I analyze oligopoly equilibrium in a non-renewable resource market where firms can argue their initial resource endowment. I use the model to generate two testable implications. First, given the existing distribution of reserves across firms, firms with small reserves will extract a larger...

This paper describes current paths to retirement in the U.S. with emphasis on the importance of transitional bridge jobs between a career job and full retirement. It compares U.S. patterns of labor force withdrawal and part-time work with those in selected other countries. It discusses the plans...

This paper demonstrates that a time-varying risk premium can account for the rejection of the expectations theory of the term structure of interest rates. Rather than model risks directly, in terms of observables, we instead exploit an implication of the capital asset pricing model concerning...

We develop a model where adopting anti-takeover measures and awarding golden parachutes may be attractive for the shareholders ex ante although ex post their adoption maybe value reducing. The acquisition process is viewed as symmetric information Nash bargaining game (between the target and the...

It is well known that, for a congestible facility with a constant long-run average cost, the revenue from the unconstrained optimal toll (set so that each individual faces marginal (social) cost of a use) covers the cost of optimal capacity. This paper investigates under what circumstances the...