In this paper I analyze model of rational behavior of bidders taking part in penny auctions. I calibrate my model with parameters from actual auctions, I solve it for equilibria using numerical methods, and I run Monte Carlo simulations in order to get distribution of number of bids placed in an...

Researchers' incentives to publish in top-tier journals are examined by a theoretical model. Using incentives to deliver optimal quality of research as a benchmark, the model concludes that the former incentives result in misallocation of resources and welfare loss. The main reasons behind it...

The goal of this paper is to promote two ideas neglected by economists: sole ownership in fisheries and quantity regulation of a monopoly. By reviewing contemporary literature, the paper constructs an argument that sole ownership would not only solve many problems inherent to Individual...

The paper tries to summarize the tangible effects of the climate change that has been documented so far. An enormous gap between rationales obtained from the real world and conclusions drawn from the presumptions has been identified. There exists a mixed empirical evidence of benefits and harms...

We propose a new intra-seasonal model for a fishery that allows for explaining both efficiency gains and welfare effects related to the introduction of individual quotas in fisheries previously operating as regulated open access. Our model is also suitable for analyzing international fisheries...