We set up a sequential merger game to study a firm's incentives to pass up on an opportunity to merge with another firm. We find that such incentives may exist when there are efficiency gains from a merger, firms are of different sizes, there is an antitrust authority present to approve mergers,...

For sufficiently low abatement costs many countries might undertake significant emission reductions even without any international agreement on emission reductions. We consider a situation where a coalition of countries does not cooperate on emission reductions but cooperates on the development...

Any serious empirical study of factor substitutability has to allow the data to display complementarity as well as substitutability. The standard approach reflecting this idea is a translog specification this is also the approach used by numerous studies analyzing the relative capital-skill...

Evidence from a sample of countries show that people roughly spend as much time watching television as earning their living. Moreover, television viewing and work hours are positively correlated across countries. A simple model based on complementarities in the organization of free time is...