Renegotiation"

3 - 3:50 pm Peter DeMarzo (Northwestern University) (co-authored with Darrell Duffie (Stanford University))

" A Liquidity-Based Model of Security Design"

4 - 4:50 pm Richard MacMinn (University of Texas) (co-authored with Frank H. Page, Jr. (University of Alabama))

" Stock Options, Managerial Incentives, and Capital Structure"


7:30 pm - Billy Helms's House

Sunday April 21

9:30 - 10 am Coffee and Rolls

Morning Session

10 - 10:50 am John Wooders (University of Arizona) (co-authored with Diego Moreno (Carlos III))

"An Experimental Study of Communication and Cooperation in Noncooperative Games"

11 - 11:50 am Mark Walker (University of Arizona)

(co-authored with James C. Cox (University of Arizona) and Jason Shachat (University of Arizona))

"An Experimental Test of Bayesian vs. Adaptive Learning in Normal Form Games"