We show that production economies are tâtonnement stable if consumers satisfy the weak axiom of revealed preference. To ensure that producer supply decisions are well defined, we restrict prices in the tâtonnement so that positive profits cannot occur but do allow supply decisions to be multi-valued. The model therefore permits linear activities and hence the technologies that admit capital the...

Convergence in Institutions and Market Outcomes: Cross-Country and Time-Series Evidence from the BEEPS Surveys in Transition Economies This paper uses the BEEPS firm-level data to study the process of convergence of transition countries with developed market economies. The primary focus of the study is on competition and market structure, finance and the structure of lending to firms, and how f...

The authors propose measures to prevent a clash between the interests of the middle classes that are in decline in the mature economies and the rising ones in emerging markets. The aim is to stop de-globalization trends, avoid protectionism, foster inclusive technological innovation, compensate the losers of globalization in developed economies and reassure the winners in emerging economies. It...

We analyze the dynamics of a game of sequential bidding in the presence of stochastic scale effects in the form of stochastic economies or diseconomies of scale. We show that economies give rise to declining expected equilibrium prices, whereas the converse is not generally true. Moreover, first– and second–price auctions are not always revenue equivalent. Indeed, economies of scale make the se...

Mostly in ̄nite dimensional economies can be considered limits of ̄nite dimensional economies, in particular when we think of time or product di®erentiation. We investigate conditions under which sequences of quasi-equilibria in ̄nite dimensional economies converge to a quasi-equilibrium in the in ̄nite dimensional economy. It is shown that convergence indeed occurs if the usual continuity assump...

The High Performing Asian Economies have been the fastest growing economies anywhere, anytime. This phenomenal growth experience has stimulated extensive research on its determinants. What is less known however, is dynamics of the distribution of income. This paper considers a statistical model to describe convergence of cross-country incomes across the High Performing Asian Economies. The empi...

market structure is one of the most important characteristics of every industry. although, there exist different indices such as concentration, economies of scale, entry of firms, product differentiation, etc. for the evaluation of market structure, but most of the studies in the subject have used only one of these indices (usually concentration). in this study, by application of fuzzy inferenc...

In this article Danny T Quah examines how, when an economy grows, its patterns of production and consumption systematically change. He describes one such large-scale evolution, namely, the increasing weightlessness of aggregate output across advanced economies. In all fast-growing successful countries, growth in information technology has contributed positively both to increasing weightlessness...

Several million people currently have accounts in massively multi-player online games, places in cyberspace that are effectively large-scale shared virtual reality environments. The population of these virtual worlds has grown rapidly since their inception in 1996; significantly, each world also seems to grow its own economy, with production, assets, and trade with Earth economies. This paper e...

A brief accounting is presented of the evolution of natural ecosystems and human cultures including industrialization and its ecologically-significant interactions with natural abiotic and biotic processes of the earth. These accounts show, among other things, that excess resource harvest rates and material releases into the natural environment have been ecological risks of growing scope and sc...