The paper demonstrates the economic consequences of a new EU directive that introduces resale rights in all member states. The lifetime income of young, unknwon artists is likely to shrink, despite the intention of the EU to increase their income. Even if the lifetime income were increasing, the...

In Economics, like in any social science, empirical tests of theoretical results face the problem that the economy cannot be reproduced in laboratories. Drawing on the experience of Psychology, Experimental Economics nowadays uses stylised experiments to test at least the basic assumptions of...

The theory of competition as a discovery procedure argues that the results of this procedure cannot be predicted because of its very nature as a discovery procedure. If this were true, this would imply the impossibilty of testing whether competition actually works as predicted. This article...

The paper defines "order" as constraints that are designed or spontaneously evolved to constrain human action sets in order to stabilze expectations, and therefore enhance coordination of interactive behavior. A simple model of evolutionary game theory is used to explain the evolution of...

By a proposal to introduce a harmonized "droit de suite", the European Comission intends to improve the economic situation of young artists. A simple price theoretical argument shows that this goal is not likely to be reached. In addition to this, the paper analyzes the efficiency of a legal...