The paper empirically studies why the sellers of identical commodities adopt dier- ent auction formats in the online auction, and the consequences thereof. We postulate that the sellers adopt dierent auction formats because of the dierences in their ex- perience and the number of items they...

In the ascending-price auctions with Yahoo!-type buy-it-now (BIN), we characterize and derive the closed-form solution for the optimal bidding strategy of the bidder and the optimal BIN price of the seller when they are both risk-averse. The seller is shown to be strictly better o with the BIN...

The theory of social choice stresses that the general interest determined through the aggregation of individual preferences implies interpersonal utility comparisons and hence necessarily a notion of common good beyond individual preferences. The pursuit of the common good falls to all services...

This study explores the micro-level of making economic decisions, focusing on processes and causal relationships using which individuals (agents) take into account each other’s activities. A central concept employed herein is the Shared Mental Model (SMM) used by participants of joint activity...

Economics and sociology are immensely related. The relationship between economics and social behavior includes the impact of social consensus upon economic and distributional outcomes. We study the demand and supply mechanisms by which a social consensus is established, discuss how social...

The concept of the VAN- consortium is introduced. It is a consortium, distinguished by two specific features. Firstly, it includes a group of enterprises that carry out successive stages of production of one or more products. Secondly, the tasks of a VAN- consortium include the development and...

As Africa’s major oil exporter and factor driven stage country, Nigeria has made some progress in socioeconomic terms in recent years. However, large pockets of Nigeria’s population still live in poverty without adequate access to basic services. Currently, Nigeria is capturing just as small...

In this note, I evaluate the private and the social welfare gains that in the Diamond-Dybvig model of bank runs characterize the switch from a decentralized to a centralized equilibrium that may hold even in an atomistic environment with banking intermediation. Specifically, relying on...

None of the known macroeconomic theories are adequate to understand what to do in a global crisis like the 2020 Global Pandemic. Rational Expectations and monetarism cannot even ex-plain how is that a global crisis like this happens. The IS-LM model was designed to manage business cycles, but...

This book presents the history of economic thought as it relates to today’s most pressing problems, and it emphasizes the critical connection that exists between what may seem cold, unrealistic mathematical economic models, and the quality of everyday life of any citizen of the planet earth....