This paper analyzes the implications of worker overestimation of productivity for firms in which incentives take the form of tournaments. Each worker overestimates his productivity but is aware of the bias in his opponent’s self-assessment. The manager of the firm, on the other hand, correctly...

We consider anonymous games with a Lebesgue space of players in which either the action space or players' characteristics are denumer- able. Our main result shows that the set of equilibrium distributions over actions coincides with the set of distributions induced by equilib- rium strategies....

This paper assesses empirically the effect of oil price shocks on Portuguese aggregate economic activity, industrial production and price level. We take the usual multivariate VAR methodology to investigate the magnitude and stability of this relationship. In doing so, we follow the approach...

In this paper, we show that, when combining revealed (RP) and stated (SP) data, for marginal changes in quality of environmental goods, rationality implies consistency, as the consistency conditions coincide with a subset of the conditions for rationality.

The long march of modernization of the Western societies tends to be presented as following a regular sequence: societies and institutions were pre-modern, and then they were modernized, eventually becoming post-modern. Such teleology may provide an incomplete or distorted narrative of societal...

This paper studies how reciprocity and inequity aversion influence the behavior of firms in imperfectly competitive markets. The paper shows that if reciprocal firms compete à la Cournot, then they are able to sustain “collusive” outcomes under a positive reciprocity equilibrium. By...

In the current paper we examine the role of forest carbon sequestration benefits in optimal forest management. When carbon benefits are considered not only the forested area is relevant, but also the flow of carbon between land and the atmosphere through the carbon cycle. To account for all...

Radzik (1991) showed that two-player games on compact intervals of the real line have " { equilibria for all " 0, provided that payo® functions are upper semicontinuous and strongly quasi-concave. In an attempt to generalize this theorem, Ziad (1997) stated that the same is true for n-player...

In this research, key determinants of expected short-term export performance improvement are identified. We develop a conceptual framework that incorporates past, current and expected performance, internal and external forces of the firm, and pricing strategy adaptation to the foreign market....

This article calls for research on organizational improvisation to go beyond the currently dominant jazz metaphor in theory development. We recognize the important contribution that jazz improvisation has made and will no doubt continue to make in understanding the nature and complexity of...