No abstract.

In this paper we extend models of “search market equilibrium” to incorporate general equilibrium considerations. The model we treat is one with a single product market and a single labor market. Imperfectly informed individuals follow optimal strategies in searching for a suitably low price...

How are inflation and unemployment related in the long run? Are they negatively correlated, as in the so-called naive Phillips curve theories or uncorrelated, "as in the neo-liberals' view or are they positively correlated as Friedman suggested in his Nobel lecture? <p> In this paper inflation is...</p>

Adaptive economizing in a decentralized economy with alternative technologies and scarce resources leads to various kinds of locally unstable behavior. Economic disequilibrium is the rule in such a world and requires the presence of market mechanisms that make possible continued viability. If in...

No abstract.

These notes discuss some of the main results and models from the theory of international trade under imperfect competition. They are necessairy both selective and superficial. Multinationals are conspicuous by their absence, and the reader is referred to Markusen (1995) for a recent survey. Up...

These notes discuss some of the main results and models from the theory of international trade under imperfect competition. They are necessairy both selective and superficial. Multinationals are conspicuous by their absence, and the reader is referred to Markusen (1995) for a recent survey. Up...

The supply function equilibrium provides a game-theoretic model of strategic bidding in oligopolistic wholesale electricity auctions. This paper presents an intuitive account of current understanding and shows how welfare losses depend on the number of firms in the market and their asymmetry....

A people's culture, norms and habits are important determinants not just of the quality of social life but of economic progress and growth. In this paper we take the view that while the importance of culture is undeniable, the innateness of culture is not. We work here with a single example and...

In most wholesale electricity markets generators must submit step-function offers of supply to a uniform price auction, and the market is cleared at the price of the most expensive offer needed to meet realised demand. Such markets can most elegantly be modelled as the pure-strategy, Nash...