This paper investigates the local and global dynamic behavior of spot wholesale electric power prices in the network of markets located in the western United States. We ask how local perice changes propagate over the transmission network linking the markets in this vast region. We find that the...

We consider a model with two types of consumers, with each preferring a different variety of goods, and with each better at producing the type of good it prefers to consume. We find that under plausible conditions members of the majority group earn a higher wage and enjoy higher utility than...

We consider taxes on firms which engage in rent-seeking contests. The taxes can be on realized profits or on rent-seeking expenditures, and the firms can engage in a context where either the hoghest bidder wins the prize, or else a firm's probability of winning equals the ratio of its...

This paper covers many of the technical issues needed to provide sound evaluation of transportation projects. However project evaluation is , in the end, for decision makers rather technicians. As noted, the need for formal tools as cost-benefit analysis arises because proposed projects create...

Ancient industry wisdom has it that motion picture audiences and box office revenues are starkly uncertain. It is only with the development of the sciences of complexity that we can begin to grasp what very producer awaiting first-weekend box office reports about his movie has always known - the...

This paper develops new Bayesian methods for semiparametric inference in the partial linear Normal regression model. These methodes draw solely on teh Normal linear regression model with natural conjugate prior. Hence, analytical finite sample results are available which do not suffer form...