This paper models trade as a non-coopertative, strategic game played at an inlinite sequence of dates. A single, indivisible commodity is traded. Buyers and sellers have transferable utility and are characterized by their reservation utilities. They meet at random and “bargain” over the price at which a single unit of the good will be exchanged. Under a variety of circumstances it is shown that...

We give a partial folk theorem for approximate equilibria of a class of discounted repeated games where each player receives a private signal of the play of his opponents . Our condition is that the game be "informationally connected," meaning that each player i has a deviation that can be statistically detected by player j regardless of the action of any third player k. Under the same conditio...

We consider the decision of a dominant firm to adopt a sequence of potential cost-reducing innovations, where the latest technology adopted diffuses to a competitive fringe at an exogenous rate. With price competition on the product market, the leader optimally spaces apart the adoption dates of successive innovations, so the industry is characterized by Schumpetarian cycles of alternating inno...

Correspondence : Dr. Shailesh Kore Sangh Mitra CHS, Ambekar Nagar, Chunabhatti, Sion, Mumbai 400 022. Email: [email protected] Tel.56219388 Mobile : 9324332317 or infarction may require resection anastomosis, thus greatly reducing bowel length. These babies with short gut syndrome require total parenteral nutrition for a long time and die at the age of 5-7 years due to liver disease. Unf...

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The definition of life in the context of its origin Y. N. Zhuravlev and V. A. Avetisov Institute of Biology and Soil Science, Russian Academy of Sciences, Far Eastern Branch, Vladivostok, 100-letia 159, 690 022, Russia The Semenov Institute of Chemical Physics, Russian Academy of Sciences, Moscow, Kosygina 4, 119 991, Russia Received: 5 October 2005 – Accepted: 24 November 2005 – Published: 10 ...

This paper characterizes the set of Nash equilibria in a model of price-setting duopoly in which each firm has limited capacity, and demand is continuous and decreasing. In general there is a unique equilibrium, so that comparative static exercises are meaningful. The properties of the equilibrium conform with a number of stylized facts. The equilibrium prices are lower, the smaller is demand r...

If a firm has information pertinent to its own dividend stream that is not made available to its shareholders, it may be in the interests of the firm and its shareholders to adopt a financial hedging policy. This is in contrast with the Modigliani-Miller Theorem, which implies that, with informational symmetry, such financial hedging is irrelevant. In certain cases, hedging policies are identif...

16 Immunohistochemical staining of Ca v 1.2 in rat pancreas was visualized using Anti-human Ca v 1.2 antibody (#ACC-022) (1:50). Paraffin embedded sections of rat pancreas showing both endocrine (Islets of Langerhans) and exocrine areas. Strong and highly specific staining is evident in both endocrine cells (blue arrow) and arteries endothelium (red arrow). Universal Immunoalkaline-phospathase ...

This paper investigates the role of non-expected utility preferences in a multiperiod consumption/savings framework. Three objectives are achieved: First, it is shown that behaviour can be intertemporally consistent even if the preference ordering is not. Second, non-expected utility preference orderings are shown to be useful for disentangling the elasticity of intertemporal substitution from ...