This paper is concerned with casting o! the standard assumption } the production function displays socially constant returns to scale } in a simple growth model with public inputs. In the model, public services work as a source of utility and as an input to production. Making use of the global bifurcation technique, we show that the model can generate a whole spectrum of interesting dynamics, w...

This paper extends to incomplete preferences the formulation of strategic complementarity in Milgrom and Shannon (1994). It is shown, by example, that quasi-supermodularity and single-crossing no longer su¢ce to guarantee monotone comparative statics with incomplete preferences. However, when incomplete preferences satisfy monotone closure in addition to quasi-supermodularity and single-crossin...

In this paper the problem of optimal derivative design, profit maximization and risk minimization under adverse selection when multiple agencies compete for the business of a continuum of heterogenous agents is studied. In contrast with the principal–agent models that are extended within, here the presence of ties in the agents’ best–response correspondences yields discontinuous payoff function...

This paper studies equilibria of first price auctions with participation costs in the independent private values environment. We focus on the cutoff strategies in which each bidder participates and submits a bid if his value is greater than or equal to a critical value, the cutoff point. It is shown that, when bidders are homogenous, there always exists a symmetric equilibrium, and further, tha...

Rational expectations models have increasingly been replaced by models with various forms of learning. This paper studies the global dynamics of a model of renewable resource markets due to Hommes and Rosser [Macroecon. Dyn. 5 (2001) 180] under adaptive and statistical learning systems. The statistical learning system is seen to generate greater complexity of the structures of the basins of att...

We study a continuous-time problem of optimal public good contribution under uncertainty for an economy with a finite number of agents. Each agent can allocate his wealth between private consumption and repeated but irreversible contributions to increase the stock of some public good. We study the corresponding social planner problem and the case of strategic interaction between the agents and ...

In games with strategic substitutes (GSS), convergence of the best response dynamic starting from the inf (or sup) of the strategy space is equivalent to global stability (convergence of every adaptive dynamic to the same pure strategy Nash equilibrium). Consequently, in GSS, global stability can be analyzed using a single best response dynamic. Moreover, in GSS, global stability is equivalent ...

This paper concludes the study of transition paths in the continuous-time recombinant endogenous growth model by providing numerical methods to estimate the threshold initial value of capital (a Skiba-type point) above which the economy takes off toward sustained growth in the long run, while it is doomed to stagnation otherwise. The model is based on the setting first introduced by Tsur and Ze...

A rubber-degrading bacterium (strain Kd2T) was isolated from fouling tyre water inside a deteriorated automobile tyre. The strain was aerobic, Grampositive, produced elementary branching hyphae which fragmented into rod/coccus-like elements and showed chemotaxonomic markers which were consistent with the classification of Gordonia, i.e. meso-diaminopimelic acid, N-glycolyl muramic acid, arabino...

Compendious and thorough solutions to the existence of a linear price equilibrium problem, the secondwelfare theorem, and the limit theoremon the core are provided for exchange economieswhose consumption sets are the positive cone of arbitrary ordered Fréchet spaces—dispensing entirely with the assumption that the vector ordering of the commodity space is a lattice. The motivation comes from ec...