Abstract This paper explores the implications of fairness and reciprocity for self-enforcing international environmental agreements on pollution abatement. Reciprocal countries reward fair behavior (positive reciprocity), but retaliate against countries behaving unfairly (negative reciprocity)....

Abstract We present three examples of finitely repeated games with public monitoring that have sequential equilibria in private strategies, i.e., strategies that depend on own past actions as well as public signals. Such private sequential equilibria can have features quite unlike those of the...

Abstract This paper examines whether taxation is effective in eliminating sunspot fluctuations by considering two separate model economies by which indeterminacy occurs for empirically plausible specification of the model parameters. In the first model where production exhibits social increasing...

Purpose – This paper aims to investigate the production function of firms based on the use of intellectual capital. The authors come up with this problem since believe that the new economy conditions require an adjustment and a development of classical firm theory. Design/methodology/approach...

Purpose – The purpose of this paper is to develop a theoretical model of price transmission from the farm to the retail sector, allowing not only for an interaction between oligopoly power, oligopsony power and non‐constant returns to scale in industry technology, but also allowing for the...