The Russian Economy has evolved into a hybrid form, a partially monetized quasi-market system that has been called the virtual economy. In the virtual economy, barter and non-monetary transactions play a key role in transferring value from productive activities to the loss-making sectors of the...

It is well known that externalities cause fundamental nonconvexity problems in the production sets. We use the differentiable approach to establish existence without requiring aggregate convexity in consumption nor production. Our model allows general externalities in consumption and production...

This paper considers two models for analyzing the dynamics of firm behavior that allow for heterogeneity among firms, idiosyncratic (or firm specific) sources of uncertainty, and discrete outcomes (exit and/or entry). Models with these characteristics are needed for the structural econometric...

We discuss issues of international sharing of the responsibility for refugees seeking protection from life threatening circumstances such as created in the course or aftermath of war or an ongoing crises. After surveying proposals for allocating responsibility for refugees among cooperating...