only locally around equilibrium outcomes. Policy is needed because competition deters the socially optimal degree of …

policies favor vocational education will grow slower in equilibrium than one that favors general education. Moreover, the gap … either a concept-based, general' education or a skill-specific, vocational' education. General education is more costly to … education subsidy policy we demonstrate that the optimal subsidy for general education increases with the growth rate of …

technologies. Equilibrium extraction is too large and comes too early for public resources, but the opposite is true for private …

can withdraw from the market after initial contract offers have been observed. We show that a subgame perfect equilibrium … always exists and that, in fact, when withdrawal is costless, the set of subgame perfect equilibrium outcomes may correspond … robust equilibrium outcome of our game. This outcome is always constrained efficient and involves cross-subsidization from …

sustainable equilibrium, distortions to production emerge and never disappear even in the long run. This result is driven by the … sufficiently large, there is equilibrium turnover in the long run so that political cycles never disappear. Finally, our model …

is used one quarter of the time. A choice-theoretic general equilibrium search model is constructed to analyze the … equilibrium effects that are typically absent in epidemiological studies and small-scale field experiments. For some interventions …

of regulation in a labor market with heterogeneous workers and jobs. To achieve this we develop an equilibrium model of … wage determination and employment which extends the current literature on equilibrium wage determination with matching and …