Especially in the short-term, prices in natural gas markets are not exclusively determined by overall supply and demand, but also by the availability of the transport infrastructure. If transportation capacity is scarce, prices may form in (local) residual markets and can differ regionally. If...

Especially in the short-term, prices in natural gas markets are not exclusively determined by overall supply and demand, but also by the availability of the transport infrastructure. If transportation capacity is scarce, prices may form in (local) residual markets and can differ regionally. If...

I propose a model where, all else equal, a tyrannical regime is limited by the population density of the area under tyrannical rule. Both when the population density is near zero and when it is very large, the costs of enforcing tyranny approach infinity—thereby tyranny is effectively zero. At...

يقوم هذا البحث باستثمار التقارب بين نماذج تحديد الأثمان عند الاقتصاديين والفقهاء في التحليل الاقتصادي لأحد المسائل المهمة في التبادل وهي الغبن. ومن بين أهم...

Privatization and market liberalization are widely considered to be complementary reforms in transition economies. This paper challenges this view and the closely related "big bang" approach to economic reform. Our analysis suggests that when pursued simultaneously, privatization may actually...

Revisiting Rothbardian monopoly price theory and extending it to the realm of factor pricing, this paper explains how grants of privileges to capitalists can lower labor and land factors' prices compared to what would prevail in a free market environment. Monopolistic grants to capitalists make...

By constructing a novel dataset based on the Nielsen Retail Scanner and the VentureXpert databases, we study how venture capitalists (VCs) create value in the product market for the entrepreneurial firms backed by them. We document that, compared to that of non-VC-backed firms, the sales of...

A new microeconomic model is presented that aims at a description of the long-term unit sales and price evolution of homogeneous non-durable goods in polypoly markets. It merges the product lifecycle approach with the price dispersion dynamics of homogeneous goods. The model predicts a minimum...