We establish existence and continuity properties of equilibria in a model of dynamic elections with a discrete (countable) state space and general policies and preferences. We provide conditions under which there is a representative voter in each state, and we give characterization results in...

This paper develops a model of a profit maximizing firm with the option to exploit a non-renewable resource, choosing the timing and pace of development. The resource price is modelled as a regime switching process, which is calibrated to oil futures prices. A Hamilton-Jacobi-Bellman equation is...

This paper investigates alternative generalized method of moments (GMM) estimation procedures of a stochastic volatility model with realized volatility measures. The extended model can accommodate a more general correlation structure. General closed form moment conditions are derived to examine...

This paper investigates the impact of adaptation on a country's incentive to participate in emission-reducing International Environmental Agreements (IEAs) on climate change. We develop a framework where heterogeneity across countries is introduced with respect to the benefits and costs of both...

We develop a two-country general equilibrium model of foreign assistance tied to environmental clean-up in the presence of transboundary pollution. The recipient country generates pollution as a by-product in the production of a ‘dirty’ good, which it consumes as well as exports to the donor...

A market share exclusion contract between a seller and a buyer prevents rival sellers from competing for a share of the buyer's purchases. For non-discriminatory contracting we show that, unlike exclusion through exclusive dealing, market share exclusion can be profitable even when buyers...

The paper addresses two broad research questions: 1. How do internal uncertainty associated with the task environment and external uncertainty arising from market volatility impact organization design? 2. What are the relationships among various elements of organization design: delegation of...

This paper extends the generalized empirical likelihood method to the case in which the moment conditions are defined on a continuum (CGEL). We show, for the iid case, that CGEL is asymptotically equivalent at the first order to the generalized method of moments for a continuum (CGMM) developed...

In the "neutrality years" 1793-1807 and beyond, U.S. merchants drew on Spanish-American silver to finance their carrying trade and to settle deficits with Europe and the Far East. The size and direction of these payments must remain unknown, because no records of silver flows were kept until...

This paper proposes a definition of uncertainty aversion for nonprobabilistic decision models and characterizes the decision rules that are uncertainty averses in that sense. Dual results are obtained for uncertainty appeal and it is shown that imposing an uncertainty neutrality condition leads...