The equivalence of markets and games concerns the relationship between two sorts of structures that appear fundamentally different -- markets and games. Shapley and Shubik (1969) demonstrates that: (1) games derived from markets with concave utility functions generate totally balanced games...

Fifty years ago the JPE published Simon Rottenberg's "The Baseball Players' Labor Market", the first professional journal article in sports economics. In this retrospective we review some of his insights and analyses with regard to competitive balance, constraints on payroll and freedoms to...

This paper provides sufficient conditions to ensure nonemptiness of approximate cores of many-player games and symmetry of approximate core payoffs (the equal treatment property). The conditions are: (a) essential superadditivity -- an option open to a group of players is to partition into...

Bergstrom, Blume and Varian (1986) provides an elegant gametheoretic model of an economy with one private good and one public good. Strategies of players consist of voluntary contributions of the private good to public good production. Without relying on first order conditions, the authors...

Despite wide recognition of their significant role in explaining sustained growth and economic development, uncompensated knowledge spillovers have not yet been fully modeled with a microeconomic foundation. The main purpose of this paper is to illustrate the exchange of knowledge as well as its...

Jacobs (1969) argues that uncompensated knowledge spillovers have played a crucial role in population agglomeration and thus in the generation of cities. We explore this idea formally by extending the Romer (1986) model of (inter-firm) externalities in production to an explicit spatial context....

We introduce a concept of status equilibrium for local public good economies. A status equilibrium specifies one status index for each agent in an economy. These indices determine agents' cost shares in any possible jurisdiction to which the agent might belong. We provide an axiomatic...

This paper develops a North-South trade model in which the South produces food and the North produces both food and a high-tech good. Food production is undertaken by unskilled workers while the high-tech product is made only by horizontally differentiated skilled workers. Due to the possibility...

The paper distinguishes between rigid price and flexible price versions of the Prescott (1975) “hotels” model. I focus on two dynamic models that allow for storage: The Bental and Eden (1993) model of all year round goods and the more recent Deneckere and Peck (2012) model of seasonal goods....

Cloud computing brings together several existing technologies including service oriented architecture, distributed grid computing, virtualization, and broadband networking to provide software, infrastructure, and platforms as services. Under the old IT model, companies built their own server...