We show for general class of market environments that there exist allocations that cannot be improved upon by allocations that are obtainable in the nash equilibrium of alternative noncooperative games. We take account of the fact that in such alternative games, individuals will draw inferences...

Productivity bias hypothesis claims that deviation of the PPP based exchange rate from the equilibrium rate is mainly due to productivity differentials among countries. Early studies that employed cross-sectional data in testing the hypothesis provided mixed results. A few time-series studies...

This paper considers the distributional dynamics of a well-known corruption index. Specifically, we are interested in evaluating whether corruption is best characterized as multimodal (i.e. pointing to clusters of countries with persistently different levels of corruption) and whether there have...