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This paper applies conventional welfare-theoretic methods to study advertising which changes consumer tastes. In a wide range of empirically plausible circumstances, private profitability is seen to be necessary but not sufficient for the social desirability of a small amount of advertising. The...

This paper provides a review of the contradictions and conflicts in the literature on economic governance and sketches an approach to use some of the conceptual and empirical findings from that literature for development policy. The literature offers conflicting conclusions on big questions:...

A firm's stochastic dynamic investment and employment decisions are examined when each of capital and labor has linear adjustment costs of increase and decrease. The analysis generated an endogenous ranking of the two factors as more or less flexible; thus the concepts of short and long runs are...

We extend the theory of common agency to the situation where the principals' payoffs are affected by their "ex ante" expectations of the agent's "ex post" choice. We show how the usual truthful schedules must be modified to account for the rational expectations constraint. We apply the model to...