The authors introduce competition over entry time into a sequential output choice model to show how profit differences will be dissipated. This resolves a problem in the standard Stackelberg model that the order of moves is exogenously specified yet an earlier position in the order is usually...

We find the Nash equilibria for monotone n-player symmetric games where each player chooses whether to participate. Examples include market entry games, coordination games, and the bar-room game depicted in the movie 'A Beautiful Mind'. The symmetric Nash equilibrium involves excessive...

The change in the premia earned by African, urban, male, union members, relative to earnings of other, comparable workers in South Africa, between 1985 and 1993, is examined using two independent, national, sample surveys. The interval from 1985 to 1993 was part of a period of rapidly rising...

Our main finding is that ownership concentration in the Czech Republic is associated with improvements in the performance of operating companies, but only if ownership is concentrated in hands other than investment funds. We assessed the effects of ownership structure on economic performance by...

This paper presents a theory of rent-seeking within farmer cooperatives in which inequality of asset ownership affects relative control rights of different groups of members. The two key assumptions are constraints on lumpsum transfers from poorer members and disproportionate control rights...

While the European Monetary Union (EMU) is now a real ity, debate among economists nonetheless continues about the design and desirability of monetary unions.Since an essential element of a monetary union is the delegation of monetary power to a single centralized entity, one of the key issues...