The concepts of path dependence and lock-in have received growing acceptance but have generally been thought of as driven by positive feedback on the supply side of the economy. A case through example is made here of how endogenous preferences positive feedback in utility from consumption,...

Labor markets in the arts often have excessive supply. While economists have recognized that key reasons for excess entry are behavioral in nature, the issue has never been analyzed systematically or in depth. A behavioral economic approach is used to show how numerous known biases can lead to a...

Increasing globalization and free trade agreements have generated a number of controversies. One significant issue is the potential conflict between free trade and ethical standards. While free trade in theory need not be antithetical to ethical standards, as defined in practice by major trade...