See Birmingham Discussion Paper 05-05R (January 2006) for current version.

This paper introduces two new concepts in evolutionary game theory; Nash equilibrium with Group Selection (NEGS) and Evolutionary Stable Strategy with Group Selection (ESSGS). These concepts generalize Maynard Smith and Price (1973) to settings with arbitrary matching rules, in particular they...

In a small open economy with heterogeneous firms, in which tariffs determine the mass of active firms, the gains from trade liberalization depend positively on the level of firm vertical heterogeneity and negatively on transportation costs. The benefits from temporary protection depend on the...

In a small open economy with heterogeneous firms, in which tariffs determine the mass of active firms, free trade optimality depends positively on the level of firm heterogeneity and negatively on transportation costs. The benefits from temporary protection depend on the level of backwardness:...

It is known that, in one-good pillage games, stable sets are finite. For m goods, it has been conjectured that the stable sets have measure zero. We introduce a class of sets, termed pseudo-indifference sets, which includes level sets of utility functions, quasi-indifference classes associated...

For modern macroeconomic theory the infinitely lived representative agent model and the overlapping generations model, are the two most important frameworks of analysis. Both models form a unified approach in the sense that they are competitive general equilibrium models. When it comes to...

This paper focuses on some of the practical issues involved in developing coluntary domestic markets for government debt.

We analyse the key characteristics of simple models of overlapping generations where capital is endogenous, and money plays norole. The main focus is on the codyamics of interest rates, wages, and consumption with capital.

We endogenise the objective of a monopoly firm in a general equilibrium context. Within this framework a distributional conflict occurs between shareholders, depending on their endowments. Following a political-economy approach and using voting theory, the production plan of the firm is...

The paper studies optimal redistributive taxation when the government cannot commit the future policy. The framework used is one in which individuals can revise their consumption-savings decisions slightly more often than the government can change tax policy.