If a DEA model has a mix of categorical and continuous variables a standard LP formulation can still be used by entering all combinations of categorical and continuous variables as different types of inputs and/or outputs. Most units will then not have positive levels of all variables. The...

Countries without natural resources or foreign aid can grow just if they do serious economic liberalization. Liberal reforms are first followed by a post-reform recession, and afterwards with growth, provided they create a well business environment, compared to alternatives. Economies growing...

In Summer and Autumn 1998 a series of singular events occurred at the two main gas terminals on the UK mainland. At St Fergus, in Scotland, shippers wanted to input more gas than what was physically possible while at Bacton, in England, input was particularly low. As a consequence Transco had to...

The professional class of which Ludwig von Mises (and to some extent also his friend Kelsen) was a member was not only fond of thinking of itself as the defender of their highly cultured environment. This large group of intellectuals, administrators, aristocrats, and politicians had also been...

Using the Laffont, Rey and Tirole (1998) framework, a model of competition between vertically integrated telecommunications networks in a deregulated environment is developed. Two local operators compete in linear and non linear tariffs (i.e. two-part tariffs) in the subscribers market. In...

It has been observed that similar prints can obtain quite different prices at different auctions within the same auction period. Previous works applying hedonic price technique to determine the formation of auction prices of objects of art have found no conclusive result about the impact of...

This Essay briefly reexamines the great debates on the role of insider trading in the corporate system from the perspectives of efficiency of capital markets, harm to individual investors, and executive compensation. The focus is on the mystery of why trading by all kinds of insiders as well as...

In this paper I argue that the unequal distribution of knowledge implies that an Austrian theory of the firm must investigate two items. The first is the growth of knowledge within the firm (learning process), the second the way in the rights to decide over the distribution of knowledge are...

That so many of their assets continue to be held in governmental trusts under outdated policy rationales creates great difficulty for indigenous peoples. But restoring control of those assets to their rightful owners will impose daunting responsibilities on judiciaries. Exchanging assets for a...

The measurement of unemployment, like that of poverty, involves two distict steps: identification and aggregation. In this two-step process, the issue of identifying the unemployed has received considerable attention but, once the unemployed have been identiified, the aggregation issue has been...