The architecture of public decision making in the world is being changed through processes of "economic integration" and of "decentralization". Some policy decisions are now taken at a higher level (i.e., monetary policy in Europe, trade policy in part of South America), while others are taken...

We compute the value of a firm that pays its cash flows each period through share repurchases in a dynamic environment where personal taxes are paid on realized capital gains and dividends. These results provide a measure of the personal tax advantages of equity financing relative to debt...

This study analyses the transmission of monetary policy in Germany for the EMS period in the framework of a structural vector error correction model (S-VECM) analysis. Cointegration relations derived from economic theory are tested within the Johansen framework in the first step. Three stable...

It is well known that vertical integration can change an upstream producer's incentive to supply the integrated firm's downstream rivals. However, it has not been noticed that vertical integration also changes these rivals' incentive to choose suppliers. Once this is recognized, some important...

We revisit the analysis of discrete comparative statics effects in the classical consumer expenditure minimization framework, using techniques that exploit the order and lattice properties of the problem, without reference to topological properties. It is shown that these comparative statics...

Examination of cross-section data on non-contractual construction workers in Egypt reveals strong attachment to the sector despite extreme demand instability. Also present are statistically significant wage differentials between construction trades that cannot be attributed to differential costs...

This paper investigates the spatial organization and dynamics of retail markets using establishment level data on entry, exit, and location choice in the retail alcoholic beverage industry. Establishments are classified into two groups based on firm affiliation: chain vs. stand-alone stores....

I study a search economy in which intermediaries are the driving force co-ordinating the economy on the use of a unique, common medium of exchange for transactions. If search frictions delay trade, intermediaries offering immediate exchange opportunities can make arbitrage gains from a price...

The theory of subjective expected utility (SEU) has been extended in many recent works, allowing ambiguity to matter for choice. However, a fully satisfactory and general notion of ambiguity aversion, analogous to risk aversion for SEU, is still missing. Using a new preference model which...