Abstract not available

Resources are often allocated without property rights and the attendant market exchanges. Households commonly encounter these situations—access to schools, on-street parking. Fishing firms typically exploit stocks in a limited-entry setting under input controls. Absent transferable rights and...

The notion of diminishing marginal value had a profound impact on the development of neoclassical theory. Early neoclassical scholars had difficulty convincing contemporaries of the new paradigm's value until political economists used the critical assumption of diminishing marginal value to link...

Consumer decisions regarding quality or attribute differentiated goods, involve discrete or qualitative choice regarding an exhaustive set of mutually exclusive alternatives determined by preferences over the attributes that characterize the alternatives, not over the alternatives themselves....