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adopt to govern their relationship, if they could costlessly negotiate
a costlessly verifiable proxy mitigates the foregoing problems, but does
Hvide considers two-player tournaments in which contestants can costlessly alter the variance of their output.
It is hard to imagine a contract that could costlessly eliminate this problem.
In Tiebout's model, individuals can costlessly move between local municipalities and choose the municipality that offers the combination of services that they most prefer at the given price, or tax rate.
Now engage in a thought experiment, one with a science fictional element: Imagine that people could be informed, immediately and costlessly, of the treatment of animals used in the food they purchase.
Of course, if C could costlessly obtain the information, and O did not spend any money on protection, then O might not have the incentive to produce the information in the first place.
Just as we can now make valuable--or at least entertaining--stuffin our spare time, we can share it almost costlessly with whomever might be interested or link it up with someone else's similarly quirky project.
Reconciling these two presumptions is a central challenge, but do not think that the benefits of competition can generally be proven and that we can therefore costlessly redefine away the presumption that competition is good for efficiency and for consumers.
Suppose, then, that agents' identities can be costlessly verified, and that it is also costless to keep records of which transactions agents have entered into.
The error-learning that the rational-expectations hypothesis entails should be rapid if: (a) the stochastic part of the process being forecast is stationary and asymptotically mean-convergent and (b) data on reported outcomes can be verified costlessly.
If one had been able to costlessly short Palm and buy 3Com, one could have made very substantial returns.