We analyze a population game as being constituted by a set of players, a normal form game and an interaction pattern. The latter specifies the way players are repeatedly matched in the population to play one shot of the normal form game. We first relate the set of equilibria of the populations...

Should lenders be made liable for environmental damages caused by their customers? In a recent paper Pitchford studied the case where the customer is a wealth-constrained manager-owned firm. He argued convincingly that a joint liability of lender and firm may reduce the firm's incentive to...

In a Baron-Myerson setup, we study a situation where an agent is initially uninformed, but can, at a cost, acquire information about the state of nature before the principal offers him a contract. For intermediate values of the cost of acquiring information, the agent's equilibrium strategy will...

Policy debates on trade and the environment frequently refer to a need for countries linked by trade to co-ordinate their environmental policies even for entirely local pollution problems; co-ordination is often taken to imply harmonisation of environmental policies to provide a 'level playing...

The implications for labor markets of contracts to avoid hold-up of investments are assessed. Employment at will protects the returns on a firm's general and specific investments without wages increasing with tenure. With turnover costs, fixed but renegotiable wages can protect general...

We introduce notions of evolutionary stability for sets of strategies based on the following requirements: After every sufficiently small mutation of a population playing a single strategy in the set: a) No single mutant strategy can spread. b) A single mutant strategy not in the set will be...

This paper analyzes the global dynamics of a convex overlapping generations model with land and analyzes the implications of international capital mobility in this model. It shows that this model can explain some of the stylised facts of the growth literature which cannot be explained by the...

This paper investigates how changes in fiscal policy can affect relative prices, optimal savings and steady state utility in a two-country, overlapping generations model of endogenous growth. We develop a simple model that combines Blanchard-type consumers with uncertain lifetimes, with an...

This paper analyses the properties of mutual encompassing and its relationship to the KLIC equivalence between statistical models. It is shown that models are KLIC equivalent if and only if they are mutually encompassing and mutually Cox-encompassing. Further, within the exponential family...

We examine the relative benefits of regulatory commitment and discretion arising from the incompleteness of contracts. Full commitment gives strong incentives for investment, but leaves the regulator unable to bring prices in line with costs or gives the firm large rents. Full discretion on the...