I propose the replacement of our current system of individual and corporate income, sales, excise, capital gains, import and export duties, gift and estate taxes with a single comprehensive “revenue neutral” Automated Payment Transaction (APT) tax. The APT tax consists of a flat rate tax...

We study the implementation of constrained-efficient allocations in labour markets where a basic coordination problem leads to an equilibrium matching function. We argue that these allocations can be achieved in equilibrium if wages are determined by ex post bidding. This holds true even in...

We investigate the effect of institutions on efficiency of training markets. After setting up a theoretical institutional framework that shows how institutions affect efficiency, we apply this framework to the real world. An empirical analysis of institutions affecting training markets will...

We develop a model, in which Internet backbone providers decide on private peering agreements, comparing the benefits of private peering relative to being connected only through National Access Points. Backbone providers compete by setting capacities for their networks, capacities on the private...

We analyze markets in which the price of a traded commodity is such that the supply and the demand are unequal. Under standard assumptions, the agents then have single peaked preferences on their consumption or production choices. For such markets, we propose a class of Uniform Trade rules each...

Because of the costs involved in such exercises, current productivity measures do not necessarily fully take into account changes in the quality of goods and services over time. This paper outlines the derivation of measures that lead to quantification of the “community preference for its...

We analyze the role resale creates for zero-value bidders, called speculators, in standard auctions with symmetric independent private values buyers. English/second-price auctions always have equilibria with active resale markets and positive profits for a speculator. In first- price/Dutch...

This paper tries to look at how India should prepare to meet the challenges of the ongoing scientific and technological revolution, and the forces of globalisation that propel it forward. At least three major technological revolutions seem to be ongoing: the bio-tech, the info- tech and the...

We develop a model, in which Internet backbone providers decide on private peering agreements, comparing the benefits of private peering relative to being connected only through National Access Points. Backbone providers compete by setting capacities for their networks, capacities on the private...

This paper estimates commercial banks’ efficiency in three relatively homogenous groups of countries with different level of economic development and different involvement in the process of European integration. The first group consists of Portugal and Greece, the second group is represented...