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 ......
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 w......
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 incorporate......
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