To the uninitiated, transaction costs are often mysterious at best and dubious at worst. Even among economists who use the term often, there are misunderstandings as to what transaction costs actually are. I argue that much of the transaction cost "image" is caused by the lack of a workable...

This paper demonstrates how the transformation of the taxi industry is an example of Coase’s Theorem in practice. The Coase Theorem, as postulated by Nobel Laureate Ronald Coase (1991), is one of the simplest yet profound ideas in economics. The recent advent of new mobile app entrants in the...

This study attempts to posit the nexus between psychology and economics. However it is not the purpose of the paper to focus on all aspects of psychology and its various theories. It is also not the purpose of this paper to trace the historical development of economics, its various schools and...

This paper outlines the basic concepts of adaptation, learning, and evolution and their relationship to equilibrium and disequilibrium in economic processes. Work using these concepts in the behavioral tradition of Cyert, March and Simon is summarized. A more detailed description of economic...

Those lecture notes cover the basics of a course in microeconomic theory for MSc students in Economics. They were developed over five years of teaching MSc Economic Theory I in the School of Economics at the University of East Anglia in Norwich, UK. The lectures differ from the standard fare in...

Research and Science Today Journal is a publication founded in 2011 and it is dedicated to the students of all levels (license, master and doctoral) of faculties in the country and abroad. We want to offer the participants the opportunity to present their scientific works in the following areas:...

We investigate the gender gap in Economics among bachelor's and master's grad- uates in Italy between 2010 and 2019. First we establish that being female exerts a negative impact on the choice to major in Economics: at the bachelor level, only 73 women graduate in Economics for every 100 men,...

The past half‐century has seen economic research become increasingly empirical, while the nature of empirical economic research has also changed. In the 1960s and 1970s, an empirical economist's typical mission was to "explain" economic variables like wages or GDP growth. Applied econometrics...