There is a great potential for public transport to play the key role in solving problems of urban congestion. The Swiss city of Zurich provides an example of a medium-sized city where a high quality service, declining real price levels and the promotion of season tickets has significantly raised...

This paper is a brief survey of the principal issues attached to the privatisation of British Rail. It is written non-technically and without footnotes to maximise potential readership. It is a summary of a much larger and more detailed paper, On the Wrong Tracks: the Government's Proposals for...

We introduce the possibility of trade in dynamic models with externalities and evaluate the consequences on the capital accumulation process, the market-clearing prices and policy making. We consider mixed economies characterized by a blend of strategic and nonstrategic sectors. An equilibrium...

The values of the famous Subscription Shares issued by the South Sea Company in 1720 have to be split into two components before they can be understood. One component was a fractional claim upon one original share in the firm. The other component, however, was a bundle of share warrants. The...

Over the last decade, evidence has accumulated in the mainstream economics literature indicating that, contrary to economic theory, indifference curves are irreversible. The methods in question - willingness to pay versus willingness to accept and standard gamble versus certainty equivalence -...

Bids in private value first price auctions consistently deviate from risk neutral symmetric equilibrium bids. It is difficult to explain this deviation with risk aversion. We propose and test two other explanations: (1) Bidders do not form correct expectations. (2) Bidders do not play a best...

We consider the general equilibrium of an economy with Cournot competition in the product market. In this framework, firms endowed with market power are assumed to know the true or objective demand function. However, depending on the economy's structure, the demand function varies with the size...

We study the link between involuntary unemployment and income feedback effects in a model with an imperfect product market. We provide a condition based on the demand such that full employment prevails when income feedback effects are neglected, while involuntary unemployment appears when they...

We examine the UK equity premium over more than a century using dividend growth to estimate expectations of capital gains employing the approach of Fama and French (2002). Over recent decades estimated equity premia implied by dividend growth have been much lower than that produced by average...

This paper looks at oil Independents, and potential disabilities on organizational performance which may arise when internationalization is contemplated. The evidence used is field work based, and uses sub-samples of British and North American oil Independents. It is argued, on the basis of...