Lockwood, Ben; Thomas, Jonathan P. - Centre for the Study of Globalisation and … - 1999
we interpret as a level of cooperation. In the base model, there is an irreversibility constraint stating that this … level strictly below the one-shot efficient level: the irreversibility induces a steady-state as well as a dynamic … that a related model in which an irreversibility arises through players choosing an incremental variable, such as …