A state-contingent model of production under uncertainty is developed and compared with more traditional models of production under uncertainty. Producer behavior with both production and price risk, in the presence and in the absence of futures and forward markets, is analyzed in this...

In recent years, the expected utility model of choice under risk has been generalized to cope with phenomena such as probability weighting. In the present paper, one such generalized approach, the rank-dependent expected utility model, is applied to the problem of lottery gambling. The model is...

Considerable attention has been paid to the hypothesis, advanced by M. Olson, that accumulations of interest groups build up over time and retard economic performance. Most previous tests of this hypothesis have been based on comparisons of growth rates. In this paper, it is argued that...