We consider several ordinal formulations of submodularity, defined for arbitrary binary relations on lattices. Two of these formulations are essentially due to Kreps [Kreps, D.M., 1979. A representation theorem for "Preference for Flexibility". Econometrica 47 (3), 565-578] and one is a...

Governments use redistributive policies to favor relatively unproductive economic sectors. Traditional economic wisdom teaches that the government should instead buy out the agents in these sectors, and let them relocate to more productive sectors. We showthat redistribution to a sector whose...

The empirical evidence presented in this paper casts doubts on the by now widely accepted "fact"that the exchange rate based stabilization programs are expansionary. Even though these programs were associated with output booms, no evidence of booms caused both by the stabilization programs is...

We study the behavioral definition of complementary goods: if the price of one good increases, demand for a complementary good must decrease. We obtain its full implications for observable demand behavior (its testable implications), and for the consumer's underlying preferences. We characterize...