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We provide a model of know‐how sharing between competing firms in which each of two firms gets a stochastic innovation in its stock of know‐how in every period. Separately considering the cases when innovations are indivisible and divisible, we examine the nature of the subgame perfect sharing...
This paper models quality improvements when multiple quality levels can sell, owing to differences in consumers' valuations of quality improvements. Firms can collude to price discriminate, so that consumers with high valuations pay a price premium, while others receive a quality level below the...
In this paper we evaluate the dynamic inconsistency argument put forth by Kydland and Prescott (1977) and Barro and Gordon (1983) as an explanation for differences in the average inflation experience across OECD countries. The focus is on the empirical evidence relating the overall degree of...
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