Efficient equilibrium convergence: heterogeneity and growth

Article Abstract:

An analysis of economic effects of varying initial human capital distributions is presented. The analysis assumes conditions of an endogenous growth model with task specialization. It is shown that income convergence and leapfrogging of standards evolve under such conditions. The first macroeconomic activity occurs for all countries in the same market type while the second activity occurs in the comparison of countries in different markets.

Economic development

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Bayesian monotonicity with side payments

Article Abstract:

An analysis of Bayesian monotonicity with side payments is presented. The analysis focuses on the model's Nash implementation and introduces a condition which approximates Bayesian monotonicity with strict self-selection. It is shown that the inclusion of a no-consistent-deception condition is weak and allows the generic setting for Bayesian monotonicity to hold.

Analysis, Bayesian statistical decision theory, Bayesian analysis, Monotonic functions

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Multimarket contact, imperfect monitoring, and implicit collusion

Article Abstract:

Research developing a support framework for the theory that companies' contacts with several markets increase their capacity of sustaining collusions is presented. It is emphasized that economic equilibrium is enhanced when companies operate on multiple markets.

Open market operations

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