Social conventions and norms can be modeled as equilibria of coordination games. it is argued that the critical mass necessary for a society to move from one convention, that is from one equilibrium, to another changes correspondingly with changes in the population structure due to generation...

We analyse the long-run equilibrium and adjustment dynamics in three popular models of economic growth when property rights are absent. The results are compared to the outcome in the corresponding economy with secure property rights.

If firms demand heterogeneous working qualifications, each has to decide whether to choose its preferred qualification and be incompatible to other firms' qualifications or to standardize and choose the same qualification as other firms. The model analyses whether advanced training, which...

This paper applies n-person cooperative game theory to analyze the efficient cost allocation problem of a three communities contructing a common sewage system.

Hight- and Low-quality workers are organized in their respective unions. Downward compatibility of high-quality workers enhances the perceived work qualities of both groups and increases the demand for low-quality workers. Welfare effects are analysed.

This paper presenta a general equilibrium model of imperfect competition in which firm efficiency depends on the level of product market competition. X-efficiency is shown to arise to the extent unions directly affect the level of employment. A positive relationship is established between total...

It is shown that in an economy with production indivisibilities on the capital side, production may be carried out by capitalist firms only, irrespective of the fact that workers can exchange work for capital so that labour-managed production seems feasible.