The restructuring of electric systems can follow different paradigms that have different impacts. The objective of this paper is to show that Variational Inequalities Problems provide a natural tool for modeling electricity restructuring in a wide range of relevant situations.

Different equilibrium concepts have been proposed by various authors (Schweppe et al, Hogan, Chao and Peck, Wu et al) to analyse competitive electricity systems. We establish correspondences between these different models though a single framework and provide additional interpretations of these...

This article suggests that the global inefficiency which generally affects a production process is endogenous and depends on the incentives generated by the process environment. We propose to treat the usual correlation between the inefficiency and the regressors of the production frontier...

In a Walres-debreu world, all relevant attributes of all traded commodities are completely and costlessly specified, information is symmetric and costless, and all contracts ate costlessly enforced. In the real world in which trade takes place, it is costly to specify and verify commodity...

The interaction of various methods of mitigating economic and international double taxation of corporate source income is studied within a standard neoclassical model of firm behavior. The main purpose is to determine to what extent methods effective in mitigating economic double taxation in a...

We explore the business-cycle implications of agency problems between firms and financiers. We show how these problems create liquidity shortages that can lead to corporate bankruptcy, and may generate aggregate, endogenous cycles in an economy that otherwise would have had a unique, stationary...

This paper describes a model designed to explain the observed developments of the business ownership rate as well as gross entry and exit rates. Besides explaining the past, the model is used for exploring the future using scenario analysis.

Race and ethnicity play a central role in understainding the structure of inequality in the United States. In this paper, we focus on the economic chasm between black and white America and what economic theory can contribute to our understanding of both inequality and the design of effective policy.

Race and ethnicity play a central role in understainding the structure of inequality in the United States. In this paper, we focus on the economic chasm between black and white America and what economic theory can contribute to our understanding of both inequality and the design of effective policy.