Labor contracts affect a firm's cost function and for this reason they can be used as a recommitment device to gain a strategic advantage against other firms. In a model that is otherwise neutral, it is found that if firms compete in prices, then strategic considerations alone yield results...

This paper examines the effect of the change of state shares in a state-owned enterprise (SOE) on the efficiency of the whole society and the payoff of the government. This issue is addressed by setting up a mixed oligopolistic competition model and dividing the analysis into two cases: closed...

In this paper we demonstrate that a simple duality relation underlies balanced growth models with non-joint production. Included in this class of models is the standard neoclassical growth model and endogenous growth models that admit balanced growth paths. In all of these models, the optimal...

A model of major league baseball is developed which distinguishes between league behavior and individual team behavior.The league is viewed as setting rules that restrict the team's willingness to pay and/or impose costs on the transfer of players between teams. Given these rules, teams then...