Carolyn Pitchik

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This paper characterizes the set of Nash equilibria in a model of price-setting duopoly in which each firm has limited capacity, and demand is continuous and decreasing. In general there is a unique equilibrium, so that comparative static exercises are meaningful. The properties of the equilibrium conform with a number of stylized facts. The equilibrium(More)
Criminal activity can be controlled by punishment, and by social expenditure both on enforcement and redistributive transfers which increase the opportunity cost of imprisonment. Individuals may diier in the combinations of these policies that they prefer. We study the dependence of these preferences on the individuals' characteristics and the nature of the(More)
Recent studies have found evidence linking Africa's current under-development to colonial rule and the slave trade. Given that these events ended long ago, why do they continue to matter today? I develop a model, exhibiting path dependence, that explains how these past events could have lasting impacts. The model has multiple equi-libria: one equilibrium(More)
In an innnite horizon model, a leader of a group of citizens exerts eeort in each period to maintain a public good that enhances the proots of a group of kingmakers. In each period, the kingmakers decide whether to overthrow the leader so as to have a chance of becoming the leader. Consistent with the empirical literature, we nd that (1) leadership turnover(More)
In this paper, we compare an n-firm Cournot game with a Stackelberg model, where n-firms choose outputs sequentially, in a stochastic demand environment with private information. The Stackelberg perfect revealing equilibrium expected output and total surplus are lower while expected price and total profits are higher than the Cournot equilibrium ones(More)
What is the impact on human capital investment when a worker's ability and investments are observed by the labour market only when the worker invests in self-promoting activities? When …rms pay spot market wages, high ability workers overinvest in self-promotion. There is no employment contract that attains full e¢ciency. Constrained e¢ciency is attained(More)
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