This paper presents a general equilibrium model of renewable resource and population dynamics related to the Lotka-Volterra predator-prey model, with man as the predator and the resource base as the prey. We apply the model to the rise and fall of Easter Island, showing that plausible parameter values generate a "feast and famine" pattern of cyclical adjustment in population and resource stocks. Near-monotonic adjustment arises for higher values of a resource regeneration parameter, as might apply elsewhere in Polynesia. We also describe other civilizations that might have declined because of population overshooting and endogenous resource degradation.

We argue that product markets and financial markets have important linkages. Assuming on oligopoly in which financial and output decisions follow in sequence, we show that limited liability may commit a leveraged firm to a more aggressive output stance. Because firms will have incentives to use financial structure to influence the output market, this demonstrates a new determinant of the debt-equity ratio.

This paper presents a theory of government intervention which provides an explanation for “industrial strategy” policies such as R & D or export subsidies in imperfectly competitive international markets. Domestic net welfare is improved by the capture of a greater share of the output of rent earning industries, although the subsidy-ridden noncooperative international equilibrium is jointly suboptimal. Behaviour of governments and firms is modelled as a three stage subgame perfect Nash equilibrium. The assumption that the government is the first player in this game allows it to influence equilibrium outcomes by altering the set of credible actions open to firms.

This paper examines product selection by multi-product firms, taking explicit account of the sequential nature of real decisions: firms choose product lines before the quantity or price rivalry with other firms is resolved. Unlike most previous work, we focus on demand side strategic considerations rather than cost side. We find close substitutes produced by the same firm is a natural outcome, in contrast to conventional wisdom.

This article examines enterprises funded by government-sponsored venture capitalists (GVCs). We find that enterprises funded by both GVCs and private venture capitalists (PVCs) obtain more investment than enterprises funded purely by PVCs, and much more than those funded purely by GVCs. Also, markets with more GVC funding have more VC funding per enterprise and more VC-funded enterprises, suggesting that GVC finance largely augments rather than displaces PVC finance. There is also a positive association between mixed GVC/PVC funding and successful exits, as measured by initial public offerings (IPOs) and acquisitions, attributable largely to the additional investment.

This paper presents a general equilibrium model of renewable resource and population dynamics related to the Lotka-Volterra predator-prey model, with man as the predator and the resource base as the prey. The authors apply the model to the rise and fall of Easter Island, showing that plausible parameter values generate a 'feast and famine' pattern of cyclical adjustment in population and resource stocks. Near-monotonic adjustment arises for higher values of a resource regeneration parameter, as might apply elsewhere in Polynesia. The authors also describe other civilizations that might have declined because of population overshooting and endogenous resource degradation.