A well-documented anomaly in racetrack betting is that the expected return per dollar bet on a horse increases with the probability of the horse winning. This socalled "favorite- longshot bias" is at odds with the presumptions of market efficiency. We offer a new solution to this much-debated...

The paper is divided into 4 main sections and a conclusion: section (1) considers the definitions of Micro and Small Enterprises across the EU, USA and Russia; section (2) considers the role of MSEs in mature market economies and compares with the Russian Federation; section (3) focuses on the...

There are at least two competing visions for the future National Information Infrastructure. One model is based on the application-blind architecture of the Internet; the other is based on the application- aware architecture of cable TV systems and online services. Awareness is the extent to...

This note addresses the reasons why additive and multiplicative demand uncertainty produce differently signed biases in output price as compared to the certainty case in two-period monopoly models. Although the result is known in the literature different papers tend to assume one or other model...

The downloading of music from the internet has been proliferating over the past three years. The recording industry believes that this phenomenon is responsible for the decline in recorded music sales since the year 2000 and to a certain extent; this is supported by consumer surveys and previous...

Patients needing kidney transplants may have willing donors who cannot donate to them because of blood or tissue incompatibility. Incompatible patient-donor pairs can exchange donor kidneys with other such pairs. The situation facing such pairs resembles models of the “double coincidence of...

This paper analyzes an agent¡¯s option exercise decision under uncertainty. The agent decides whether and when to do an irreversible activity. He is tempted by immediate gratification and suffers from self-control problems. This paper adopts the Gul and Pensendorfer self- control utility...

In 1999, the Commonwealth Government referred the Broadcasting Services Act and related legislation to the Productivity Commission for inquiry and report within twelve months. The inquiry stems from the Government’s commitment under the Competition Principles Agreement to review legislation...

A framework for economic analysis.

We offer an efficiency-based approach to derive market partitions and respective benchmarks using Data Envelopment Analysis. Product efficiency is measured as an output to input value from the customer’s perspective. Products offering a maximum customer value relative to alternatives represent...