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Envelope theorems are established for locally differentiable Stackelberg equilibria of a general class of finite horizon differential games with an open-loop information structure. It is shown that the follower's envelope results agree in form with those of any player in an open-loop Nash...
Persistent link: https://www.econbiz.de/10008462559
Intercommunity disease spread can be modeled using a collection of discrete community “patches” with continuous population flow between them. In a susceptible–infected–susceptible (SIS) model residents of a community may either be classified as susceptible or infected. Infected...
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We establish four necessary and sufficient conditions for the existence of the Averch-Johnson effect in a generalized version of their famous model of the rate-of-return regulated firm. The four necessary and sufficient conditions are then compared to the two stronger sufficient conditions for...
Persistent link: https://www.econbiz.de/10005416932
An exhaustive comparative statics analysis of a model of a monopolistic firm facing price-cap regulation and a variety of commonly implemented command-and-control environmental regulations is carried out. The comparative statics are intrinsic to each of the models and thus form their basic,...
Persistent link: https://www.econbiz.de/10011115895
A theory of a wealth maximizing, capital accumulating, price taking firm facing adjustment costs and operating in the presence of disembodied and price-induced technical progress is developed. The testable implications of the extended theory are derived under mild assumptions and are thus...
Persistent link: https://www.econbiz.de/10010737995
Optimal control theory is employed to characterize the socially optimal trajectory of the royalty per channel and the number of royalty-paying users of state-owned spectrum for broadcasting. The spectrum royalty is set by an omniscient public planner to maximize the sum of the discounted...
Persistent link: https://www.econbiz.de/10010765443
The intrinsic comparative statics properties of a general rate-of-return regulated, profitmaximizing model of a monopolist facing a command-and-control pollution constraint are derived. Recent advances in the theory of comparative statics are used to derive the basic comparative statics of the...
Persistent link: https://www.econbiz.de/10010959943