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This paper models the decision to change the use of a property when its value in the current use and the new use, as well as construction costs, are uncertain. In the case of development of vacant land, when cash flows and construction costs are lognormally distributed, the development of the...

Casinos could help inhibit the development of pathological gambling by limiting the contributions they make to the development of pathology among gamblers. Reasonable strategies for limiting pathology might include limiting the size of jackpots, decreasing the length of play, limiting access,...

In this paper, we develop models for estimating the time varying probability that there will be a price reversal in the property market. Knowledge of such price reversals may be helpful in forming property trading strategies, and providing confirming evidence of turning points in property...

Incentives are critical to the study of economics. But do they work in non-traditional economic settings, such as religious organizations, in a manner consistent with economic theory? This study considers the agency relationship between churches and their clergy. This paper contends that pastor...

Despite recent advances by economists such as Porter and those associated with the resource-based school, the economics of demand rarely features in discussions of business strategy. Porter and the resource-based school take the characteristics of demand as given, and place almost exclusive...

This paper provides new survey evidence on effects of concentrated ownership on restructuring and performance in privatized firms in Russia. The major findings are that large-block shareholding is negatively associated with the firm's investment and performance, and this relationship does not...

We provide conditions under which a casino resort enjoys an increase in demand following the entry of a riverboat casino in a separate geographical market. Gambling is modeled as an 'experience good', whereby consumers are uncertain of the benefit they will receive from the activity prior to...