We investigate differences in bidding behavior and participation patterns between simultaneous and multi-round auction formats held in the state of Oklahoma. Theory suggests there could be differential bidding effects arising from synergies and the release of relevant information across the two...

The existence of cooperation and social order among genetically unrelated individuals is a fundamental problem in the behavioural sciences. The prevailing approaches in biology and economics view cooperation exclusively as self-interested behaviour— unrelated individuals cooperate only if they...

Input-Output models of various types of prices. Prices are derived as characteristic vectors of certain kinds of matrices and price parameters as their characteristic roots. The most general are the three-channel prices that are characteristic vectors of the linear combination of matrices of the...

A benchmarking procedure ranks real-valued acts by the probability that they outperform a benchmark B; that is, an act f is evaluated by means of the functional V(f) = P(f B). Expected utility is a special case of benchmarking procedure, where the acts and the benchmark are stochastically...

The author argues that conversion of over 1 million hectares of customary land to leasehold land tenure merely endowed the elite with excessive landholdings they did not fully utilise for tobacco production because it exceeded the requirement for production of the quota of tobacco output...

We find that survey evidence on faculty pay-cycle choice strongly contradicts the neoclassical theory of consumer behavior. It is more favorable to the behavioral life-cycle theory of Shefrin and Thaler (1988).

Due to their functionality, stored value purses based on smart card technology are prominent candidates for being the dominant medium of exchange for micropayments. However, the overall prospects of these payment systems are yet ambiguous, both from the perspective of practice and monetary...

We characterize the outcomes of games when players may make binding offers of strategy contingent side payments before the game is played. This does not always lead to efficient outcomes, despite complete information and costless contracting. The characterizations are illustrated in a series of...

The purpose of this paper will be to study the evolution of inequality and poverty in Uruguay between 1989 and 1997. We found that from 1991 there was an increase wage inequality in Uruguay and poverty changed little, decreased until 1993 and then increased and deprivation increased. Near a half...