In the cost sharing model with technological cooperation, we investigate the implications of a number of consistency requirements. In a context where the enforcing authority cannot prevent agents from splitting or merging their demands (in order to reduce their cost shares), the methods used...

The present paper examines zero-sum games that are based on a cyclic preference relation defined over anonymous actions. For each of these games, the set of Nash equilibria is characterized. When the number of actions is odd, a unique Nash equilibrium is always obtained. On the other hand, in...

Credible inference requires attention to the possible fragility of the results (p-values for key hypothesis tests) to flaws in the model assumptions, notably including the validity of the instruments used. Past sensitivity analysis has mainly consisted of experimentation with alternative model...

Case, Quigley and Shiller (2013) distinguished and quantified two wealth effects in retail sales at the state level: One from wealth held as corporate stock and one from wealth held in the form of home ownership. Here we investigate how each of these wealth e¤ects varies by frequency that is,...

This paper uses information contained in the cross-country yield curves to test the asset-pricing approach to exchange rate determination, which models the nominal exchange rate as the discounted present value of its expected future fundamentals. Research on the term structure of interest rates...

Despite nearly three decades of revolutionary government rule, poverty and inequality remain the central issues of political debate in Iran. The unexpected electoral victory of Ahmadinejad, the populist candidate in the 2005 presidential election, has been widely attributed to rising poverty and...