Three significant characteristics of resource consumption are introduced into the decision-making process: time costs of consumption; a costly access activity; and, mutual exclusivity of (some)consumption activities. It is seen that when these factors are ignored approaches based upon estimation...

We argue that the traditional question ‘fixed vs. flexible exchange rates?’ is not well-defined, because ‘flexible exchange rates’ does not explicitly specify any particular monetary policy. In traditional analyses, ‘flexible exchange rates’ was interpreted as implying a fixed money...

Antitrust enforcement in a number of countries allows an efficiencies defence for horizontal mergers, joint ventures, specialization agreements and other horizontal arrangements. These defences may be statutory, jurisprudential or administrative. They involve, in essence, a balancing of real per...