In this paper we study the welfare effect of a monopoly innovation. Unlike many partial equilibrium models carried out in previous studies, general equilibrium models are constructed and analyzed in greater details. We discover that, technical innovation carried out by a monopolist could...

In this paper we study the welfare effect of a monopoly innovation. Unlike many partial equilibrium models carried out in previous studies, general equilibrium models are constructed and analyzed in greater detail. We discover that technical innovation carried out by a monopolist could...

We propose a game-theoretic model to study various effects of scale in an insurance market. After reviewing a simple static model, we present a one-period game in which both the buyers and sellers of insurance make strategic bids, and show that, under reasonably broad conditions, market...

The role of long lived assets is considered in serving as hostages to extend the domain of trustless trade in an exchange economy. Assuming that individuals have life cycle preferences, we consider the most general set of utility functions consistent with these preferences and a stationary...

It is well known that China's corruption problem has become more and more serious during the period of economic reform. This paper examines China's corruption problem with the help of several simple economic models. The author proposes the concepts of implicit corruption and explicit corruption....

The paper studies the Walrasian equilibrium theory of division of labor for large economies with weakly convex production techniques and with the presence of transaction costs. Earlier results published by Wen are revised and generalized so that the new versions can be applied to a much larger...

In this paper we study the welfare effect of a monopoly innovation. Unlike many partial equilibrium models carried out in previous studies, general equilibrium models are constructed and analyzed in greater detail. We discover that technical innovation carried out by a monopolist could...

In this paper we study the effects of increasing family wealth on the number of divorce cases in a society. We assume that, when one party of a married couple seeks for divorce, the physical family wealth is equally divided between the homemaker and the breadwinner according to the Law. Through...