1 - 6 of 6 articles
Abstract In this paper I attempt to formulate an endogenous model of cluster-based industrial development, based on case studies in Japan, Taiwan, and China, where the initiation phase is followed by the quantity expansion phase through imitation and subsequently by the quality improvement phase...
Abstract We prove that every continuous-time model in which all consumers have time-homogeneous and time-additive utility functions and share a common probabilistic belief and a common discount rate can be reduced to a static model. This result allows us to extend some of the existing results of...
Abstract This paper considers the determination of aggregate price level under dispersed information. A Central Bank sets policy in response to its noisy measure of the price level, and each agent makes its decisions by observing a subset of data. Information revealed to the agents and the bank...
Abstract We develop a two-factor, three-sector model of international trade in which the monopolistically competitive firms are characterized by different fixed production costs. We show that, depending on the pattern of the international distribution of factor endowments, the trade pattern is...
Abstract We discuss stochastic cost-reducing R&D investments and examine efficient subsidies. We discuss a two-stage duopoly model in which each firm chooses R&D levels (innovation size and probability of success) in the first stage and competes à la Cournot in the second stage. We find that...
Abstract This note studies the optimal production and hedging decisions of a competitive international firm that exports to two foreign countries. The firm faces multiple sources of exchange rate uncertainty. Cross-hedging is plausible in that one of the two foreign countries has a currency...
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