Under some conditions, parameterized games with strategic substitutes exhibit monotone comparative statics of equilibria. These conditions relate to a tradeoff between a direct parameter effect and an opposing, indirect strategic substitute effect. If the indirect effect does not dominate the...

The paper studies the labor allocation decision by households faced with non-insurable labor income risks and establishes a case for a government sponsored public employment program as a provider of self-insurance to such households. We study the equilibria of a two period general equilibrium...

The paper discusses a way in which price uncertainty may affect the extent of idiosyncratic, uninsurable risks in an incomplete markets economy with nominal assets and thereby affect output and welfare. Although the returns on these assets are constant and riskfree in nominal terms, price...

In games with strategic substitutes (GSS), convergence of the best-response dynamic starting from the inf (or sup) of the strategy space is equivalent to global stability (convergence of every adaptive dynamic to the same pure strategy Nash equilibrium). Consequently, in GSS, global stability...

Condorcet profiles are responsible for a number of well known preference aggregation paradoxes. It is reasonable to claim that these profiles represent complete ties between the candidates and should therefore be excluded to determine election outcomes. Established profile decomposition...

The paper studies the labor allocation decision by households faced with non-insurable labor income risks and establishes a case for a government sponsored public employment program as a provider of self-insurance to such households. We study the equilibria of a two period general equilibrium...

The paper discusses a way in which price uncertainty may affect the extent of idiosyncratic, uninsurable risks in an incomplete markets economy with nominal assets and thereby affect output and welfare. Although the returns on these assets are constant and riskfree in nominal terms, price...