This paper proposes a model of natural-resource exploitation when private ownership requires costly enforcement activities. For a given wage rate, it is shown how enforcement costs can increase with labor's average productivity on a resource site. As ...

Although the theory of greatest-element rationalizability and maximal-element rationalizability under general domains and without full transitivity of rationalizing relations is well-developed in the literature, these standard notions of rational choice ...

The paper considers a panel model where the regression coe¢ cients undergo changes at an unknown time point, di§erentfor each series. The timings of changes are assumed to be independent, identically distributed, and drawn from some com-mon distribution, ...

The focus of the paper is the nonparametric estimation of an instrumental regression function P defined by conditional moment restrictions stemming from a structural econometric model : E[Y-P(Z)|W]=0 and involving endogenous variables Y and Z and ...

We consider the allocation of indivisible objects among agents when monetary transfers are not allowed. Agents have strict preferences over the objects (possibly about not getting any object) and are assigned at most one object. How should one allocate ...

Il a été démontré en laboratoire que l’équilibre de Nash n’était pas toujours un bon indicateur du comportement humain. Différentes théories alternatives (aversion à l’inégalité, réciprocité et norme sociale) ont vu le jour pour combler les lacunes de ...

We study the problem of assigning indivisible and heterogenous objects (e.g., houses, jobs, offices, school or university admissions etc.) to agents. Each agent receives at most one object and monetary compensations are not possible. We consider ...

Moulin (1999) characterizes the fixed-path rationing methods by efficiency, strategy-proofness, consistency, and resource-monotonicity. In this note, we give a straightforward proof of his result.

We derive conditions that must be satisfied by the primitives of the problem in order for an equilibrium in linear Markov strategies to exist in some common property natural resource differential games. These conditions impose restrictions on the ...

Nous Considerons Dans Cet Article un Modele de Duopole Avec Produits Differencies; Nous Montrons Que le Caractere Substituts Vs Complements de Ces Produits Est un Facteur Important Dans la Determination du Mode de Concurrence Strategique (Cournot-Bertrand, ...

Dans le sillage de la récession mondiale de 2008-09, plusieurs questions ont été soulevées dans la littérature économique sur les effets à court et à long terme de la politique budgétaire sur l’activité économique par rapport à son signe, sa taille et ...

This paper examines a dynamic game of exploitation of a common pool of some renewable asset by agents that sell the result of their exploitation on an oligopolistic market. A Markov Perfect Nash Equilibrium of the game is used to analyze the effects ...

Which countries find it optimal to form an economic union? We emphasize the risk-sharing benefits of economic integration. Consider an endowment world economy model, where international financial markets are incomplete and contracts not enforceable. A ...

This paper presents a new model of voter behaviour under methods of proportional representation (PR). We abstract away from rounding, and assume that a party securing k percent of the vote wins exactly k percent of the available seats. Under this ...

We compute the optimal non-linear tax policy for a dynastic economy with uninsurable risk, where generations are linked by dynastic wealth accumulation and correlated incomes. Unlike earlier studies, we find that the optimal long-run tax policy is ...

Static oligopoly analysis predicts that if a single firm in Cournot equilibrium were to be constrained to contract its production marginally, its profits would fall. on the other hand, if all the firms were simultaneously constrained to reduce their ...