Theory: Markets and the tyranny of the majority; Are "lumpy" markets a problem?; Empirical evidence: Who benefits whom in practice; Who benefits whom in the neighborhood; Preference minorities as citizens and consumers -- Market solutions and their limits: Market enlargement and consumer...

Economists have long counseled reliance on markets rather than on government to decide a wide range of questions, in part because allocation through voting can give rise to a "tyranny of the majority." Markets, by contrast, are believed to make products available to suit any individual,...

The present paper utilizes a random utility theoretic experimental design to provide estimates of the relative value that selected consumers place on the social features of products. Experiments were conducted in Hong Kong and Australia using both university students and supporters of the human...

This paper axiomatizes an index of consumer freedom of choice and applies it to U.S. consumer data from 2004 to 2017. The Renyi entropy arises naturally as an index of the residual of welfare that remains after accounting for total consumption, the price level, and inequality. We show that this...