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Private Storage of Common Property
(Université de Montréal. Département de sciences économiques., 1997)
This paper examines a characteristic of common property problems unmodeled in the published literature: Extracted common reserves are aften stored privately rather than immediately. We examine the positive and normative ...
A Note on Ordinally Equivalent Pareto Surfaces
(Université de Montréal. Département de sciences économiques., 1997)
Assuming at least three individuals and some regularity conditions, we construct a set S* of Pareto surfaces which is an ordinal basis of the set S of all surfaces: every surface in S is ordinally equivalent to some surface ...
Contentious Contracts
(Université de Montréal. Département de sciences économiques., 1997)
This paper offers an explanation of rationally contracts where incompeteness refers to unforeseen contingencies. Agents enter a relationship with two-sided moral hazard in which a commitment to discard parts of the joint ...
On the Profitability of Production Constraints in a Dynamic Natural Resource Oligopoly
(Université de Montréal. Département de sciences économiques., 1997)
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 ...
Intertemporal and Spatial Depletion of Landfills
(Université de Montréal. Département de sciences économiques., 1997)
This paper generalizes Hotelling's (1931) theory of nonrenewable resources to situations where resource pools and their users are distributed spacially. Extraction and transport costs are assumed to be linear in the rate ...
The Macroeconomic Effects of Infrequent Information with Adjustment Costs
(Université de Montréal. Département de sciences économiques., 1997)
In the last decade, the potential macroeconomic effects of intermittent large adjustments in microeconomic decision variables such as prices, investment, consumption of durables or employment – a behavior which may be ...
Natural-Resource Exploitation with Costly Enforcement of Property Rights
(Université de Montréal. Département de sciences économiques., 1997)
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 ...
Tests of Conditional Asset Pricing Models in the Brazilian Stock Market
(Université de Montréal. Département de sciences économiques., 1997)
In this paper, we test a version of the conditional CAPM with respect to a local market portfolio, proxied by the Brazilian stock index during the 1976-1992 period. We also test a conditional APT model by using the difference ...
Cooperative of Noncooperative Behavior?
(Université de Montréal. Département de sciences économiques., 1997)
In an abstract two-agent model, we show that every deterministic joint choice function compatible with the hypothesis that agents act noncooperatively is also compatible with the hypothesis that they act cooperatively. the ...
Décentralisation financière et pays en dévelopement: concepts, mesure et évaluation
(Université de Montréal. Département de sciences économiques., 1997)
Ce texte présente ce qu’est la décentralisation fiscale, fait ressortir ses forces et ses faiblesses et identifie les raisons de son succès, le tout dans le contexte de huit pays en développement en faisant appel à de ...