Seigniorage means printing money without backup or without 100% backup. Such practice is stealing. Attempts to work out the optimal amount of stealing are insane. This paper refutes another manipulating attempt

Aizenman designs an optimal seigniorage scheme that a minister should print money until his real balance is maximized. This paper proves that his optimization is a fabrication. If printing money were a business, the minister would crazily print without limit

This paper works out an Excel Spreadsheet to help play Hotelling's spatial competition game. It allows different commuting cost, and even quadratic cost function. It produces the demand curves and the equilibrium. It helps avoid misunderstanding around the spatial competition model, and offer...

This paper differentiates the 2008 subprime crisis from its recent repetition. Both have people abusing MBS for profiteering, but now the crisis can be averted. The Federal Reserve, who has taken the place of Lehman Brothers, will never become insolvent. Though another subprime crisis is...

This paper shows that Smith has applied a wrong theory to explain public good financing. The result will be insufficient fund for any public project. Instead of encouraging people to honestly reveal their preference, Smith is encouraging them to cheat

This paper shows how VL Smith has destroyed his own perfect theory. Smith used utility maximization to prove that the last person must take up the balance of a public construction cost. When the resulting equilibrium quantity is different from the given one, a new average quantity breaks up the...

This paper proves that forming coalition to bargain is detrimental to the allied members. The reason is simple: when the coalition obtains the same award as a single member, each of the allied members obtains a smaller amount. Though coalition members may benefit when the object is cost,...

Playing three-person games can be very cumbersome without a good algorithm. This paper works out the algorithm to paly the Talmud bankruptcy game using the 50-50 Rule in a simple Excel spreadsheet. The algorithm can be applied to any estate size, and consistency check is included

Playing three-person games can be very cumbersome without a good algorithm. This paper works out the algorithm to paly the Talmud bankruptcy game using Shapley's method in a simple Excel spreadsheet. The algorithm can be applied to any estate size, and consistency check is included

This paper proves that Shapley's value is a solution to bargaining problems. Indeed, it is capable of solving almost all bargaining problems, especially problems involving more than two persons. While it restores the proper role of Shapley's value in the bargaining theory, this paper also warns...