When the dependency ratio inactive/active increases to intolerable proportions, the question arises as to how and when pay-as-you-go social security systems can be controlled so as to safeguard a decent way of life to everyone. Between uncertainty linked to wages and the interest rate, and room...

We propose an infinite-horizon quantity-setting differential game with learning spillovers and organizational forgetting to analyze the optimal management decisions affecting the evolution of the stock of know-how, and, in turn, the dynamics of productive efficiency. Specifically, we study the...

I propose a dynamic duopoly model where firms enter simultaneously but compete hierarchically á la Stackelberg at each instant over time. They accumulate capacity through costly investment, with capital accumulation dynamics being affected by an additive shock the mean and variance of which are...