We formulate a family of direct utility functions for the consumption of a differentiated good. This is used to generate a family of demand systems with flexible substitution patterns. Demand models for market shares can be estimated by regression enabling the use of instrumental variables....

This paper shows that there is a positive and statistically significant correlation between the short-term discount rate over a monetary reward and the short-term discount rate over a primary reward (chocolate). This correlation, however, is absent among subjects who do not like chocolate and...

We provide evidence on how two important types of institutions – dismissal barriers, and bonus pay – affect contract enforcement behavior in a market with incomplete contracts and repeated interactions. Dismissal barriers are shown to have a strong negative impact on worker...

In this article, on the basis of the "cash flow at risk" approach, the system of the integrated (credit, market, operational and liquidity risks) risk management in a market-maker commercial bank is developed. This system guarantees reaching profitability, liquidity and coverage of banking risks...

Our study aims to estimate the effect of fan attendance on performance in the National Basketball Association (NBA). We use game day and adverse weather as instruments for attendance. Using two-stage least squares, we fail to find a statistically significant effect of attendance on overall game...

This paper analyses the implications of classical liberal and libertarian approaches for distributive justice in the context of social welfare orderings. An axiom capturing a liberal non-interfering view of society, named the Weak Harm Principle, is studied, whose roots can be traced back to...

This paper proposes a model of individual choice that does not assume completeness of the decision maker's preferences. The model helps explain in a natural way, and within a unied framework of choice in the presence of preference-incomparable options, three distinct behavioural phenomena: the...

This paper derives several simple matching algorithms for special cases of a continuous two sided matching model where agents have single peaked preferences and face no costs or restrictions to matching. These algorithms allow matches to be computed as an explicit function of the parameters of...