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This paper investigates the impact of technical progress on the relationship between competition an investment. Using a … model of oligopoly competition with di¤erentiated products where firms invest to reduce their marginal cost of production, I … competition that maximizes investment of the industry. This feature holds also for consumer surplus and Welfare. In the model …
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We model mortgage refinancing as a bargaining game involving the borrowing household, the incumbent lender, and an outside bank. In equilibrium, the borrower's ability to refinance depends both on the competitiveness of the local banking market and on the cost of switching banks. We find...
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theoretical progress such as capability theory has provided rigorous framework for multidimensional analysis, empirical methods …
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We measure country welfare by an index number calculated from welfare components like GDP per capita and expected length of life. We rank countries from high to low welfare using such estimated welfare indices. In such calculation the chosen welfare components, the procedures used to normalize...
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This paper investigates the effects on environmental quality and social welfare if an environmentally friendly - or "green" - good is introduced on a market. The green good has been modeled as an impure public good such that its jointly produced characteristics are both available separately in...
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