Within the framework proposed by Mussa and Rosen (1978) for modelling quality differentiation, we allow consumers to buy simultaneously different variants of the same indivisible good. We call this the "joint purchase option". We show that this option dramatically affects price competition:...

The paper presents an analysis of the coexistence of daily-wage and piece-rate contracts in agrarian economies. We show that, when individual effort is taken into account, daily-wage labourers typically form a convex set in the space of working ability. The most able and the least able labourers...

We consider a stochastic version of the Stackelberg-Nash-Cournot model proposed by Murphy et al. (1983). In the first stage, the leader chooses and announces his production level taking into account the reaction of the followers. The decision of the leader is taken when market demand is...

We propose an alternative approach to stochastic programming based on Monte-Carlo sampling and stochastic gradient optimization. The procedure is by essence probabilistic and the computed solution is a random variable. The associated objective value is doubly random, since it depends on two...

This paper provides an analysis of legal insider trading on the Euronext Amsterdam stock exchange by using data published in the register held by the AFM, the dutch financial markets authority. The sample includes 822 transactions executed by corporate insiders between the beginning of January...

In this paper, based on the cyclic scheduling formulation of Schilling and Pantelides [22], we propose a continuous time mixed integer linear programming (MILP) formulation for the cyclic scheduling of a mixed plant, i.e. a plant composed of batch and continuous tasks. The cycle duration is a...

We analyze how the interplay between urban costs, wage wedges, and trade costs may affect the interregional location of firms as well as the intraurban location, within the central business district or in a secondary employment center (SEC) of the selected region. In this way, we investigate, on...

In this paper, we study a pure exchange economy with idiosyncratic uncertainty, hidden action and multiple consumption goods.We consider two different market structures: contingent markets on the one hand, and financial and spot markets on the otherhand. We propose a competitive equilibrium...

Aumann (1989) argued that the natural partitions on the space of all maximally consistent sets of formulas in multi-player S5 logic are necessarily "commonly known" by the players. We show, however, that there are many other sets of partitions on this space that conform with the formulas that...