We study a market model where there are n different types of indivisible goods for sale. The goods can be substitutable or complementary. There are multiple units of each good. Each agent may consume several goods and has quasi-linear utilities in money. We introduce a general condition which...

Trade data on East Asian EMEs shows the predominant use of Dollar Currency Pricing (DCP). Using a DSGE model with six-stage vertical production chain, staggered prices, and cross-border trade in intermediate inputs, we aim to provide an alternative explanation for ‘fear of floating’ by EMEs....

This paper adopts an evolutionary perspective on the rent-extraction model with conjectural variations (CV). We analyze the global dynamics of the model with three CVs under the replicator equation. We find that the end points of the evolutionary dynamics include the pure-strategy consistent...

The paper generalizes the natural projection approach introduced by Balasko (1988) to production economies with uncertainty. It explores the equilibrium structure of the long run and short run private ownership production model. It is shown that qualitative equilibrium properties of the...

This paper shows that the inverse image of the natural projection defines a ramified covering with finite layers. Finiteness of equilibria for regular two period production economies with uncertainty follows from this property.

We study incentives for quality provision in markets where providers are motivated (semi-altruistic); prices are regulated and firms are funded by a combination of block grants and unit prices; competition is based on quality, and demand adjusts sluggishly. Health or education are sectors in...

This paper provides a detailed analysis of the gross worker flows data in the United Kingdom between 1997 and 2010, with particular emphasis on the 2008-2009 recession and its aftermath. Utilising flows data from the Labour Force Survey, the dominant macroeconomic factors driving unemployment in...

Jewish emancipation in nineteenth century Europe produced drastically different responses. In Germany, a liberal variant known as Reform developed, while ultra-Orthodox Judaism emerged in eastern Europe. We develop a model of religious organization which explains this polarization. In developed...

This note analyzes the problem Captain MacWhirr faces in Joseph Conrad’s novel Typhoon as an implementation problem under incomplete information. We identify a sufficient condition under which each player has a unique rationalizable strategy. In this unique rationalizable outcome, truthful...

This paper outlines a real options approach to valuing those announcements which are made by firms outside their legal requirements. From the firm's perspective, information is disclosed only if the manager of the firm is sufficiently certain that the market response to the announcement will...