A supergame between public and private firms in an oligopolist industry is studied in this paper. We discover that there is a repeated-game equilibrium where the public firm produces less than its one-shot Nash equilibrium quantity, nevertheless the total supply and hence the social welfare are...

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This paper explores the following question - Has there been any long-run increase (or decrease) in the ‘incidence’ of long-term unemployment once we have corrected for cyclical factors? Our research leads us to conclude: (i) that the incidence of male long-term unemployment has been neither...

This paper tells you everything you need to know in order to impress your friends with your knowledge of the most famous people and the useful past of the subject of economics. However, it is recommended that this paper should not be read in the company of anyone who reads dusty old books, and...

We use a model of intertemporal tax smoothing to examine long run data on fiscal policy in the United States, the United Kingdom, and Australia. We find that the intertemporal model provides a good description of tax policy for the United States but is rejected for Australia and for the UK.

This paper develops a model of individual adjustment subject to mistakes. In this case when mistakes are assumed i.i.d., this process produces a probability distribution of agents decision whose evolution is determined by Fokker-Planck equation. This distribution converges to the unique,...

Measuring the costs of children is of immense practical importance in a range of economic and social policy areas. In this paper, we introduce a new econometric procedure that improves on existing methods for obtaining estimates of such costs from a demand system. We develop, using an extended...

This paper extends the staple theory literature by examining the influence of wool, Australia's dominant primary-product export, on the development of the Australian economy and external position over the period 1862-1995. The results support the view that while shocks to the wool industry had...

There is evidence that investors value environmental performance disclosure by companies. This paper attempts to determine whether this environmental performance information affects share price. An index of environmental performance is constructed from a survey of the commitment of corporations...