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...

Although expected utility (EU) theory is a powerful tool for the analysis of decision under risk, it has long been known that individual behavior, in both experimental and market settings, deviates from the predictions of simple EU models. These violations of EU predictions were largely...

The central point of this note is that the relationship between market power and inflation depends crucially on the source of inflationary shocks. To the extent that inflation is driven by demand shocks, firms with market power are likely to respond by increasing margins, and thereby amplifying...

In this paper, it is argued that differential awareness plays a crucial role in the operation of financial markets. The interaction between awareness and arbitrage is crucial in explaining both beneficial and harmful financial innovations. Financial crises may be explained as the result of...

The commonly used poverty gap measure is extended to derive and analyse the properties of a poverty burden measure to address the question of whether the elimination of poverty is a feasible objective, given sufficient political commitment. The resources potentially available to address poverty...

The object of this paper is to consider the evolution of policy regarding public ownership and privatization of the Thai electricity industry and the extent to which it can be explained by competing theories of political economy. Public interest, private interest and ideological theories are...