two alternatives (e.g., Myerson (1998)). We show that there always exists an efficient equilibrium under the simple … alternatives and the condition under which they exist. There is only one type of inefficient equilibrium with two alternatives. In … this equilibrium, voters vote unresponsively because they all vote for the same alternative. Under the same condition, the …

The focus is upon equilibrium real exchange rates, optimal external debt and their interaction, in a world where both … Early Warning Signals. One is the NATREX model to estimate the equilibrium real exchange rate. The second is stochastic …

derive the properties of the endogenous merger equilibrium. …

equilibrium. Expected asset price increases in the number of signals so that expected excess return drops. The diminishing excess … Pareto criterion judges competitive equilibrium as not sufficiently informative. However, asset price responses make …

This paper applies the NATREX model of equilibrium exchange rates to evaluate several key studies of the Central and … real exchange rates? To what extent were the real exchange rates misaligned? What are sustainable/equilibrium current …

that if donations were prohibited, then a unique equilibrium regarding the platform choices of candidates would exist. Our …

existence of a unique equilibrium in pure strategies, and carry out some comparative static exercises. -- conflict …

perfect annuities, the market would feature a separating equilibrium (SE) in which each health type obtains an actuarially … attainment of the first-best equilibrium, however, as healthy individuals have a strong incentive to misrepresent their type by … claiming to be unhealthy. Using the equilibrium concept of Pauly (1974) and Abel (1986), we prove the existence of a second …

uncoordinated, multi-market contact allows firms to reduce the amount of self-reporting in equilibrium and sustain cartels more …