This paper looks into the application of the theory of 'the persistence of profits' and how it can be used to model manufacturing industries in Colombia. By explaining where the theory of persistence comes from and what are its determinants, this paper proposes a model for examining persistence...

The challenges in the market economy in China for economic theory touch on four topics: private versus public ownership of assets, Western legal systems versus Eastern European semiformal legal systems, individualism versus the collective good, and multiparty versus one party political systems....

We apply the Weber-Fechner's law, which represents the relation between the magnitude of physical stimulus and the magnitude of psychological sense in human being, to the utility function. We conclude that the utility function of n-types of goods is of separable type...

The terms of reference for this inquiry ask the Commission to assess whether price regulation of airport services is required at privatised airports and, if so, in what form this should take. The Commission's inquiry focusses on the core-regulated airports, including Sydney Airport. The...

This paper distinguishes between governance structure and contractual form. The basic premise is that researchers often confuse these two concepts when they develop or empirically test models within the transaction cost framework. In the paper I utilize a simple principal- agent model to show...

Why do firms delegate job design decisions to workers and what are the implications of such delegation? We develop a private-information based theory of delegation where delegation provides a more efficient allocation of talent inside the firm, but at the cost that low ability workers must be...

Organizational theory suggests that authority should lie in the hands of those with information, yet the power to transfer authority is rarely absolute in practice. We investigate the validity and application of this advice in a model of optimal contracting between an uninformed principal and...

This study examines selected work arrangements and assesses their implications for the performance of container stevedoring workplaces. The effects on employees and users of stevedoring services are also considered, and impediments to achieving improved work arrangements are analysed. This is...

This paper provides an economic framework within which to consider the effectiveness and limitations of auction markets. The paper looks at the use of auctions as a policy instrument and the effects of auction design on consumer interests, the efficient allocation of resources, and industry...

We consider an augmented version of the symmetric private value auction model with independent types. The augmentation, intended to illustrate reality, concerns information bidders have about their opponents. To the standard assumption that every bidder knows his type and the distribution of...