The introduction of a small amount of bounded rationality into a model sometimes has little effect, and sometimes has a dramatic impact on predicted behavior. We call a model robust to bounded rationality if small deviations from rationality result only in small changes in the equilibrium set. We also say that a model is structurally stable if the equilibrium set (given fully rational agents) v...

This paper develops a continuous-time two-sector model to study the economic e ects of an import quota during the period of time over which it is imposed. One of the sectors is protected by a quota, which in our setup manifests itself as an integral constraint on the ow of imports of the protected commodity. In sharp contrast to the existing literature, our small open economy exhibits distinctl...

This paper investigates the e¤ects of entry in two-sided markets where buyers and sellers act strategically. Applying new tools from supermodular optimization/games, su¢ cient conditions for di¤erent comparative statics results are obtained. While normality of one good is su¢ cient for the equilibrium price to be increasing in the number of buyers, normality of both goods is required for equili...

In this paper we study local public goods provision in decentralized information networks. Local public goods are network users’ actions that directly affect the utilities of arbitrary subsets of network users. We consider networks where each user knows only that part of the network that either affects it or is affected by it. Furthermore, each user’s utility and action space are its private in...

The pair-correlation function g2(r) describes short-range order in many-particle systems. It must obey two necessary conditions: ~i! non-negativity for all distances r, and ~ii! non-negativity of its associated structure factor S(k) for all k. For the elementary unit step-function g2 form, previous work @F. H. Stillinger, S. Torquato, J. M. Eroles, and T. M. Truskett, J. Phys. Chem. B 105, 6592...

Registries of patients with pulmonary arterial hypertension (PAH) have been instrumental in characterizing the presentation and natural history of the disease and provide a basis for prognostication. Since the initial accumulation of data conducted in the 1980s, subsequent registry databases have yielded information about the demographic factors, treatment, and survival of patients and have per...

We study a pure exchange economy where two classes of infinitely-lived identical isoelastic traders with heterogeneous expectations about state transitions trade a risky asset and a riskless bond. We provide conditions on agents’ preferences and beliefs under which a speculative phenomenon as reported in Harrison and Kreps (1978) arises. No speculation appears when the risk aversion coefficient...

A significant number of parameterizations for the polarized parton densities have appeared in the literature. Using the CTEQ evolution package, these distributions have been evolved consistently preparatory to compilation into an integrated package in the spirit of PDFLIB by Plothow-Besch. Here, a comparison of a few of the more recent distributions are made. Table 1: This is a partial listing ...

Europe is reorganizing its international value chain. I document these changes in Europe’s international organization of production with new survey data of Austrian and German firms investing in Eastern Europe. I show estimates of the share of intrafirm trade between Austria or Germany on the one hand and Eastern Europe on the other. Furthermore, I present empirical evidence of the drivers of t...

Equilibrium existence results are presented for competitive markets with externalities in price and consumption and a measure space of agents. These unify and extend [Balder, E.J., 2003. Existence of competitive equilibria in economies with a measure space of consumers and consumption externalities. Preprint, in press, electronically available at http://www.math.uu.nl/publications/ preprints/12...