We present a model where the probability distribution over the space of an agent's achievements depends not only on her ability and effort, but also on the goals set for her. The agent chooses her effort according to her utility net of perceived cost of effort. This cost is inversely...

This paper surveys three areas of applications of dynamic games: (i) transboundary pollution, (ii) exploitation of transboundary resources, and (iii) problems of the developing world: capital flights, foreign aid, war and peace. A refresher section introduces the basic ideas and solution...

Constructing a dynamic game model of trade of an exhaustible resource, this paper compares feedback Nash and Stackelberg equilibria when the exporting country sets quantity rather than price. We consider two different leadership scenarios: leadership by the importing country, and leadership by...

Purpose – The purpose of this paper is to investigate conditions under which voters’ comparison of relative performance between adjacent jurisdictions can help reduce rent‐seeking by politicians. Design/methodology/approach – A theoretical model was developed to examine the effectiveness...

We consider the steady-state equilibrium of an industry characterized by simultaneous decision-making between a produder of a primary good devides on the quality of the virgin product he will produce, and the producer of a perfectly substitutable, but more costly, recycled product, who decides...