This paper derives the origin of Vickrey's second price auction theory, and explains why some auctioneers adopt such method, while most others do not. This paper also confirms that no second-price can help reveal the true demand

This paper proves that Lindahl has confused cost with benefit. He viewed public good as benefit and people will fight to take a larger share of the good. This paper proves that his model could not accommodate the public good, but the cost of the good. When a person has to take up the burden of...

This paper proves that Hodrick and Prescott did not use their own HP filter. Instead they have applied De Forest's moving average for forecasting. The so-called HP filter is full of errors. It tries to measure a non-existing data series, it can produce infinite possible results, it is a detrend...

Timing of payment occurs when production takes time, when both buyer and seller are subject to uncertainty during the production process and the eventual dispute afterward. This paper points out a major mistake in Cheng's model: his theory is redundant

This paper proves that timing of payment, whether a price is paid ex-ante or ex-post, makes no difference. The equivalence is valid, with or without litigation. However, litigation always gives buyers some advantage, while it inflicts loss to sellers. This paper recommends vendors not to shirk

Timing of payment occurs when production takes time, when both buyer and seller are subject to uncertainty during the production process and the eventual dispute afterward. While Cheng tries to work out a model to explain the timing problem, this paper points out that he has confused the...

This paper discovers that Frank Ramsey had turned his growth model upside down to obtain the opposite outcome from expected. Subsequently, this paper refines his upright model to derive all his dream results. When Ramsey's dream is correct, any other definition of growth must be rejected

Samuelson's biological theory of interest rate - that population growth rate and interest rate must be the same - affects many countries, especially in shaping their population and retirement policies. This paper proves that he derives his so-called theorem by many tricks, which are, however, in...

When Choi has rediscovered that Adam Smith had long solved the interest rate mystery, this paper extends the rediscovering to work out some extreme interest rate, like the very high, the very low and even the negative one. This paper also makes interest rate theory international, and corrects...

Samuelson argued that interest rate is either zero or negative. This paper points out why he wanted such result, how he obtained such result, and why such result is actually unwarranted and his theory empty