We illustrate a differential oligopoly game where firms compete à la Cournot in homogeneous goods in the market phase, and invest in advertising activities aimed at increasing consumers’ reservation price. Such investments produce external effects, characterizing the advertising activity as a public good. We derive the open-loop and the closed-loop Nash equilibria, and show that the properties ...

This paper studies optimal forest policies in an overlapping generations forest economy with one-sided altruism and public goods, where timber and monetary bequests can be made across generations. We extend the existing economics literature by demonstrating that timber bequests can dominate money bequests in many situations, and that timber bequests may even be operative in dynamically ineffici...

Finite-volume procedure is presented for solving the natural convection of the laminar  nanofluid flow in a Γ shaped microchannel in this article. Modified Navier-Stokes equations for nanofluids are the basic equations for this problem. Slip flow region, including the effects of velocity slip and temperature jump at the wall, are the main characteristics of flow in the slip flow region. Steady ...

The usual conclusion in the literature is that sunspots reduce welfare because of the agents’ risk aversion. However, if sunspots can lead to escape from an inferior steady state (poverty trap), this conclusion does not necessarily hold. Escaping trajectories can have much higher welfare than those remaining in the poverty trap. The ex—post welfare effect can be positive for initial conditions ...

in this paper, we introduce non-interest profit/loss sharing (pls) banks into a three-period overlapping generations model. two types, (low- and high quality) investments are assumed and capital accumulation and level of output in the steady state is considered. then, administrative rationing is introduced to the model. it is shown that the level of capital accumulation and output in equilibriu...

We augment a simple Real Business Cycle model with financial intermediaries that may default on their liabilities and friction generating social costs of default. derive closed-form solution for the general equilibrium economy, providing analytical results. Endogenous generates negative skew aggregate variables positive credit spreads, as documented in empirical literature. Larger frictions str...

This paper addresses capital accumulation and capital productivity change in an economy with endogenous technological change and floors and ceilings in activity. The properties of the resulting two-variable noniinear differential equation system are studied in some detail. The welfare implications are also considered. When discrete lags are introduced, wide-ranging behaviour emerges, which incl...