exist with a positive war frequency. Third, if multiple equilibria exist, the perpetual peace equilibrium may be unstable in … international conflict. In this paper, we investigate whether this motive is sufficiently important for war to persist in … equilibrium if all countries are democracies. Three key findings emerge. First, the perpetual peace equilibrium hypothesized by …

nothing if it loses. We study a model of war with such an asymmetric payoff structure, and private information about military … win the war unless its expected military technology is considerably worse. Our model may thus explain why defending …

income. We explain this process of democratization as a rational way for incumbent elites to wage war effectively on other …

globalization and import dependency as a short-term reaction to economic turbulences and geopolitical upheaval at the onset of war …

Entrepreneurs are often situated in extreme environments characterized by violent conflict. Yet, war is largely a blind … study of entrepreneurial dynamics in the Russo-Ukrainian war. Relative to the synthetic counterfactual, Ukraine's number of … way for systematic scholarship on "war and entrepreneurship," our study proposes a conceptual framework integrating …

in the shadow of arming and the threat of war. In this setting, we characterize the conditions under which peace arises … arm and then choose whether to resolve their dispute violently through war or peacefully through settlement. Both … approaches depend on the states' military capacities, but have very different outcomes. War precludes the possibility of …