A simple neo‐classical theory of the demand for capital goods service is presented to clarify the relationship between the marginal productivity of capital and Keynes′s concept of the marginal efficiency of capital. How the latter concept is related to con‐temporary understanding of the...

This paper empirically examines the impact of state government purchasing preference laws on expenditures and revenue of individual states. Purchasing preferences allow firms located within a state to win state contracts without being the low bidder. We find that states with purchasing...

This paper contends that classical spaceless price theory is excessively limited. In contrast, the spatial model provides a robustly general framework such that it even sheds light on the beta statistic in portfolio theory and the capital asset pricing model (CAPM), which led to 1990 Nobels for...

Imperfectly competitive markets, such as those involving spatial separation of producers and consumers are characterized by interactions between competing firms. Actions call forth reactions and the possible reactions form an important part of the information set that should be used to determine...