Some regulatory programs are effective only if firms make some irreversible investments which reduce the cost of compliance. A firm potentially subject to regulation may therefore behave strategically - not investing and thus forcing the regulator to void the proposed regulation. We show that...

The standard economic model for analyzing tarffic congestion, due to A.A. Walters, incorporates a relationship between speed and traffic flow. Empirical measurements indicate a region, known as hypercongestion, in which speed increase with flow. We argue that this relationship is unsuitable as a...

Consider an agent who collects information over time, but who imperfectly recalls the date at which he made each observation. If the state of nature changes over time, then the agent's performance may worsen with experience.

This paper estimates the probability distribution of budgets, revenues, returns and profits to G-, PG-, PG13-, and R-rated movies. The distributions are non-Gaussian and show a self-similar stable Paretian form with non-finite variance and non-stationary mean.

The core of the argument offered here is that the trade off between these two choices boils down to a benefit cost calculation rather than a Bergsonian or Arrovian value judgement: i.e., in return for the net benefits which a society obtains from the productive, public good supplying activities...

We derive declining exponential rent and density functions for a monocentric city form a new set of assumptions, which place restrictions on commuting costs rather than on the demand for land.

Market augmentation is Olson's description for correcting market failure. Public good benefit is shared by all, private free-rider riven efforts to supply it will always be insufficient and sub-optimal. In sum, "market augmentation" is essentially and necessarily a collective, government...