In the present paper, a new approach to equilibrium selection for very general normal form games has been constructed by introducing stochastic optimal stopping theory into classical evolutionary game theory. That is, the new game equilibrium is induced by both stochastic group evolution and...

In the present paper, a new approach to equilibrium selection for very general normal form games has been constructed by introducing stochastic optimal stopping theory into classical evolutionary game theory. That is, the new game equilibrium is induced by both stochastic group evolution and...

In this paper, a variety-expanding growth model has been constructed in the classical North-South framework. Optimal degree of IPR protection has been explicitly computed both for the North and the South in the sense of welfare maximizing, in the short run and non-short run of the economies....

This paper develops a dynamic general equilibrium model to investigate the optimal level of capital income taxation in light of stochastic endogenous economic growth. Although endogenous human capital is incorporated into our model, we restrict our investigation to the issue of optimal physical...

This paper builds an externality-based model with physical and R&D capital, proves the linearity of technology functions, and derives two measures of spillovers from the relative differences between social and private rates of return. China¡¯s regional empiric studies exhibit a reverse...

This paper employs the evolutionary dynamics driven by the Moran process (a special birth-death process) to investigate endogenous cartel formation from the perspective of stochastic evolution of the underlying industry. A Prisoner’s Dilemma game is derived based on the Cournot competition...

Previous literature omitted marketization process, a distinct phenomenon in transitional China, when the relationship between immigrants and indigenous urban income is investigated. We find that (1) marketization is a key factor of rural-urban harmonization; (2) segmentation of labor market has...

In the current study, we investigate efficient capital accumulation in a stochastic neoclassical aggregate growth model. The underlying uncertainty is driven by Brownian-motion shocks and the major results do not rely on the specification of production functions. The stochastic balanced path of...