Two-player infinitely-repeated-entry games are revisited using a new Markov equilibrium concept. The idea is to have an incumbent facing a hit and run entrant. Rent dissipation no longer necessarily holds. It will not when competition is tough in case of entry. Similarities and differences with...

Two-player infinitely-repeated-entry games are revisited using a new Markov equilibrium concept. The idea is to have an incumbent facing a hit and run entrant. Rent dissipation no longer necessarily holds. It will not when competition is tough in case of entry. Similarities and differences with...

The paper develops a sequential migration model and derives a worker's optimal policies for migration and employment. With the worker's simulated reservation wage functions for employment and migration, a stationary equilibrium is defined. In that equilibrium, stationary distributions of...

Many economic problems can be formulated as dynamic games in which strategically interacting agents choose actions that determine the current and future levels of a single capital stock. We study necessary conditions that allow us to characterize Markov perfect Nash equilibria (MPNE) for these...

Many economic problems can be formulated as dynamic games in which strategically interacting agents choose actions that determine the current and future levels of a single capital stock. We study necessary conditions that allow us to characterize Markov perfect Nash equilibria (MPNE) for these...