We analyze a three-country model of trade negotiations in which countries can form bilateral free trade areas, bilateral customs unions or a trilateral preferential trading arrangement, and can continue negotiating after reaching an agreement. In contrast to the literature on multilateral...

A plurality-rule spatial committee can select an extreme decision if a bare minority of members prefer the opposite extreme decision: the majority who prefer a moderate decision are immobilised by internal divisions. Consequently, a nominator may appoint candidates with the opposite preference...

The author considers the effect of an increase in the current and future interest rate on the stationary price and su pply policy of a stock-holding firm, and provides necessary and suffi cient conditions for either price or supply to be raised in response.

Contrary to conventional wisdom, a right to silence can reduce wrongful convictions of innocent suspects who tell police the truth, and may reduce the overall conviction rate without affecting the confession rate. We establish these conclusions by modelling interrogation as a game in which...