Economic Theory
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Sequential innovation, naked exclusion, and upfront lump-sum payments
Economic Theory - - 2017
We present a potentially benign naked exclusion mechanism that can be applied to
sequential innovation; a non-patentable original innovation by the incumbent
supplier fosters derivative innovation by rivals. In the absence of an
appropriate legal framework, the original innovator’s equilibrium exclusivity
contracts block subsequent efficient entry even if there is (leader–follower)
competition in ...
Bargaining, coalitions and competition
Economic Theory - Tập 15 - Trang 279-296 - 2000
We study a Gale-like matching model in a large exchange economy, in which trade
takes place through non-cooperative bargaining in coalitions of finite size.
Under essentially the same conditions of core equivalence, we show that the
strategic equilibrium outcomes of our model coincide with the Walrasian
allocations of the economy. Our method of proof makes use of the theory of the
core. With respe...
Two-persons efficient risk-sharing and equilibria for concave law-invariant utilities
Economic Theory - Tập 36 - Trang 189-223 - 2007
Efficient risk-sharing rules and equilibria between two agents with utilities in
a class that contains the rank dependent expected utility (RDU) are fully
characterized. Specific attention is given to the RDU. Call-spreads and
contracts with mixed regimes are shown to be efficient. Closed-form solutions
are obtained for several examples.
Multiple reserve requirements in a monetary growth model
Economic Theory - Tập 19 - Trang 791-810 - 2002
This paper considers a monetary growth model in which banks provide liquidity,
and in which a government finances a deficit by printing money and selling
bonds. In this context, I examine the possibility that the government may want
to impose binding reserve requirements on banks' holdings of both money and
government bonds. Conditions are established under which doing so increases
steady state we...
Patent protection, capital accumulation, and economic growth
Economic Theory - Tập 52 - Trang 631-668 - 2011
In this paper, we investigate how strengthening patent protection affects
economic growth in an endogenous growth model where both innovation and capital
accumulation are the driving forces of economic growth. In this model, stronger
patent protection raises the profit flow obtained by innovation but reduces the
factor demand for capital. This process accelerates innovation but discourages
capital...
Debreu's Gap Theorem
Economic Theory - Tập 2 - Trang 150-152 - 1992
Debreu's fundamental result on the existence of utility functions that are
continuous with respect to the order topology requires his Gap Theorem. A new
proof of this result is given.
Dynamic equilibria with unemployment due to undernourishment
Economic Theory - Tập 3 Số 1 - Trang 61-85 - 1993
A formal model of theory choice in science
Economic Theory - Tập 14 - Trang 113-130 - 1999
Since the work of Thomas Kuhn, the role of social factors in the scientific
enterprise has been a major concern in the philosophy and history of science. In
particular, conformity effects among scientists have been used to question
whether science naturally progresses over time. Using neoclassical economic
reasoning, this paper develops a formal model of scientific theory choice which
incorporates...
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