This paper considers an international financial problem of a sovereign country called debt overhang. The term "debt overhang" expresses the situation where a sovereign country has borrowed money from foreign banks and has been unable to fulfill the scheduled repayments for some period. We...

When perfect recall is not satisfied, the informational contents of mixed and behavior strategies differ and are more than what the information partition describes. First, we consider two kinds of additional information strategies may carry, and show that such information leads to the perfect...

The purpose of this paper is to consider the problem of optimal income taxation in the domain of progressive (convex) income tax function. This paper proves the existence of an optimal tax function and that the optimal marginal and average tax rates tend asymptotically to 100 percent as income...