The supply of local public goods would obey principles that are not fundamentally different from those governing the efficient supply of differentiated goods. All these results rest on the assumption of an efficient land market. This suggests that the problem of land property rights should...

A consumer has to make a consumption decision. She is modeled as making a binary decision regarding a suggested change to her status quo. An affective package refers to the totality of affective responses that the consumer is expected to have to the various aspects of this decision. It is...

The paper studies Bayesian Games which are extended by adding pre-play communication. Let T be a Bayesian game with three or more players. The main result is that if players can send private messages to each other and make public announcements then every communication equilibrium outcome, q,...

In designing and marketing new products, manufacturers face uncertainty regarding the harmful character of their products. If harm occurs due to a defective design, liability is imposed on manufacturers whenever the design of the product is determined to be unreasonably dangerous. In assessing...