We develop a model of occupational choice and entrepreneurship in the presence of relative wealth concerns. A concern for relative standing arises even though individuals care only about consumption of standard commodities. We assume that entrepreneurial returns are not diversifiable, which...

Region-specific norms of behavior are a widespread phenomenon. In the case of medical practice, numerous studies have found that geographic location exerts an inordinate influence on the choice of treatments and procedures. This paper shows how the presence of social influence on treatment...

The computability of Nash equilibrium points of finite strategic form games is examined. When payoffs are computable there always exists an equilibrium in which all players use computable strategies, but there can be no algorithm that, given an arbitrary strategic form game, can compute its Nash...

This paper considers finite games in strategic form. It is shown that, when payoffs are computable, every game has a Nash equilibrium in which each player uses a strategy which is computable. There can, however, exist no algorithm that is guaranteed to find an equilibrium for every instance of a...

We evaluate the stability of risk-sharing contracts in the presence of moral hazard. Contracts are rules for sharing output among producers and affect the extent of private investments in production. Organizations, which are identified with the contracts they offer, compete for membership....