In the economy of the 21st century, economic and technical innovation is increasingly based on developments that don't rely on economic incentive or public provision. Unlike 20th century innovation, the most important developments in innovation have been driven not by research funded by...

Books reviewed: Richard O. Zerbe Jr, Economic Efficiency in Law and Economics Steve Keen, Debunking Economics: The Naked Emperor of the Social Sciences Ralph E. Gomory and William J. Baumol, Global Trade and Conflicting National Interests D. Cutler and E. Berndt, Medical Care Output and...

We compare Ranked-Choice Voting (RCV) and Plurality Voting (PV) in elections with 3 candidates. Voters receive consequential benefits from the election of a candidate close to their preferred policy position and also benefit from expressing their preferences sincerely. We provide conditions...

Risk-averse expected utility maximization implies that the pricing kernel must be a non-increasing function of aggregate wealth. However, empirical research has found that the pricing kernel frequently displays a locally increasing portion in aggregate wealth. This is known as the pricing kernel...