In this paper, we compare the attitude towards current risk of two expected-utility-maximizing investors that are identical except that the first investor will live longer than the second one.

We investigate how intensive should be the monitoring effort and how the reaction of the patentholder may influence the entry decision. In a simultaneous game we show that even if the penalty paid by the infringer and the settlement cost are high, the patentholder may decide to choose a...

In this paper we show that the "Coase problem" of the private oversupply of inputs applies equally to investors supplying capital to firms. Investors would like to commit to supplying only the monopoly amount of capital to an industry, but ex-post may be tempted to fund a second firm, devaluing...

This paper studies majority voting over non-linear income taxes when individuals respnd to taxation by substituting untaxable leisure to taxable labor. We first show that voting cycles over progressive and regressive taxes is inevitable. We then investigate three solution to this cycling...

Under a subscriber-supported television, specification should be viewed as a multidimensional problem. First, there is the traditional question how to allocate a number of channels -carried either by cable or satellite- among different program types. Second, there is the issue of packaging. What...

The purpose of this paper is to define the concept of expected minimum cost function and to present the methodology for a non parametric estimation of it. Generally, in cost enonometric analysis, inference is made on the cost function, namely the conditional expectation of cost given some level...

This paper pursues three objectives in the context of multiple regression models: 1) To give a rationale for model selection criteria which combine a badness of fit term (such as minus twice the log likelihood) with a measure of complexity of a model. 2) To investigate the asymptotic consistency...