We compare the change in ownership concentration in firms privatized through two different programs of mass privatization: the Czech voucher scheme and the Polish program of National Investment Funds. Despite important differences in ownership structure at the start of the process and in the...

In the present paper, we adopt the collective approach to consumer behavior - which supposes that each household member is characterized by his/her own preferences and that the decision process results in Pareto-efficient outcomes - and assume, in addition, that agents are egoistic and...

In many economic contexts, a given function can be disaggregated as a linear combination of gradients. Examples include the literature on the characterization of aggregate demand and excess demand, as initiated by Sonnenschein (1973ab), and the model of efficient household behaviour recently...

In a large range of political and economic situations, group formation is driven by two opposite forces : increasing returns to size and to coordination on the one hand, heterogeneity of preferences on the other. An important question is whether competitive pressures, such as described by free...

We show that the size of the French public debt, the budget deficit and the monetary overhang made it impossible to stabilize immediately after World War I, even on the anti-keynesian assumption that a stabilization would have had no negative effects on income. The reason for the immediate...

This paper provides a survey of results concerning "eductive stability" of equilibrium in an abstract 2-period exchange economy. "Eductive stability" is based on the Common Knowledge considerations underlying the work reported in the book "Assessing rational expectations: "eductive" stability in...

We study how immigration policies are determined under voting in a model where immigration redistributes income from wages to capital, migration decisions are endogenous, there exist border enforcement costs and preference for home-country consumption. We model the migration policy as a pure...