This paper formulates a duopoly model in which firms care about relative profits as well as their own profits. Our purpose is to investigate the relationship between the weight of relative performance and R&D expenditure. We find a non-monotone relationship between the weight of relative...

This study investigates the short‐run and long‐run relationships of trade and privatisation policies. In both the short run and the long run, the optimal degree of privatisation is increasing in the import tariff rate. The optimal tariff rate is strictly positive in the short run but can be...

This paper provides an axiological foundation of a class of sufficientarian principles that are based on the individual transformed well-being gains and losses from a threshold level. The ideas underlying these principles have their origins in the literature on population ethics. We characterize...