This paper discusses the problem of the optimal determination of budget deficit limits in cases where the fiscal authority wishes to keep the budget deficit close to a reference value. It is assumed that the fiscal authority minimizes the expected discounted value of squared deviations from the...

This paper examines the different types of incentives that countries face when deciding to take part in a federal fiscal system. The optimal degree of participation depends on the structural parameters of the economy and on the properties of the federal fiscal system. Firstly, the paper examines...

We show that a distribution of a game with a continuum of players is an equilibrium distribution if and only if there exists a sequence of symmetric approximate equilibrium distributions of games with fi- nite support that converges to it. Thus, although not all games have symmetric equilibrium...

This exploratory study discusses main antecedents of export performance based on the perceptions of European export managers. Cross-national findings reveal that according to managerial perceptions the most important determinants of export performance are product quality, followed in importance...

At a time when exporting activity is becoming a major resource for creating firms value and national economic wealth, it is surprising that annual company reports rarely distinguish between domestic market performance and the performance of export markets operations. Even more rarely do annual...

This study uses structural equation modeling to test a model of the impact of human resources management practices on perceived organizational performance, on a large sample of European companies. The influences of competitive intensity, industry attractiveness and strategic management are...

This paper extends the standard industrial organization models of repeated interaction between firms by incorporating preferences for reciprocity. A reciprocal firm responds to unkind behavior of rivals with unkind actions (destructive reciprocity), while at the same time, it responds to kind...

In this article, the authors argue that cooperation may be achieved by adding technology dimensions to the core product. Given the growing importance of real time information exchange and interactivity, a better understanding of the use of technology to the establishment and development of the...

Over the years, several formalizations of games with a continuum of players have been given. These include those of Schmeidler (1973), Mas-Colell (1984) and Khan and Sun (1999). Unlike the others, Khan and Sun (1999) also addressed the equilibrium problem of large ¯- nite games, establishing...

We show that every bounded, continuous at infinity game of perfect information has an "!perfect equilibrium. Our method consists of approximating the payoff function of each player by a sequence of simple functions, and to consider the corresponding sequence of games, each differing form the...