This paper re-considers the comparison of Bertrand and Cournot equilibria in a differentiatedduopoly with linear demand and cost functions. It focuses on the case of substitutegoods, and allows for cost asymmetries between firms. The main finding is that, when thedegree of cost asymmetry is...

This paper considers the extent to which expenditure by contestants inimperfectly discriminating rent-seeking contests dissipates all or only partof the rent. In particular, we investigate strategic effects, technologicaleffects and asymmetry under an assumption of diminishing returns to...

We reconsider pay-as-you-go pensions (PAYG) policy in a version of the Diamond(1965) overlapping generations model with an imperfectly competitive financialsector and with a low rate of tax on its profits. PAYG then has two effects on capital:the well-known negative crowding-out effect in...