This paper looks at the financial resources of trades unions in the UK, both updating previous work and attempting to understand the management of first and second order collective action problems. First order problems refer to the problems of initiating collective action and second order...

This paper looks at the financial resources of trades unions in the UK, both updating previous work and attempting to understand the management of first and second order collective action problems. First order problems refer to the problems of initiating collective action and second order...

Efficient market models cannot explain the high level of trading in financial markets in terms of asset portfolio adjustment. It is presumed that much of this excessive trading is irrational noise trading. A corollary is that there must either be irrational traders in the market or rational...