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,...

It has been found in the literature that the overnight Eurodollar rate and the effective Fedfunds rate exhibit similar calendar-day effects caused by the Federal reserve regulationsand accounting conventions and characteristics of the Fed funds market. However, it wasnot documented whether the...

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...