In games with strategic substitutes (GSS), convergence of the best response dynamic startingfrom the inf (or sup) of the strategy space is equivalent to global stability (convergence ofevery adaptive dynamic to the same pure strategy Nash equilibrium). Consequently, inGSS, global stability can...

Recent developments in voting theory show that Condorcet profiles embedded in electoratesare responsible for conflicts between pairwise voting methods and for reversals ofrankings under positional methods whenever candidates are dropped or added. Because ofthe strong symmetry of the rankings of...

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...