This paper studies the problem of a monopoly who is uncertain about the demand it faces and learns about it over time through its pricing experience. The demand curve facing the monopoly is not constant--it changes over time in how it differs from an informed monopoly's policy. It turns out...

This paper studies the problem of a monopoly who is uncertain about the demand it faces and learns about it over time through its pricing experience. The demand curve facing the monopoly is not constant--it changes over time in how it differs from an informed monopoly's policy. It turns out...

We study the dynamics of growth and investment in a continuous time model with vintage capital. Vintage capital models may be characterized by non-exponential rates of depreciation and technical change and can incorporate "gestation lags" as well as "learning by doing". We investigate the effect...

An independent private values model of trade with m buyers and m sellers is considered in which price is chosen to equate revealed demand and supply. In ever symmetric Bayesian Nash equilibrium, each trader does not act as a price-taker, but instead strategically misrepresents his true...

In this paper we study the relationship between wealth, income distribution and growth in a game-theoretic context in which property rights are not completely enforceable. We consider equilibrium paths of accumulation which yield players utilities that are at least as high as those that they...