We calculate the equilibrium fraction of cooperators in a population in which payoffs accrue from playing a single-shot prisoner's dilemma game. Individuals who are hardwired as cooperators or defectors are randomly matched into pairs, and cooperators are able to perfectly find out the type of a...

Quite often established migrants offer assistance and support that facilitate the arrival of new migrants. Why would migrants want other migrants to join them - so much so as to be willing to pay for them to come? We suggest a rationale. Our modeling framework is capable of explaining several...

This paper proposes a model where heterogeneous firms choose whether to undertake R&D or not. Innovative firms are more productive, have larger investment opportunities and lower own funds for necessary tangible continuation investments than non-innovating firms. As a result, they are...

Our main message is that it is optimal to use less coal and more oil once one takes account of coal being a backstop which emits much more CO2 than oil. The way of achieving this is to have a steeply rising carbon tax during the initial oil-only phase, a less-steeply rising carbon tax during the...

We characterize the equilibrium of the all-pay auction with general convex cost of effort and sequential effort choices. We consider a set of n players who are arbitrarily partitioned into a group of players who choose their efforts "early"; and a group of players who choose "late". Only the...