The author shows that it was neither Maurice Allais [1947] nor Paul Samuelson [1958] who ?invented? the overlapping generations model, but the Italian writer Italo Calvino. In a short story written in 1944, all the basic elements where in place, and Calvino proves that not only, there exists an...

: G 01, G 12, M 40, M 48

We analyze the welfare consequences of an increase in the commissions charged by intermediaries in auction markets. Commissions are similar to taxes imposed on buyers and sellers, and standard economics suggests that both sellers and buyers are made worse off by the tax. However, we show that...

We analyze the Celebrity 100 annual list of the world’s most “powerful celebrities” compiled and published by Forbes Magazine. The lists provide an interesting collection of people, that includes their earnings, and the perception of citizens concerning the attributes that made them become...

Members of a rock and roll band are endowed with different creativity. They match and eventually obtain credit for song writing as well as a share of the returns from sales. More creative members increase the probability of success but may also claim a larger share of the pie. In our theoretical...

Members of a rock and roll band are endowed with different amounts of creativity. They match, compose songs, and share credit. The presence of more creative members increases the probability of success, but those more creative members may also claim a larger share of the pie. In our theoretical...