We investigate the possibility of ordering expected utility-of-wealth maximizers according to their propensities to purchase self-protection. We define one agent as “more cautious†than another (toward a loss of specific size given a specific initial wealth) if the first agent would...

This paper examines possible adjustments to a change in a binding quota in the context of an international duopoly. Consumers directly value embodied quality of goods, which is chosen simultaneously with quantity, and before quan - tity in a sequential model. Possible responses to a small change...

The profit-maximizing price structure of a multiproduct firm subject to fully distributed cost rules is considered. It is shown that a firm that sells in both regulated and unregulated markets would choose a dominated price vector. Similar incentives for inefficient pricing are provided to a...

Closed-End Fund (CEF) discounts have intrigued researchers for decades. Of the many explanations offered, the behavioural framework of Lee <italic>et al</italic>. (1991), which posits noise traders subject to sentiment, is the most discussed. In this article, we contribute some novel evidence to the evaluation...

This extraordinary book provides a critical review of the work of Nicholas Georgesçu-Roegen in conventional economics, environmental economics and methodology. Particular attention is paid to the role of thermodynamics in Georgesçu-Roegen’s economics.

In this paper we consider the spatial dispersion of unemployment vis-à-vis that of inflation and the implication of this relative dispersion for fiscal policy. Two empirical tests yield results that are consistent with our a priori expectations that inflation is more evenly distributed...