We analyze two hitherto little studied but salient questions concerning the trinity of asymmetric information, entrepreneurial activity, and the scope of fiscal policy in an open regional economy. First, we use a two period model to analyze the contractual relationship between entrepreneurs and...

Middlemen contribute greatly to economic activities (Sharat Ganapati, 2018, William J. Regan, 1949, Tamara Todorova and Ivan Iliev, 1999), so Johri and Leach (2002) tried to build a general equilibrium model for them. This paper reproduces their general equilibrium, and then shows how they killed it

The third-degree price discrimination theory charges a lower price to a more elastic demand. This paper unveils an unpleasant result of such theory: the lower price comes with less quantity. This paper further reveals the true meaning of elasticity pricing

Perfect, or the first-degree, price discrimination is a practice to charge a customer different price on every unit of the same product. So the first unit carries the highest price, the second lower, etc. Varian (1993, p.421) used an example, “a small-town doctor who charges his patients...