Although the Industrial Revolution is often characterized as the culmination of a process of commercialisation, the precise nature of such a link remains unclear. This paper provides an analysis of one such link: the role of commercialisation in raising wages as impersonal labour market...

Although the Industrial Revolution is often characterized as the culmination of a process of commercialisation, the precise nature of such a link remains unclear. This paper models and analyzes such link: the role of commercialisation in raising efficiency wages as impersonal and anonymous...

We de fine a continuous index of strategic stability, p􀀀stability, which requires equilibrium to be the unique outcome compatible with common knowledge of rationality and common knowledge of p􀀀beliefs (beliefs that put probability at least p on the equilibrium pro le). We show that every...