The usual linear programming model for estimating supply functions is a single-period one (3).1 The solution for this period is independent of other periods except as their activities and incomes may be reflected in the resource constraints (2). The polyperiod model not only specifies the...

While the onset of recession may lead some oligopolistic firms to engage in price-cutting behavior, we argue this is likely to be only a temporary phenomenon. As the recession deepens, firms will find themselves with (unplanned) excess capacity, which will increase the mutual benefits of...

To fully understand governance and authority in the large corporation, one must attend to politics. Because basic dimensions of corporate organization can affect the interests of voters, because powerful concentrated interest groups seek particular outcomes that deeply affect large corporations,...

The distinctive ownership and governance structure of the large American corporation-with its distant shareholders, a board of directors that defers to the CEO, and a powerful, centralized management-is usually seen as a natural economic outcome of technological requirements for large-scale...

We here bring forward strong evidence that political instability impedes financial development, with its variation a primary determinant of differences in financial development around the world. As such, it needs to be added to the short list of major determinants of financial development....