This paper provides estimates of the cost of protection to the Canadian economy for the mid 1970s on the order of 8-10 percent of GNP. Both unilateral and multilateral tariff reduction calculations are done. The estimates are based on an applied general equilibrium model incorporating scale...

A crucial aspect of regulating an oligopoly characterized by the presence of fixed costs in the determination of the correct number of firms in the industry. This paper examines direct price and entry regulation and the indirect regulation through public ownership of a single firm which competes...

This paper proposes a general equilibrium model with the feature that value maximizing firms which obtain financing in a competitive capital market will, when bankruptcy is possible, have capital structures which are equilibrium determined variables. This contrasts the traditional view which...

This paper considers the implications of alternative managerial incentive function for reducing costs in different market structures. An incentive function relates the income received by managers to the profits attained by the firm. Managers may choose the amount of effort they devote to cost...

This paper suggests a dual to the many-person applied welfare economics problem with constraints on lump-sum redistribution. The dual has the property of minimizing an aggregator function over individual income transfers. The properties of the aggregator are dependent upon the resource costs of...

This paper derives conditions under which prices may be set proportional to margin cost in some sectors of the economy when fixed distortions exist in other sectors. Two simple neo-classical economies are considered -- one with fixed producer prices and one with variable producer prices. In the...

In a continuous-time model of capital accumulation, there are convexity or concavity conditions on benefit and cost functions which ensure that dynamical necessary conditions for optimality are also sufficient. Non-convexities can occur in various ways: the Hamiltonian can fail to be concave...