In this paper we analyze the interaction of income and preference heterogeneity in a political economy framework. We ask whether the presence of preference heterogeneity (arising, for example, from different ethnic groups or geographic locations) affects the ability of the poor to extract...

In this paper we examine the main challenges in promoting an effective market economy. While the paper ranges widely across the spectrum of economic institutions and policies, the central theme is the importance of macroeconomic stability for economic growth in the medium and long run....

The economic impact of climate change is usually measured as the extent to which the climate of a given period affects social welfare in that period. This static approach ignores the dynamic effects through which climate change may affect economic growth and hence future welfare. In this paper...

This paper discusses some of the elements that may characterise an efficient strategy to adapt to a changing climate. Such a strategy will have to reflect the long time horizon of, and the prevailing uncertainties about, climate change. An intuitively appealing approach therefore seems to be to...

Given the world wide predominance of the small to medium sized enterprise (SME) we should consider whether we need to segment and target our marketing knowledge, practice and attitudes towards this business type. It is argued that we need to be able to develop entrepreneurship within the context...

There is a growing discussion of intellectual capital and the knowledge economy more generally within the accounting literature. This literature, however, has focused narrowly on the considerable discrepancy between book and market values and the inability of traditional accounting concepts and...

Purpose – The purpose of this paper is to provide guidance within the reference price literature by investigating which is the best measure of reference price for the, as yet, unstudied context of new product categories. The paper also intends to examine another reference price issue for the...

This paper examines several problems involved in modelling the structure of consumer behaviour. A new model of consumer demand is presented which encompasses the indirect translog, the CES and the LES as special cases, enabling nested comparisons to be made. Within this framework we show that...

This paper analyses a security market with transaction costs and a sequential trading structure. Transaction costs may prevent many traders from revealing their private information if they trade in a sequential fashion. Due to the information aggregation failure, hidden information gets...

New start-up companies, which are considered to be a vital ingredient in a successful economy, have a different objective than established companies: They want to maximise their chance of long-term survival. We examine the implications for their operating decisions of this different criterion by...