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Previous analyses of arms races and proliferation are integrated and extended, building from a treatment of the behavioral foundations of weapons acquisitions to a general theory of arms races, with implications for the role of negotiations, the balance of power, the timing of crises, and...
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Monetary theorists have advanced an intriguing notion: we exchange money to make up for a lack of enforcement, when it is difficult to monitor and sanction opportunistic behaviors. We demonstrate that, in fact, monetary equilibrium cannot generally be sustained when monitoring and punishment...
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