A simple model of the Arrow-Debreu type is used to analyze the short-run performance of an employee-controlled wage-maximizing economy. It is found that an increase in demand, caused by a shift in consumers' preferences, leads to a fall in a good's equilibrium price, which indicates that...

In 1989, the United Kingdom Monopolies and Mergers Commission (MMC) recommended measures that eventually led brewers to divest themselves of 14000 public houses. The MMC claimed that their recommendations would lower retail prices and increase consumer choice. Since that time, however, retail...

In real markets, price adjustment and the matching of buyers and sellers involve considerable exchange of information. Previous experience is also important in partner selection and in the decision to accept a transaction. The dynamic processes involved can be described in terms taken from...

Price tendencies in sequential auctions are of importance for all sectors: sellers, buyers and auctioneers. If prices shows systematic declines or increases opportunities are lost, revealing some kind of inefficiency. It is then important to carefully study the price movements in auctions,...

Bubble solutions of rational expectations models are identified by extra components that arise in addition to market fundamentals. In general there still exist many equilibrium paths relying on a minimal set of state variables, i.e., along which the number of lags that influence the current...

We consider data on jewellery sold in English public auctions between June 1993 and May 1994 at Credit Municipal de Paris. We present the underlying model of this market derived from a "hedonic price equation".