In 1989, the United Kingdom Monopolies and Mergers Commission (MMC) recommended measures that eventually led brewers to divest themselves of 14000 public houses. The MMC claimed that their recommendations would lower retail prices and increase consumer choice. Since that time, however, retail...

Models of tax competition usually assume a single period framework. This paper sets up a repeated interactions model of tax competition, and establishes conditions under which fiscal policy harmonization can result from repeated interaction between governments. It is shown that fiscal policy...

The purpose of this paper is to propose an approach of the firms-territories relationships that should not be restricted to the sole point of view of the localisation's theory. Such an approach aims then to refer to a continous temporality that should not reduced to the sole moments of an...

Discounted-cash-flow (DCF) techniques form the basis of most corporate-investment decisions. Many practitioners, however, claim to be dissatisfied with traditional methods of appraisal. In this paper, we survey DCF and more recent methods of evaluating cyclical projects.

We study cycles and chaos in economic models. Autonomous dynamical systems are considered through infinite time horizon optimization models. We first show how endogenous fluctuations arise in a multisector growth model. Secondly, we consider an extension of this model by allowing direct...