We study Pareto improvements whose implementation requires knowledge of only market prices and traded quantities, not utility and demand functions. Quantity stabilization gives agents the right to repeat the net trades they previously conducted, but requires policymakers to have records of those...

I demonstrate that in the monocentric city model, an allocation is in the core if and only if it is an equilibrium allocation, as long as households are endowed with strictly positive quantities of a composite consumption good, enjoy any net trade bundle at least as much as they enjoy one on the...

We prove the existence of monetary equilibrium in a finite horizon economy with production. We also show that if agents expect the monetary authority to significantly decrease the supply of bank money available for short term loans in the future, then the economy will fall into a liquidity trap...

During the last few years a new interdisciplinary field of research has emerged: Economic Logistics. The new subject, pionereed by American scholars and currently being further developed by a group of Italian scholars, encompasses, inter alia, appraisal of specialized infrastructures, issues of...

We present a variant of a general equilibrium model with group formation to study how changes of non-consumptive benefits from group formation impact on the well-being of group members. We identify a human relations paradox: Positive externalities increase, but none of the group members gains in...

My research so far, which reveals fundamental mistakes of the conventional (neoclassical) economic theory, is based mainly on the (wrong) perception of this theory for the price taking and the horizontal demand curve for the firm, using instead the correct individual demand curve for the firm,...

The accepted theory of the firm abounds with fallacies, starting with one that has been known to be false since 1957 - the horizontal demand curve for the individual competitive firm. When these fallacies are corrected, nothing of substance remains. Equating marginal revenue & marginal cost does...

We study the general equilibrium effects of firms' political connections, using whether the firm is invested by investors who follow any bureaucratic transfers as a measure of the political connection, as in Shi et al. (2021). We establish several empirical facts, including: (1) Politically...

In this paper, I study the effects of corruption on firm innovation, using a data set that covers the registration and patent application records of the universe of firms in China. I provide empirical evidence that corruption significantly deters innovation. Such effects are stronger for...

This paper reports on a sixteen-sector five asset general equilibrium tax model of the UK economy benchmarked to the 1995 data set received from the Inland Revenue. We use this model to access the impacts o capital income taxes, labour income taxes, indirect taxes, and tariffs.