The Scottish Government has issued a prospectus for independence, should it win a plebiscite in September 2014. It plans independence to be in March 2016, together with accession to membership of the European Union. Its proposed arrangements for the regulation of broadcasting are presently very...

This paper studies a large class of imperfectly discriminating contests, referred to as elastic contests, that induce players to either overbid a standing bid or to abstain from bidding altogether. Many common forms of contest are elastic. In any equilibrium of an elastic contest, there is...

This paper considers rent-seeking games in which a small percentage change in a player's bid has a large percentage impact on her odds of winning, i.e., on the ratio of her respective probabilities of winning and losing. An example is the Tullock contest with a high R. The analysis provides a...

Bazaar governance tries to describe how market power is exercised. It involves a study of cooperation and coercion in bazaar. It is about solidarity, monopoly, networking and hierarchies. The informal nature of bazaar avoids the need to have any size distribution of governance. In other words,...

The author studies the persistence of inequality and inefficient governance in a physical capital accumulation model with perfect information, missing credit markets, and endogenous barriers to entry. When access to investment opportunities is regulated, rent-seeking entrepreneurs form...

This paper is a follow-up to a study that ranked California last in terms of business friendliness. The present paper provides some reasons why the per capita GDP in California is going up even though thousands of business are leaving the state because of its high taxes and burdensome regulations

This study is the first annual McGee Report on the best and worst states for business. The fifty states are ranked based on the extent to which they facilitate business creation and expansion. This study incorporated the data collected from five other studies, which included the examination of...