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approaches to the theorem interpretation generate conflicts in a perception and identification of externalities. It is a solution … theorem statement has been made clearer; we have also put forward a hypothesis on an origin of the externalities and … utility of impure goods depends on the vector of the externalities, which ultimately determines the stratification in a field …
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A recent stream of experimental economics literature studies the factors that contribute to the emergence of financial bubbles. We consider a setting where participants sorted according to their degree of risk aversion trade in experimental asset markets. We show that risk sorting is able to...
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Neumann-Morgenstern expected utility functions using cooperative game theory. The social network literature studies various … numbers of neighbours) of the positions in a network. Although this allows for externalities, in the sense that the … preferences of a position might depend on the way how other positions are connected, these externalities can be taken into account …
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