What are the gains from international trade? And how do immigrants influence this process? We consider the case of Canada, document its experience with import variety growth in the period from 1988 to 2007, and relate this variety growth to the process of immigration. We find that import...

We show that the folk theorem in Wen [Q. Wen (1994), The "Folk Theorem" for repeated games with complete information, Econometrica, 62, 949-954.] may not fully characterize the subgame perfect equilibrium payoff set in a repeated game with unequal discounting, where a player's equilibrium payoff...

We examine a housing market with price controls and show how the allocation problem can be solved through a price system. We demonstrate that the auction of Talman and Yang (2008) always generates a core allocation, thus resulting in a Pareto efficient and stable outcome.

A number of heterogeneous items are to be sold to several bidders. Each bidder demands at most one item. The price of each item is not completely flexible but restricted to some admissible interval. Due to price rigidities, a Walrasian equilibrium usually fails to exist. To facilitate the...