Duopoly is modeled here as a prisoner's dilemma repeated in continuous time. Firms wish to maximize discounted flows of dividend payments, which are paid when capitalization levels permit. A firm is ruined when its capitalization falls below zero, but each ruined firm is immediately replaced by...

A model is presented in which market prices systematically understate fundamental values. The result follows from assumptions that the market is organized along auction lines with private information and is imperfect in that owners are occasionally forced to sell in order to raise cash for...

There exist two approaches in the literature concerning the multinational firm's mode choice for foreign production between an owned subsidiary and a licensing contract. One approach considers environments where the firm transfers primarily knowledge-based assets and assumes that knowledge is...