This paper addresses a particular form of price discrimination, known as "chaotic discrimination", that has the following features: sellers quote a common price but, in reality, they engage in secret and apparently unsystematic price discounts "which may be seriously inconsistent with...

In establishing convergence to the 'natural state,' this paper examines the allocation of capital by the 'captains of industry' who respond to profit rate differentials. Such allocations unleash the equilibration forces of competition. It is constructively shown that the problem of capital...

We extend the literature on local expenditure determination by showing that bargaining and grand coalition seem to facilitate collective decision-making in an assembly of elected councillors. We demonstrate that the solution of the game turns on the principle of equal relative concession. Based...

We argue that the cost of rural–urban migration may act as an effective entry deterrence for successful migration to the urban sector. This cost results in some form of price rationing as the cash holding of a typical rural household falls short of the required cost. We demonstrate that...

Two important developments in agricultural economics highlight the role of agglomeration externalities in agriculture. First, Fujita (2006; 2007) stresses the role of agglomeration forces in driving rural development. Secondly, the role of microeconomic behavior of rural households in harnessing the...

Purpose -The wealth effect of accelerated stock repurchase (ASR) documented by previous studies is not as large as the authors would have expected. The authors believe that there are potentially important sampling problems in the previous studies, which make the results less reliable....