Since the seminal work of Adam Smith, markets have been considered an efficienttool for co-ordinating the behaviour of economic agents. The basic characteristicof a market economy is that the complex system of interaction amongindividuals is not centrally coordinated. Under the assumption of...

Since the seminal work of Adam Smith, markets have been considered an efficient tool for co-ordinating the behaviour of economic agents. The basic characteristic of a market economy is that the complex system of interaction among individuals is not centrally coordinated. Under the assumption of...

Democracy tends to cultivate short-sighted politicians, for whom the horizon extends more or less till next election. This feature gives rise to a discrepancy between the time rate of discount of a country’s polity and the interest rates at which the country borrows. I show how this...

Imposing military security measures as a consequence of violent conflict may lead to depressing economic effects for all parties involved. One implication is the limited ability to conduct trade, which in turn brings about welfare losses to the economic agents involved and may threat livelihoods...

This paper provides new evidence on the pattern of individual subjective welfare after a natural experiment in policy-led rural development, and aims to identify the causal relationships between subjective welfare and political opinions on the effects of the policy change. I adopt a structural...

This paper analyzes the effect of competition on product demonstration decisions. Pre-purchase product demonstration enables marketers to differentiate products that are ex-post differentiated but are judged according to perceived fit, rather than actual fit, due to pre-purchase consumer...

Direct commands, market based, or combined, whichever is the government's mean of intervention, is expected to raise political lobbying and pressure. This study offers a political-economic model of an industry, which is regulated by an integrated system of both direct and market based policies....

Helping to sustain a viable rural sector, rural tourism enjoys public support in many countries. We claim that due to club-good and agglomeration externalities in the rural accommodation market, public support should be integrated in a broader local development policy that regulates the number...