We provide a simple necessary and sufficient condition for when a multiproduct demand system can be generated from a discrete choice model with unit demands.

In this speech (given at the CFSresearch conference on the Implementation of Price Stability held at the Bundesbank Frankfurt am Main, 10. - 12. Sept 1998), John Vickers discusses theoretical and practical issues relating to inflation targeting as used in the United Kingdom doing the past six...

Despite being one of the most fundamental issues in political economy, the question of the appropriate boundary between public and private enterprise received relatively little attention in mainstream economic analysis until quite recently. In the 1980s, however, programs of ownership reform...

The stochastic evolution of competition depends on the respective effort rates of the firms. We show that several effects are at work. The state tends to evolve in the direction where joint payoffs are greater. Since joint payoffs are related to joint product-market profits less joint effort...

In an industry where naturally monopolistic and competitive activities are vertically related, should the natural monopolist be allowed also to operate in the deregulated competitive sector? This paper assumes that monopoly pricing behavior is regulated and, therefore, the effect of vertical...

The paper presents two models of races in which there is both technological uncertainty and strategic interaction between competitors. The authors' aim is to see how the efforts of competitors in a race vary with the intensity of rivalry between them. In the principal model, which is of a...