Recent literature shows that learning in oligopoly games might in the long run result in the Cournot or in the Walras equilibrium. Which outcome is achieved seems to depend on the underlying learning dynamics. This paper analyzes the forces behind the learning mechanisms determining the long run...

The Tobin tax is in high demand for many groups. Despite its popularity, research has not yet made full use of available insights from the recent microstructure literature. The role of banks in foreign exchange trading is quite different from what proponents usually assume. The most probable...

This paper presents a generalization of Varian's original contribution on disequilibrium models characterized by sequential trading. By building up the model on the differentiation of regimes we make the subject more easily comparable to standard disequilibrium models. Compared to the latter...