This paper examines the usefulness of concentration indices in characterizing the degree of competition in the motion picture industry. It shows that concentration ratios and the Herfindahl-Hirschman index give a misleading picture of the degree of competition in the industry. All these indices...

The spectrum auctions were a step toward the Herzel-Coase vision of a flexible and efficient market for spectrum. This article examines what remains to be done. Spectrum must be unbundled from broadcast and transmission facilities. The "commoditization" of spectrum will facilitate...

When land markets are incomplete, parcels can be scaled to make control compatible with use and to internalize externalities. The authors show that an arbitrage-proof equilibrium implies an increasing and strictly concave relationship between the value and size of land parcels. Undeveloped land...

The strong invisible hand theorem says there is emergent order in human affairs. Adam Smith and F. Hayek described it; Armen Alchian gave the evolutionary proof. He showed that profit maximization is an emergent property of evolution when survival depends on positive profits. The author extends...