One of the aims of the new electoral law of Hungary has been to define a fairer apportionment into voting districts. This is ensured by a set of rules slightly more premissive than those laid out in the Code of Good Practice in Electoral Matters of the Venice Commission. These rules fix the...

One of the aims of the new electoral law of Hungary has been to define a fairer apportionment into voting districts. This is ensured by a set of rules slightly more premissive than those laid out in the Code of Good Practice in Electoral Matters of the Venice Commission. These rules fix the...

Market makers on financial markets often act as competitiors and step into cooperations with each other at the same time. Primarily, they quote prices for investors, thus providing liquidity on the customer market. But they also trade with each other in order to reduce their inventory risk. The...

The theory of geographical markets is based on the notion that economic activity is not evenly spread and regional inequalities have an impact on the decisions of economic agents. Retail gasoline markets are almost perfect examples of geographical markets. The gasoline sold by the stations is a...

The theory of geographical markets is based on the notion that economic activity is not evenly spread and regional inequalities have an impact on the decisions of economic agents. Retail gasoline markets are almost perfect examples of geographical markets. The gasoline sold by the stations is a...

Market makers on financial markets often act as competitiors and step into cooperations with each other at the same time. Primarily, they quote prices for investors, thus providing liquidity on the customer market. But they also trade with each other in order to reduce their inventory risk. The...

We show that for any market-clearing price, average profits in a symmetric industry cannot exceed the individual profits from the Walrasian output. This immediately implies that a firm itself can guarantee to beat the market by producing the Walrasian output. This property clarifies and...