This paper models a dynamic scholar’s allocation of time between academia and professional activities outside academia, given the academic labor market and social interactions. The model shows how particularly in less developed countries business and political networks may have large negative...

When focusing on firm’s risk-aversion in industry equilibrium, the number of firms may be either larger or smaller when comparing market equilibrium with and without price uncertainty. In this paper, we introduce risk-averse firms under cost uncertainty in a model of spatial differentiation...

We model the evolution of age-dependent personal income distribution and inequality as expressed by the Gini ratio. In our framework, inequality is an emergent property of a theoretical model we develop for the dynamics of individual incomes. The model relates the evolution of personal income to...

Three years ago we found a statistically reliable link between ConocoPhillips’ (NYSE: COP) stock price and the difference between the core and headline CPI in the United States. In this article, the original relationship is revisited with new data available since 2009. The agreement between...

The growth rate of real GDP per capita in the biggest OECD countries is represented as a sum of two components – a steadily decreasing trend and fluctuations related to the change in some specific age population. The long term trend in the growth rate is modelled by an inverse function of real...

This paper modifies a standard model of law enforcement to allow for learning by doing. We incorporate the process of enforcement learning by assuming that the agency’s current marginal cost is a decreasing function of its past experience of detecting and convicting. The agency accumulates...

Using the principal-agent- supervisor paradigm, this paper examines the occurrence of collusion in a setting where the principal has no information about the supervisor and the agent does not necesarily know the supervisor’s preferences.We formally prove the occurrence of collusion is more...

We propose a dynamic efficiency wage model with learning by doing. By taking into account the change inthe stock of workers’ knowledge, firms set efficiency wages such that the effort–wage elasticity is not in general equal to one.

Heterogeneous firms facing demand-induced price fluctuations imperfectly compete for heterogeneous workers. It is shown that unemployment may arise in equilibrium because of the combination of uncertainty on product price and mismatch between workers’ skills and firms’ job requirements.

The evolution of the rate of price inflation, (t), and unemployment, u(t), in Japan has been modeled within the Phillips curve framework. As an extension to the Phillips curve, we represent both variables as linear functions of the change rate of labor force. All models were first estimated...