The power exchange and the real-time markets used by the system operator differ in how system constraints are managed. This can result in regulatory arbitrage, which can increase consumer costs, increase the risk of power outages and distort investment incentives. This paper uses a...

Although anthropologists along with historians and academic circles point to no ethnographic evidence to confirm or deny the existence of barter among the prehistoric people in the new Stone Age (the Neolithic epoch during 9000-6000 BC.), the 18th-century Scottish philosopher Adam Smith believed...

This paper examines how pharmaceutical firms have responded to changes in intellectual property rights and trade barriers that legalized "parallel imports" within the European Union. The threat of arbitrage by parallel traders reduces the ability of firms to price discriminate across countries....

Does market interaction influence morality? We study a particular angle of this classic question theoretically and experimentally. The novelty of our approach is to posit that people are motivated by reciprocity; an urge many argued affects humans. We scrutinize how this shapes interaction in...

This paper analyzes the causes and consequences of non-monetary transactions in Russia, drawing on a large enterprise survey. We show that barter and offsets are linked to liquidity problems at the level of the firm and to arrears in particular. We find evidence that the state has channeled...

This paper shows that a manufacturer may benefit from parallel trade. In addition to an intuitive condition about the effect of demand shocks, this occurs when competitive retailers must order inventories before they know the realization of demand and for products whose sale value drops at the...

This study aims to examine the development and trend of counter-trade transactions and assess their utility in state development by first examining the emergence and current trend of counter-trade practice. It will then provide background on underdevelopment in Congo before presenting a case...

Direct bartering allows us to do trading of assets with or without the use of money. We contribute a smart contract written in Solidity language for the Ethereum blockchain that implements a distributed and autonomous direct barter exchange operated by crowds. Since ERC20 smart contract tokens...

Offset agreements represent a mechanism widely used by national governments, from which they pursue economic, commercial, industrial and technological benefits. It is the most popular and sophisticated counter-trade instrument, underpinning government procurement policy, involving a wide range...

The new blockchain distributed digital technology has the potential to make a transformational change in the way that people transact in the market; a change that is welfare maximizing. The potential transformation was demonstrated in the first time when Satoshi Nakamato came out with the...

Despite the significant increase in the use of this particular type of trading system, there seems to be no universal consensus agreed upon the terms and definitions of countertrade. Nevertheless, it could be argued that the common understanding regarding the operation of countertrade is that it...

A dynamic multi-stage decision-theoretic approach is introduced to establish the optimal offset and its incidence, the contract price arising from bargaining, and the scale of the acquisition. A new rationale is suggested for offsets in terms of their role as an insurance devise. Results are...

A dynamic multi-stage decision-theoretic approach is introduced to establish the optimal offset and its incidence, the contract price arising from bargaining, and the scale of the acquisition. A new rationale is suggested for offsets in terms of their role as an insurance devise. Results are...

This paper studies interactions between a "policy bloc's" emissions quota market and an offset market where emissions offsets can be purchased from a non-policy "fringe" of countries (such as for the Clean Development Mechanism under the Kyoto Protocol). Policy-bloc firms enjoy free quota...

Wenig ist für Regierungen moderner Demokratien von grösserer Bedeutung, als gegenüber ihren Bürgern Rechenschaft über die von ihnen erbrachten Leistungen abzulegen. Die Nützlichkeit des sogenannten Performance Management ist daher unumstritten. Doch während in einigen Politikbereichen die...

This article is a much shorter version of the article I wrote for the Public Contract Law Journal challenging the received opinion on the inefficiency of defense offsets. It was republished in the NCMA's December 2015 issue of Contract Management

Despite its relatively modest footprint, mining is an important driver of deforestation and degradation in tropical forests, often as a result of indirect impacts from associated infrastructure, unplanned development, and in-migration. The World Bank program on extractive industries in forest...

Offset agreements represent a mechanism widely used by national governments, from which they pursue economic, commercial, industrial and technological benefits. It is the most popular and sophisticated counter-trade instrument, underpinning government procurement policy, involving a wide range...

This paper on defence offsets reform was presented at "Global Revolution VI", an international conference on public procurement organised by the Public Procurement Research Group, School of Law at the University of Nottingham in June 2013. The paper looks at design aspects of offset regulations...

This paper investigates factors that explain the large variability in the price of voluntary carbon offsets. We estimate hedonic price functions using a variety of provider- and project-level characteristics as explanatory variables. We find that providers located in Europe sell offsets at...

We study optimal climate policy for a "policy bloc" of countries facing a market where emissions offsets can be purchased from a non-policy “fringe” of countries (such as for the CDM). Policy-bloc firms benefit from free quota allocations whose quantity is updated according to firms' past...

We study optimal climate policy for a "policy bloc" of countries facing a market where emissions offsets can be purchased from a non-policy "fringe" of countries (such as for the CDM). Policy-bloc firms benefit from free quota allocations whose quantity is updated according to firms' past...

This conceptual paper deals with important implications of ‘reciprocity’ in marketing in emerging and developing business environments, such as Eastern Europe. In mature, developed, high income, business systems, both transaction and relationship based marketing have been well researched. We...

Motivated by emission and resource markets, this paper considers repeated, bilateral barters between owners of commodity bundles, contingent claims, or property rights. Focus is on feasible, voluntary exchanges, driven only by differences in substitution rates. No coordination is ever needed....

This paper studies interactions between a "policy bloc's" emissions quota market and an offset market where emissions offsets can be purchased from a non-policy "fringe" of countries (such as for the Clean Development Mechanism under the Kyoto Protocol). Policy-bloc firms enjoy free quota...

The market now offers consumers an expanding array of options to offset the harms of their consumption. Travel websites and politicians alike sell the advantages of carbon offsetting. But offsetting options need not be limited to correcting for environmental harm; consumption is also associated...

Under prevailing tort law, an injurer who is required to choose between Course of Action A, which creates a risk of 500 (e.g., probability of .1 for harm of 5000), and Course of Action B, which creates a risk of 400 (e.g., probability of .1 for harm of 4000), and negligently opts for the former...

This paper tries to explain how barter, as an economic institution, can help deal with the problem of contract enforcement across national borders in international trade and within borders in transition economies.

Countries can freely decide whether to permit or ban parallel trade. Article 6 of the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS Agreement) – being the only provision in the various international agreements on intellectual property rights that deals with the...

This essay analyzes the circumstances under which a barter system based on merchants and centralized markets dominates an unstructured primitive barter system. For that purpose, we set up a spatial general equilibrium model where exchange is costly. In an unstructured barter system, as...