This paper investigates the long-run effect of foreign penetration in product markets on privatization policies. We find that the optimal degree of privatization is increasing in foreign penetration. This result is in sharp contrast to the existing short-run result that it is decreasing. Our...

This paper is concerned with the problem of extending an antisymmetric binary relation on a set to a linear order on the power set. A necessary and sufficient condition is offered.

This paper examines the strategic commitment behavior of heterogeneous leaders in an endogenous market structure. We demonstrate that each leader's investment level is independent of the other leaders' characters. Furthermore, we show that a leader over-invests (resp. under-invests) when an...

This note provides an axiomatic analysis of a social welfare ordering over infinite utility streams. We offer two characterizations of an infinite-horizon version of the Nash criterion.

This paper examines the logical relationship among Maskin monotonicity, independent person-by-person monotonicity, independent weak monotonicity, strategy-proofness, and coalitional strategy-proofness in a society with infinite individuals.