We extend Armstrong's (1996) result on exclusion in multi-dimensional screening models in two key ways, providing support for the view that this result is quite generic and applicable to many different markets. First, we relax the strong technical assumptions he imposed on preferences and...

We examine the implications of worker heterogeneity on the equilibrium matching process, using a directed search model. Worker abilities are selected from a general distribution, subject to some weak regularity requirements, and the firms direct their job offers to workers. We identify...

We analyze the direct impacts of managerial overconfidence upon the dividend decision and demonstrate that the dividend levels and speeds of adjustment to target levels can increase when managers exhibit overconfidence. However, we demonstrate that the directional impact upon dividend levels...

I replace the assumption of individual optimization, common in economic literature, by an assumption that an individual executes a computational algorithm directed at finding the choice that is good at the time the choice is made. The general properties of such algorithm are studied

In this paper, I consider a problem of multi-dimensional screening in the case when the number of consumer's characteristics, , differs from , the number of goods produced by a monopolist. I show that, in the case when , the qualitative features of solution are similar to those obtained by...

In this paper I consider the effects of migration on the spread and speed of the propagation of new conventions, technologies, etc. I show that the speed of the propagation increases with the openness of the economy. The application of the model to the equilibrium selection in 2 × 2...