Abstract Our maintained hypothesis is that drug development responds to the intensity of consumer demand. We look at the distribution of drug development by disease and link this to the economic harm caused by disease as measured by mortality. Mortality data represent the net effect of human...

Abstract This research reports the results of an analysis of prize structures among competing firms paying tournament wages. In motorcycle racing, sponsors compete in an auction for riders using tournament prizes as bids. Since racers can only ride one bike and wear one helmet, they are forced...

Our maintained hypothesis is that drug development responds to the intensity of consumer demand. We look at the distribution of drug development by disease and link this to the economic harm caused by disease as measured by mortality. Mortality data represent the net effect of human frailty and...

The authors examine labor supply using 1,426 responses of individual runners to prizes in open invitational foot races. The data are used to decompose the overall market response of higher prizes into two components based on the basic tournament model. First, an entry effect exists in which...

We revisit economies of scale starting with Adam Smith and continuing through Armen Alchian. In spite of detail and depth of analysis, the application of economies of scale is still confused. As Robinson points out, large scale processes can be jobbed out. The Coasian limits of the problem are...