In this work, we attempt to characterize the main theoretical difficulties to prove the existence of competitive equilibrium in infinite dimensional models. We shall show cases in which it is not possible to prove the existence of equilibrium and some others in which, however the existence of...

Our concern in this work is to obtain conditions for the uniqueness of equilibria, with commodity bundles as consumption patterns which depend on the state of the world.

This paper investigates the economic rationale for intervention in support of small- and medium-scale enterprises, on both theoretical and empirical grounds. It argues that the justification for SME interventions lies in market and institutional failures that bias the size distribution of firms,...

In this paper we extend the collusion framework to allow for heterogeneity among firms, investment, entry and exit. The focus is on a model with symmetric information in which it is hard to sustain collusion when either; one of the firms does not keep up with the advances of its competitors...

In a standard hold-up problem, individuals are vulnerable to hold-up because it is impossible to write complete contracts to cover the lifespan of relationship-specific investments. Hold-up occurs only when investments are to some degree nongeneric, and the extent of the problem increases with...

Data for rates of job turnover among plants in the Swedish economy in 1986-97 imply that in a typical year in a representative industry one out of six jobs disappeared, and a corresponding number of jobs were created. Job turnover is counter-cyclical, with no trend, and is higher for skilled...

Two-sided network effects in card payment systems are analysed under different market structures, e.g., competition, one-sided monopoly, bilateral monopoly and duopoly; with and without an interchange fee; for the so-called Baxter’s case of non-strategic merchants. A partial ranking of market...

Two weak restrictions on equilibrium market structures are that firms who decide to enter make sufficient profits to cover entry costs and fixed costs of production, and that no new firm could profitably enter. I examine these restrictions by the size distribution of firms in the same industry,...

This paper examines the role of entry to and concentration of the export sector in Polish exports performance during 1992-97. Comparison with changes during the first years of transition as well as cross-sectional analysis is included. The paper shows the emergence of new tendencies in the...

By using a novel approach in this paper,(lambda,sigma²)-analysis, we have found that electricity prices most of the time have increased in stability and decreased in volatility when the Nordic power market has expanded and the degree of competition has increased. That electricity prices at Nord...