Despite descriptive empirical evidence on start-up numbers and survival rates of young firms, the interaction of market entry decisions and reactions of incumbent competitors is still insufficiently understood in the entrepreneurship literature. Repeated games offer a suitable theoretical...

We introduce a “dynamic non-equivalent utilities” (DNEU) condition and the notion of dynamic player-specific punishments for a general repeated game with unequal discounting, both naturally generalizing the stationary counterparts in Abreu et al. (1994). We show that if the DNEU condition,...

The paper introduces and discusses some of the most important conceptual ideas in game theory by exploring their implicit answer to the question: Who is a player? It will be illustrated that some of the most celebrated results in game theory rely on different notions of a player, global players...

Using an overlapping generations model, this note shows that an improvement in the efficiency of human capital production decreases the net income of the young household while increasing that of the old. Without compensating redistribution, it deteriorates lifetime utilities of all generations...

In this paper I will analyse the redistribution of income amongst n generations using the Single-mindedness Theory. I will introduce a new expression for the balanced-budget constraint, no longer based on lump- sum transfers as in the traditional literature, but rather on more realistic labour...

This paper shows that unregulated decentralized equilibrium is viable under increasing returns technologies in an overlapping generations model of production with cash-in-advance constraints. We also demonstrate that the model exhibits both the Tobin effect and the reverse Tobin effect.

The development of the financial system is shown, both historically and in contemporary data, to be adversely affected by inequality in the distribution of land. To accommodate these empirical findings, a theory is developed that highlights the incentives of landowners to oppose competition in...

The paper develops a stylized overlapping generations economy with random production and a stock market. The impact of a Social Security system on production, asset markets, and consumer welfare is analyzed. It is shown that any reduction in the contribution rate fosters capital accumulation and...

We analyse debt policy in a two-period, two-sector overlapping generations model with Leontief technologies. We find that debt, issued to transfer resources to the initially old, could be welfare improving in the new steady state for an economy which satisfies the usual conditions for dynamic...

We construct a tractable discrete-time overlapping generations model of a closed economy and use it to study government redistribution of accidental bequests and private annuities in general equilibrium. Individuals face longevity risk as there is a positive probability of passing away before...