The Phelps and Winter (1970) customer-market model predicts that firms will charge lower than the static monopoly mark-up because monopolistic pricing policy is moderated by the potential effect of high prices on the market-share. This paper extends Phelps and Winter (1970) to incorporate...

This paper examines the impact of mergers and acquisitions on the remuneration of the CEOs in a large unbalanced panel of UK firms, over the period 1981-1996. We find significant and substantial executive pay increases in excess of those generated by the growth in firm size consequent upon the...

This paper offers a method for testing altruism and applies this to investigate whether parents of young children in rural Pakistan are altruistic. The estimated "altruism coefficient" (defined in the paper) indicates the degree of altruism. Parent altruism is of evident interest in designing...

This paper assesses the potential of `workplace training' with reference to German Apprenticeship. When occupational matching is important, we derive conditions under which firms provide `optimal' training packages. Since the German system broadly meets these conditions, we evaluate the...

The paper develops a general equilibrium model where population sources, such as fertility and mortality rates, are chosen variables. It is shown that the evolution of population over time depends on income and relative prices of mortality and fertility rates. Initially as a country develops,...

This paper provides a theory of a monopolist in general equilibrium. We assume that the firm's decisions are based on the preferences of shareholders and/or other stake-holders. We show that the monopolist will charge less than the profit-maximising price, since shareholders suffer part of the...

The paper contributes to the globalization debate by scrutinizing the international spillover effects which are provoked if a single country reduces the generosity of the unemployment compensation system or weakens labor union power. For this purpose a two-country model with imperfect...

This paper examines occupational choices made by two cohorts of UK graduates. About 10% of graduates are in the same occupation as their father 6 or 11 years after graduation. Males graduating from medicine or agricultural studies are more likely to be follower but the main observable...

Using a large panel of weekly wheat prices, we infer the annual rate of return on capital in each county in England and Wales in the period 1770-1820. Throughout this period markets were efficient in the sense that weekly returns were serially uncorrelated. We show that the interest rate...

We set up a two-stage game with sequential moves by one altruistic agent and n selfish agents. The rotten kid theorem states that the altruist can only reach her first best when the selfish agents move before the altruist. The Samaritan's dilemma, on the other hand, states that the altruist can...