Cross-section data on investment in back-up generators and uninterruptable power supplies (UPS) are used to infer the implied cost of electricity outages in the business and public sectors in Israel. Two-limit tobit models of the demand for back-up are estimated and used to simulate the...

Lobby groups press for various administrative concessions which are granted at the expense of the rest of society. This paper tries to explain why sometimes the rest of society does not prevent the lobbies from exploiting them while at other times it protests against the injustice. It also...

Using annual data we estimate an econometric model of the interwar labour market in Britain. The model determines aggregate employment, unemployment, the working population and wage rates. The latter are determined via an augmented Phillips Curve, in which the 'natural' rate of unemployment is...

On the whole, union bargaining models have been constructed out of utilitarian axioms. This paper explores the implications of a more general utility function according to which individuals rejoice over successful outcomes and regret unfavorable ones. Under certain circumstances, this gives rise...