In the jurisdictions both of England and Wales and of Scotland, the civil justice system is currently the subject of intense critical appraisal. This paper considers the current status of civil justice, beginning by asking what we expect from our system of civil justice and going on to analyse...

The paper analyzes the Nash equilibria of two-person discounted repeated games with one-sided incomplete information and known own payo®s. If the informed player is arbitrarily patient relative to the uninformed player, then the characterization for the informed player's payoffs is essentially...

This paper proposes and analyses an hybrid of Owen's (1988, 1990, 1991) Empirical Likelihood (EL) and bootstrap, EL-bootstrap, as an alternative to the General Method of Moments (GMM) within dynamic panel data models. We concentrate on the finite-sample size properties of their...

This paper applies recent advances in the theory of learning to the analysis of consumer behaviour, in the context of a market with a dominant firm and a competitive fringe. Dynamically optimal pricing for the dominant firm is characterised when consumers learn adaptively about the relative...

We analyze the distribution of broadcasting revenues by sports leagues. In the context of an isolated league, we show that when the teams engage in competitive bidding to attract talent, the league's optimal choice is full revenue sharing (resulting in full competitive balance) even if the...

This paper generalizes the existing cointegration analysis literature in two respects. Firstly, the problem of efficient estimation of vector error correction models containing exogenous (1) variables is examined. The asymptotic distributions of the (log-)likelihood ratio statistics for testing...

This paper considers a public good game with heterogeneous endowments and incomplete information affected by extreme free-riding. We overcome this problem through the implementation of a contest in which several prizes may be awarded. We identify a monotone equilibrium, in which the contribution...

In many markets it is possible to find rival sellers charging different prices for the same good. Earlier research has explained this phenomenon by demonstrating the existence of dispersed price equilibria when consumers must make use of costly search to discover prices. Taking as a starting...

Consider an individual whose preferences are changing over time. How do we assess her welfare? We argue that this is an empirically relevant question as preferences are constantly changing over time if the agent has a bias towards the present. We present a simple example where preferences are...