Individual choice of labour supply and fertility is studied, in a simple multi-generational general equilibrium model in which behaviour may be determined by genes. Equilibrium concepts from economics (Nash equilibrium) and biology (evolutionary stability) are linked in three propositions.  2000 Elsevier Science S.A. All rights reserved.

Many industries are exposed to weather risk. Weather derivatives can play a key role in hedging and diversifying such risk because the uncertainty in a company’s profit function can be correlated to weather condition which affects diverse industry sectors differently. Unfortunately the weather derivatives market is a classical example of an incomplete market that is not amenable to standard met...

abstract export of nonoil goods in economic activities is so important and its effect on economic and comparative growth is undeniable. so, emphasize on agricultural sector and development of export in this sector prepares good conditions, for iran, to be present at international markets relying its advantages. the study tries to recognize necessary policies to enhance agricultural export poten...

Decision makers in a supply chain confront two main sources of uncertainty in market environment including uncertainty about customers purchasing behaviors and rival chains strategies. Focusing on competition between two supply chains, it is considered that each customer as an independent player selects products of these chains based on randomutilitymodel. Similar to quantal response equilibriu...

We study three different models in which public goods are supplied by private contributions. In one of these models, tax-financed government subsidies to private contributions will definitely increase the equilibrium supply of public goods. In the other two models, government subsidies are neutralized by offsetting changes in private contributions. We explain why it is that these models lead to...

In this paper, we develop a supply chain network model consisting of manufacturers and retailers in which the demands associated with the retail outlets are random. We model the optimizing behavior of the various decision-makers, derive the equilibrium conditions, and establish the finite-dimensional variational inequality formulation. We provide qualitative properties of the equilibrium patter...

A number of oil market experts argue that OPEC members substantially overreport their reserves. The potential damage for the world economy calls for an analysis of the motives and the preconditions for successful misreporting of natural resource reserves. Based on a signalling game within an international trade model, this article develops a framework for such an analysis. Exporting countries w...

The neoclassical price adjustment equation stipulates that prices move toward equilibrium at a rate that is proportional to the excess demand, i.e., the difference between the demand and supply divided by the demand (at that price). However, the demand and supply are generally nonlinear functions of price. We show that the information on this nonlinear variation of demand and supply leads to a ...