Equilibrium in abstract economies without ordered preferences and with a measure space of agents

We report a generalization of Aumann's (1966) existence theorem to economies without ordered preferences and with externalities in consumption. Our work can alternatively be viewed as a generalization of the Shafer–Sonnenschein (1975) theorem to economies with a continuum of agents.     

The wedge and sigma convergence among U.S. states

The paper attempts to empirically quantify the factors underlying sigma convergence among the contiguous states of the U.S. Using annual state data the study finds a significant effect of the wedge in explaining the variation in state per capita productivity. Employing a time series framework, the paper finds that an increase in the variation of 1 percent in the wedge will increase the variation in per capita productivity by roughly 0.12 percent in the short run and roughly 0.45 to 0.55 percent in the long run.     

The Co-evolutional Advantage: Strategic Management Theory and the Eclectic Paradigm

The eclectic paradigm has been one of the leading frameworks for explaining multinational activity over the past two decades. Yet recent trends in international business pose a challenge to the explanatory power of the paradigm. Strategic management theory, with its focus on performance differences between firms, provides a useful complement to the OLI framework in understanding the activities of the modern multinational. In particular, global competition and the management of a firm's global stocks and flows of knowledge merit closer attention.The advent of global competition requires us to shift from the existing institutional perspective of comparisons of firms and markets or of foreign firms and local firms to a firm-level perspective of comparisons of the multinational firm to its global competitors. It also necessitates a focus on firm-level capabilities in knowledge management relative to competitors, the development of these capabilities involving both macro and micro co-evolutionary processes. Our arguments incorporate these changes to extend the OLI paradigm to accommodate both an economic and a strategic management perspective.     

Strategy-proof Location on a Network

We consider rules that choose a location on a graph (e.g. a road network) based on agents' single-peaked preferences. First, we characterize the class of strategy-proof, onto rules when the graph is a tree. Such a rule is based on a collection of generalized median voter rules (Moulin, 1980) satisfying a consistency condition. Second, we characterize such rules for graphs containing cycles. We show that while such a rule is not necessarily dictatorial, the existence of a cycle grants some agent an amount of decisive power, unlike the case of trees. Rules for this case can be described in terms of a subclass of such rules for trees. Journal of Economic Literature Classification Numbers: C72, D78.     

Export and economic growth: Further time series evidence from less-developed countries

The purpose of this paper is to examine the role of export-growth linkage in India, Pakistan, the Philippines, Malaysia, and Thailand on the basis of time series data from 1973 to 1993. The empirical results indicate that exports have a positive and significant impact on economic growth when a country has achieved some level of economic development. The result also signifies the importance of liberal market policies by pursuing export expansion strategies and by attracting foreign investments.