If a seller delivers a good non-conforming to contract, European and US warranty law allows consumers to choose between some money transfer and termination. Termination rights are, however, widely criticized, mainly for fear that the buyer may use non-conformity as a pretext for getting rid of a...

Many procedures have been suggested for the venerable problem of dividing a set of indivisible items between two players. We propose a new algorithm (AL), related to one proposed by Brams and Taylor (BT), which requires only that the players strictly rank items from best to worst. Unlike BT, in...

Is there a division among n players of a cake using n-1 parallel vertical cuts, or of a pie using n radial cuts, that is envy-free (each player thinks he or she receives a largest piece and so does not envy another player) and undominated (there is no other allocation as good for all players and...

In this paper, we consider a static model for advertising strategies and pricing decisions in supply chain with one monopolistic manufacturer and two duopolistic retailers. We assume an additive form of the consumer demand which is influenced by retail price and advertising. The manufacturer...

Policy implications of complexity economics (CE) are investigated. CE deals with “Complex Adaptive (Economic) Systems” [CA(E)S], generally characterized by mechanisms and properties such as “emergence” of structure or some capacity of “self-organization”. With this, CE has manifold...

We investigate whether laws restricting fiscal policies across U.S. states lead politicians to adopt more partisan regulatory policy instead. We first show that partisan policy outcomes do exist across U.S. states, with Republicans cutting taxes and spending and Democrats raising them. We then...

In 2005, Uganda’ government fundamentally shifted the direction of its microfinance (MF) policy. Hitherto it had focused on integrating MF institutions into the financial sector, allowing them to take deposits. Since 2005, it focuses on savings and credit cooperatives (SACCOs); with government...

It is increasingly becoming apparent to domestic and international investors that the European Central Bank’s bond buying programme which commenced in May 2010, “a way of correcting market dislocations that were hampering the central bank’s conduct of monetary policy”, and its provision...