This paper extends the notion of valuation equilibrium which applies to market economies involving the choice of a public environment. Unlike some other recent work, it is assumed here that consumers and firms evaluate alternative environments taking market prices as given (hence this notion is...

Hegwood and Papell (2002) conclude on the basis of analysis in a linear framework that long-run purchasing power parity (PPP)\ does not hold for sixteen real exchange rate series, analyzed in Diebold, Husted, and Rush (1991) for the period 1792-1913, under the Gold Standard. Rather, purchasing...

This paper focuses on the probabilistic point of view and proposes a extremely simple probabilistic model that provides a single and simple story to account for several extensions of the Shapley value, as weighted Shapley values, semivalues, and weak (weighted or not) semivalues, and the Shapley...

In this paper we consider the interactions between the use of strategic delegation and mergers in the context of a Cournot oligopoly with linear demand and cost functions. It is assumed that, after the merging process is completed, the owner of every independent firm decides its managerial...

This paper proposes a dominance approach to study well-being inequality across countries at the world level. We consider a class of well-being indices based on the three attributes considered in the HDI (Human Development Index). Indices are required to satisfy preference for egalitarian...

The aim of this paper is to analyse the empirical fulfilment of PPP in a number of Central and Eastern European countries. For this purpose we apply two different unit root tests in order to control for two sources of nonlinearities, i.e. Bierens (1997) and Kapetanios, Shin and Snell (2003). We...

In this paper we get the optimal two-part tariff contract for the licensing of a cost reducing innovation to a differentiated goods industry of a general size. We analyze the cases where the patentee is an independent laboratory or an incumbent firm. We show that, regardless of the number of...

One of the most challenging problems to applied industrial economists is the detection of colluding behavior in oligopolistic markets. In this paper we postulate how low market share variability may be used as a primary indicator of cartel success to maintain the agreed upon levels of...

Two stability concepts for one-sided matching markets are analyzed: Gale- Chapley stability and S-stability. The first one applies best to markets were no status quo allocation is considered, whereas the second one is a solution to be used when property rights are allowed. A common problem of...

This paper provides a new characterization of the Talmud rule by means of a new property, called securement. This property says that any agent holding a feasible claim will get at least one nht of her claim, where n is the number of agents involved. We show that securement together with a weak...