In most cases, the premature announcement of a future product cannot be anti-competitive. When there are network effects, however, firms may have incentives to strategically prenannounce products; such preannouncements are often referred to as "vaporware." Anticompetitive vaporware allegations...

In an economy with asymmetric information, Rational Expectations Equilibria (REE) need not become asymptotically incentive compatible, even if many independent replicas of the economy are merged together. We identify a sub-class of REE for which this is nevertheless the case.

This paper analyses the relationship between technological progress, the transmission of income inequality across generations and economic growth.

We study the post-IPO performance of Israeli manufacturing firms during teh period 1991-4, finding a decline in profitability and an increase in General and Adminstrative Expenses normalized by sales (GAE), reflecting managerial waste.

We study equilibrium in games in which each player uses the procedure in which he associates a consequence with each of his actions and chooses the action that has the best consequence. The association may be stochastic but is not arbitrary : it reglects the other players' equilibrium behavior....

This paper examines the effects of strategic delegation in a simple ultimatum game experiment. Our main concern is to examine the effect of delegation on the way players think about the game and how the play it.

A panel study reveals that an increase in pretax income equality leads to sudstantially lower retail prices. Prices also fall if the income tax on high income families is raised. One explanation is that equality makes consumer demand more elastic. This would imply that progressive taxation helps...

A decision maker faces a decision problem, or a game against nature. For each probability distribution over the state of the world (nature`s strategies), she has a weak order over her acts (pure strategies). We formulate conditions on these weak orders guaranteeing that they can be jointly...