Incomplete markets do not provide accurate information about people's subjective valuations of goods. Knowledge of these subjective valuations is often important, however, for example when compensation payments for damaged or destroyed property are required. We argue that in such cases, an...

Transportation improvements tend to raise property values. But how do they affect the two components of property value, land and buildings? We develop a simple model to show that transportation improvements that raise the value of land generally lower the value of existing buildings. Our model...

We assess the frequencies with which fourteen voting rules encounter nine voting paradoxes and ties, using a statistical model that simulates ranking profiles that follow the same distribution as ranking profiles in actual elections. Thus the frequencies that we estimate from our simulated data...