The history of communist regimes was characterized by periods of strong repression interspersed with periods of moderation, and, finally, in most cases, by regime collapse. The purpose of this paper is to present a model which answers the rather obvious question: Why were communist dictatorships...

The purpose of this paper is to provide a framework linking communist regime collapse and privatizing economic reforms. The framework permits us to explain why certain communist regimes lost their monopoly of political power while others have not. We show that the essential difference between...

Anchoring effects refer to a phenomenon whereby people make absolute estimates by starting from an initial point (anchor value) and adjusting upwards or downwards to reach their final answers (target values). A number of studies have demonstrated that these adjustments are often insufficient...

This paper builds on a theoretical model by Schnytzer, Lamers, and Makropoulou (2010) that conceptualizes fixed odds horse betting markets as implicit call option markets. We model the decision making process of a bookmaker that sets his prices under uncertainty. We extend the paper of Schnytzer...