We study how conflict in a contest game is influenced by rival parties being groups and by group members being able to punish each other. Our main motivation stems from the analysis of socio-political conflict. The relevant theoretical prediction in our setting is that conflict expenditures are...

The purpose of this paper is to analyze the effect of multimarket contact on the behavior of pharmaceutical firms controlling for different levels of regulatory constraints using IMS MIDAS database. Theoretically, firms that meet in several markets are expected to be capable of sustaining...

A growing literature integrates theories of debt management into models of optimal fiscal policy. One promising theory argues that the composition of government debt should be chosen so that fluctuations in the market value of debt offset changes in expected future deficits. This complete market...

We study a retail benchmarking approach to determine access prices for interconnected networks. Instead of considering fixed access charges as in the existing literature, we study access pricing rules that determine the access price that network i pays to network j as a linear function of the...

In the last fifteen years two equilibria have arisen in the advaced world. On the one hand, wage dispersion has widened in those countries where unemployment has remained low (with cyclical variation). On the other hand, wherever income inequality has remained unchaged, unemployment has shot...

In this paper we identify a simple property of nonlinear temporary equilibrium map (TEM) that guarantees that all trajectories, along which the dynamics of the state variable remain bounded, converge to the steady state-in particular, the locally divergent trajactories also are driven back to...

Abstract: This paper sets out a Marxian model that is based on the one by Stephen Marglin with one sector and continuous substitution. It is extended by adding technical progress and land as a factor of production. It is then shown that capital accumulation causes the preconditions for the...

This document contains lecture notes for a first year graduate course in econometrics, with coverage of basic topics such as OLS and hypothesis testing, through maximum likelihood and GMM, nonlinear models, time series, panel data, Bayesian methods, simulation-based methods, and other topics....

Abstract: This paper examines, both descriptively and analytically, Marx's arguments for the falling rate of profit from the Hodgskin section of Theories of Surplus Value, The General Law section of the recently published Volume 33 of the Collected Works and Chapter 3 of Volume III of Capital....

For the assignment game, we anlayze the following mechanism: sellers, simultaneously, fix their prices first, then buyers, sequentially, decide which object to buy, if any, among the remaining objects. The first phase of the game determines the potential proces, while the second phase determines...