This paper shows that technology licensing may be socially undesirable. Possibility of licensing increases the incentive for entry and thus, increases competition. If technology of the incumbent and entrant is sufficiently close, licensing-induced entry reduces social welfare. Otherwise,...

If unfunded pensions crowd-out private savings, pensions reform should raise the timepath of capital. Even if reform has long-run benefits, there will still be a “doubleburden”problem for a transitional generation. Assuming that there is an asset whichdiscounts the present value of an income...

Noncooperative games in which each player’s payo¤ function depends on anadditively separable function of every player’s choice variable may be transformedinto an aggregative game, which may be analysed using the conceptof ‘share functions’. The resulting approach avoids the...