More strategies, more Nash equilibria

We show in this paper that for the class of two-player games with compact real intervals as strategy spaces and continuous and strictly quasi-concave payoff functions there exists a monotone relation between the size of strategy spaces and the number of Nash equilibria. These sufficient conditions for our theorem to hold are shown to be tight.     

Banking crises,labor reforms,and unemployment

Using a sample of 97 countries spanning the period 1980–2008, we estimate that banking crises have, on average, a large negative impact on unemployment. This effect, however, largely depends on the flexibility of labor market institutions: while in countries with more flexible labor markets the impact of banking crises is sharper but short-lived, in countries with more rigid labor markets the effect is initially more subdued but highly persistent. These effects are even larger for youth unemployment in the short term, and long-term unemployment in the medium term. Conversely, large upfront, or gradual but significant, comprehensive market reforms have a positive impact on unemployment, albeit only in the medium term.     

Re-imagining the marketplace: addressing race in academic marketing research

Race is a marketplace icon. How so? By holding true to an icon’s defining characteristics: high visibility, divisiveness, and uncritical devotion. In this brief musing, we describe how despite its centrality to market activities, race is uncritically addressed in academic marketing research. We next introduce the Race in the Marketplace (RIM) Research Network, a newly-formed interdisciplinary collective of scholars and scholar-activists that seek to break race of its iconic standing and bring greater equity to markets by disseminating critical, collaborative, and transdisciplinary race-based market research that supports liberatory public policies and community actions. We close with a call to join our effort to reimagine the marketplace through the critical examination of what has been a perpetually overlooked icon in marketing academia.     

Cooperation rather than competition in industrial organisations: Albion W. Small’s underestimated view

This article aims to present Albion W. Small’s underestimated view on labour relations in industrial organisations. A century ago, this sociologist, who also had a grounding in political economy, analysed the transformation of capitalism through a focus on the relationship between workers and capitalists. He offered some interesting proposals, stressing the need for the two factors of production to cooperate instead of competing. His approach may still be insightful today in rethinking the forthcoming challenges facing industrial organisations as well as capitalism, especially regarding the ontological nature of a firm associated with its governance issue.     

Firms and the global crisis: French exports in the turmoil

Global trade contracted quickly and severely during the global crisis. This paper uses a unique dataset of French firms to match export data to firm-level credit constraints and shows that most of the 2008–2009 trade collapse was due to the unprecedented demand shock and to product characteristics. While all firms have been affected by the crisis, the effect on large firms has been mainly at the intensive margin and has resulted in a smaller portfolio of products being offered to export destinations. The effect on smaller exporters has been to reduce the range of destinations served or to stop exporting altogether. Credit constraints have been an added aggravation for firms active in high financial dependence sectors. However, the share of credit constrained firms is small and their number has not increased hugely during the crisis, with the result that the overall impact of credit constraints on trade has been limited.     

互联互通——竞争力的关键 加强亚欧航空互联互通,促进双方经济社会关系

航空互联互通——竞争力的关键 航空互联互通在当今经济全球化中起着至关重要的作用。对亚欧而言,要想从各自的发展潜力中获利,在双方的经济中心区域建立频繁可靠、方便快捷的航空联系则变得至关重要。保持良好的航空互联互通,是保障亚欧各城市和各区域处于强有力竞争力位置的基本要素。不必讶异,无论是在地方、国家甚至国际的政策讨论中,互联互通都是一个越来越重要的话题。     

Payments and liquidity under adverse selection

Informational asymmetries regarding the future value of assets affect their role in exchange. I construct a random-matching economy composed of two assets: a risk-free bond and a Lucas tree whose terminal value is privately known to its holder. No restrictions are imposed on payment arrangements. The main finding supports a pecking-order theory of payments: Agents use their risk-free bonds first in order to finance their spending shocks, and they use their information-sensitive assets only if their holdings of bonds are depleted. The theory has implications for the optimal provision of risk-free bonds, the structure of asset returns, and liquidity.     

Implications of mandatory labeling of GM food in India: Evidence from the supply side

We assess the supply-side economic implications of introducing a strict mandatory labeling policy for genetically modified (GM) food in India as proposed in 2006. We apply our analysis to the case of cottonseed oil and soybean oil, two products that would be the first affected by such regulation. We find that GM food labeling would generate adjustment and implementation costs and consumer benefits would not always be visible and would highly depend on the degree of enforcement.