This paper analyzes a two-period licensing model where an upstream patent holder licenses an innovation, by per-unit output royalty contracts, to several downstream licensees. Such firms compete in Cournot fashion at the product market and each firm's cost is directly unobservable for third...

Dominant strategies truthful implementation of flexible social objectives involves the ability of the planner to alter the individual incentives in such a way that the externality imposed on society by each agent reporting a given type is fully internalized in the agent’s final payoff. In...

We analyze the pattern of pool prices in the Spanish electricity market during 1998 by means of a Time Varying Transition Probabilities Markov switching model. Our purpose is two­fold: firstly, to identify and date the drops in prices that cannot be accounted for by supply nor demand...

Over the nineties, several changes on Port legislation where implemented in Spain. The legislation was aimed at providing port authorities with greater autonomy in some areas. In this paper we analyze the impact of the reforms on merchandise trading. We try to ascertain the impact of the reforms...

In this paper we introduce a new concept of solidarity in terms of reciprocity and characterize the set of social choice functions that are reciprocate (in both a strong and a weak sense), anonymous and efficient in a standard public good provision model when the agents have single-peaked...

In this paper we introduce a strategy for testing the unit root hypothesis in a first-order autoregressive process with an unknown intercept where the initial value of the variable is a known constant. In the context of this model the standard Dickey-Fuller test is nonsimilar, the intercept...

The present paper studies resource allocation in an expanding product variety framework à la Romer (1990). We consider the limiting case where net returns to specialization are zero and, therefore, R&D is completely useless, socially. Nevertheless, the market equilibrium involves allocation of...

Este documento realiza una discusión de las implicaciones de la estabilidad presupuestaria en un marco descentralizado. En primer lugar, se aportan una serie de argumentos a favor de la disciplina fiscal. En segundo lugar, se abordan las peculiaridades de la estabilidad presupuestaria en...

Given a production economy, we define a trade union game by considering strategic behavior on factor supplies. We refer to the Nash equilibria of this game as trade union equilibria. First we analyze situations under which unemployment of factors are supported as trade union equilibria. The...

This paper presents an evaluation on the technological sources of productivity growth across European countries and the U.S. for the period 1980-2004. Technological progress is divided into neutral change and investment specific change. Contribution to productivity growth from each type of...