We study the properties of learning rules based on imitation in the context of n-player games played among agents within the same population. We find that there are no (nontrivial) rules that increase (average) expected payoffs at each possible state, and for any possible game. The results...

This paper aims at investigation the efficiency of European and U.S. commercial banks. Scale and scope economies indicators, as well as a measurement of X-efficiency are derived from three cost functions: Fourier flexible form, translog and Box-Cox. This allows checking the stability and the...

We analyze a model of repeated franchise bidding for natural monopoly with contestable licensing - a franchisee halds an (exclusive) license to operate a franchise until another rm offers to pay more for it. In a world where quality is observable but not veri able, the simple regulatory scheme...

We consider a dynamic general equilibrium model with collective wage bargaining and investigate how unemployment dynamics are affected by two types of budgetary policies. In line with traditional reasoning, a balanced-budget rule amplifies fluctuations in the short run, whereas an...

This paper proposes a simple approach to analyzing pro¯t dynam- ics which allows for time-varying persistence of pro¯ts. The time se- ries model is a simple autoregressive process where the dynamics of the persistence parameter follow an autoregressive or random walk pro- cess. Using the...