This article adds technology choice to a free-entry Cournot model with linear demand and constant marginal costs. Firms can choose from a discrete set of technologies. This simple framework yields non-existence of equilibrium, existence of multiple equilibria and equilibria in which ex-ante identical ̄rms choose di®erent technologies as possible outcomes. I provide a full characterization of th...

(1) For all subsets A, B of E2 T such that A meets B holds proj1 ◦A meets proj1◦B. (2) Let A, B be subsets of E2 T and s be a real number. If A misses B and A⊆HorizontalLine(s) and B⊆ HorizontalLine(s), then proj1◦A misses proj1◦B. (3) For every closed subset S of E2 T such that S is Bounded holds proj1 ◦ S is closed. (4) For every compact subset S of E2 T holds proj1 ◦ S is compact. (5) Let p,...

This paper examines two different measures of wages as predicators of prices in a vector errorcorrection framework using quarterly data for the U.S. for the period from 1947.Q1 through 2008.Q1. Based on cointegration and a series of exogeneity tests, it is found that: 1) there is a stable, long-run relationship between the Consumer Price Index (CPI) and the Personal Consumption Expenditure Defl...

We consider a system of two coupled queues, Q1 and Q2. When both queues are backlogged, they are each served at unit rate. However, when one queue empties, the service rate at the other queue increases. Thus, the two queues are coupled through the mechanism for dynamically sharing surplus service capacity. We derive the asymptotic workload behavior at Q1 for various scenarios where at least one...

Given q1, q2 ∈ C \ {0}, we construct a unital Banach algebra Bq1,q2 which contains a universal normalized solution to the (q1, q2)-deformed Heisenberg–Lie commutation relations in the following specific sense: (i) Bq1,q2 contains elements b1, b2, and b3 which satisfy the (q1, q2)-deformed Heisenberg–Lie commutation relations (that is, b1b2 − q1b2b1 = b3, q2b1b3 − b3b1 = 0, and b2b3 − q2b3b2 = 0...

We study the determinants of sovereign bond yield spreads across 10 EMU countries between Q1/1999 and Q1/2010. We apply a semiparametric time-varying coefficient model to identify, to what extent an observed change in the yield spread is due to a shift in macroeconomic fundamentals or due to altering risk pricing. We find that at the beginning of EMU, the government debt level and the general i...