This paper shows how the analytical framework developed in Lal-Myint (1996) and Lal (1998) can be used to think rigorously about the role of culture and politics in addition to traditional economic factors like factor-proportions in explaining divergent e

We develop a model of theatre demand with learning by consuming, and test some of its implications on a large random sample of theatregoers and non-theatregoers. This seems to be the most comprehensive econometric study of demand for the theatre from individual data. We hypothesize that each...

The concept of multiple-discrimination, particularly as found in the labor market, is fast becoming common parlance among policy-making circles. Understanding discrimination is no longer about uncovering simple and dualistic links between two social groups: it is increasingly apparent that the...

Everyone knows that the movie business is risky. But how risky is it? Do strategies exist that reduce risk? We investigate these questions using a sample of over 200 motion pictures. We discover that the movies are very risky indeed. Box-office revenues are asymptotically Pareto-distributed and...

We advance a novel choice-theoretic model of “identity” based on the notions of categories and narratives. Identity is conceived as a matter of “reflexive perception” — how people understand themselves. Choosing an identity is equivalent to making a generalization about one’s past...

this paper represents a continuation of a previous paper where we demonstrated the “abnormal” behavior that local authority from Romania is manifesting regarding the subventions received from the central budget. In accord with public choice theory, exist an “affinity” of a social group -...

Exploring knowledge in monetary policy process stands to benefit by departing from conceptualizing knowledge as an objective depiction of reality, a neutral language of science underpinning technocratic policy-making. This paper proposes a postpositivist perspective, approaching knowledge...

Bruce Caldwell argues that Hayek eventually favoured an evolutionary response, and he endorses this recommendation. I am increasingly inclined to agree, although I believe that the concept of evolution needs to be handled with some care. Hayek himself was cautious, not least in The Sensory...

‘E-commerce’ is conventionally understood to refer to a discrete set of Internet-related business practices, with discussions focused on their potential to improve the efficiency and reach of business. However, there is evidence that in practice, the term ‘e-commerce’ is applied to a...

Alle möglichen Situationen, in denen jemand gegen moralische Gesetze verstoßen kann, werden mit ihren Anreizen zur Übertretung, den zu erwartenden Strafen in der Zukunft und den Wahrscheinlichkeiten des Eintretens dieser Situation beschrieben. Je nach der Abdiskontierung der Zukunft wirken...