In the jungle, power and coercion govern the exchange of resources. We study a simple, stylised model of the jungle that mirrors an exchange economy. We define the notion of jungle equilibrium and demonstrate that a number of standard results of competitive markets hold in the jungle. Copyright...

This paper analyzes the bargaining problem faced by two individuals in the Rawlsian original position along strictly Rawlsian lines. The resulting model closely resembles that used by J. Harsanyi in defending utilitarianism. Three difficulties with Harsanyi's version of the model are identified....

This paper reviews the part played by economists in organising the British third-generation mobile-phone licence auction that concluded on 27 April 2000. It raised £22½ billion ($34 billion or 2½% of GNP) and was widely described at the time as the biggest auction ever. We discuss the merits...

This paper finds experimental support for Von Neumann's minimax theory in two-person, zero-sum games.

This paper examines a market in which an informed agent or insider trades with uninformed agents whose expectations are conditioned on the information revealed by prices. The authors find that insiders can capitalize on their private information, with those receiving favorable (unfavorable)...

This paper examines the welfare of a capital exporting or source country and a capital importing or host country under tax credit and tax deduction systems for the international taxation of capital. Because the two tax systems may create quite different strategic incentives for the countries,...