That the Keynesian Revolution in the 1930s marked a water-shed in economics dividing the Young Turks from the Old Guard is too well known to require discussion. But that World War II and the immediate post-war years marked a similar and possibly greater break in the 'paradigm' of professional...

In this work the determinants of retailers' price-cost margings are investigated using a theoretical model of bilateral bargaining. We use bimonthly data on 36 grocery productes in Italy over the period 1989-1992 to test the theoretical predictions on the effect of vertical relationships on the...

This paper reverses the standard conclusion that asymmetric information plus competition results in insufficient insurance provision. Risk-tolerant individuals take few precautions and are disinclined to insure, but are drawn into a pooling equilibrium by the low premiums created by the presence...

In a context where both the poor and the rich are (imperfectly) mobile, this paper compares the Nash equilibrium levels of income redistribution from the rich to the poor when jurisdictions compete either in taxes, in transfers or both. Although taxes and transfers are linked through the...

The paper shows how the differing incidence of specific and ad valorem taxation in imperfectly competitive markest can be exploited to control international oligopoly. If countries act cooperatively, the tax instruments used in combination achieve the same outcome, either the first-best or the...