Which shape is market competition likely to exhibit? This question is addressed in the present paper, where firms can choose whether to act as quantity or price setters, whether to move early or delay as long as possible at the market stage and finally whether to be entrepreneurial or...

In the present paper we study voting-based corporate control in a general equilibrium model with incomplete financial markets. Since voting takes place in a multi-dimensional setting, super-majority rules are needed to ensure existence of equilibrium. In a linear-quadratic setup we show that the...

Long run economic growth has again become a major focus of economic theory. A perception of technological change as an economic process with externalities has motivated the development of aggregate models that generate different steady state growth paths. Economic history has also long been...

In a stochastic dynamic general equilibrium framework, we introduce the concept of variable capacity utilization (as opposed to the concept of capital utilization). We consider an economy where imperfectly competitive firms use a putty-clay technology and decide on their productive capacity...

In a multi-period environment, time is certainly an added dimension in which the principal can differentiate in search of better screening contracts. This idea is used in a two-period model of agriculture without any form of uncertainty, where the landlord offers separating tenurial contracts to...

This paper analyses wages and employment in a repeated game between a union and a firm. The parties cannot enter a binding contract, and revenue is fluctuating. It is shown that if discount factors are moderate, then the best sequence of wage rates and employments sustainable in a subgame...

This paper investigates the historical process of industrialisation. The allocation of labour between food and non-food activities and the pattern of consumption of domestic versus industrial manufacture are determined endogenously, depending on terms of trade between agricultural and industrial...

The paper develops a model of endogenous economic growth, where sustainable growth is driven by private capital accumulation and productive government spending on education and pollution abatement. The economy is distorted by pollution externalities in production and consumption; by taxes and...

The paper introduces an abstract economy with imperfect competition; the choice of allocation takes place through an abstract mechanism, when produceres choose strategies and the outcome is (a set of) feasible allocations, where the consumers' choices are sustained by the market mechanism at...

A simple overlapping generations economy, with one consumer in ever y generation and with one consumption good in every period, is consider ed. It is shown that a sequence of temporary equilibria generated by an " "irrational" inelastic expectation function always generates an allocation which...