In the defense policy literature, it is widely believed that there is a pronounced bias towards the procurement of a less than optimal number of excessively sophisticated weapons. In this paper, we consider the possibility that this perceived bias is the result of the timing and informational...

A coastal city can either dispose of recycled effluent by dumping it in the sea, or transfer it to farmers in its hinterland for irrigation. Who should bear the cost of recycling? Three alternatives are employed: a central planner who maximizes the combined utility of city and farmers;...

Purpose: This study aims to propose the Shapley value that originates from the game theory to quantify the relative risk of a security in an optimal portfolio. Design/methodology/approach: Systematic risk as expressed by the relative covariance of stock returns to market returns is an essential...