This paper sheds new light on the subtle relation between probability and logic by (i) providing a logical development of Bruno de Finetti's conception of events and (ii) suggesting that the subjective nature of de Finetti's interpretation of probability emerges in a clearer form against such a...

This paper proposes an approach to proving nonparametric identification for distributions of bidders' values in asymmetric second-price auctions. I consider the case when bidders have independent private values and the only available data pertain to the winner's identity and the transaction...

The recent crisis underlined that proper estimation of distress-dependence amongst banks in a global system is essential for financial stability assessment. We present a set of banking stability measures embedding banks’ linear (correlation) and nonlinear distress-dependence, and their changes...

This paper examines the investment strategies of regulated companies in abatement technologies, market participants' trading behaviors, and the liquidity level in an inter-temporal cap{and{trade market using laboratory experiments. The experimental analysis is performed under varying market...

Making an impact: reply to Overman Graham Haughton, Iain Deas, Stephen Hincks What ‘should’ urban policy do? A further response to Graham Haughton, Iain Deas, and Stephen Hincks Henry Overman

This paper focusses on one central aspect of urban development: transport and urban form and how the two shape the provision of access to people, goods and services, and information in cities. The more efficient this access, the greater the economic benefits through economies of scale,...

Innovation in European Cities sets out the context for Bloomberg Philanthropies’ European Mayors Challenge. It gives an overview of the key themes facing European cities today and provides an independent analysis of the 155 submissions to the award and a detailed review of the five winning...

National-level strategies for reducing emissions from deforestation and degradation (REDD), financed by international transfers, have begun to emerge. A three-sector model is developed to explore the economy-wide effects of two policies implemented by a government participating in REDD that...

Britain’s land use regulation (planning) system imposes very tight restrictions on the supply of office space so creating substantial rents. An unmeasured part of the costs associated with these restrictions likely comes from compliance costs, one form of which could be rent-seeking activity...

Following studies about the adoption of sustainability initiatives in both innovative and ordinary US cities, this article offers a unique view of sustainability in hard-to-reach places where regulation and planning are viewed with suspicion. Taking an interpretive approach to policy analysis,...