There are three separate strands of literature in economics that are related to the efficiency of takings under eminent domain: one addresses the question of optimal compensation for properties that are taken, the second inquires how governments might learn the values of properties that they...

The Borda Compromise states that, if one has to choose among five popular voting rules that are not Condorcet consistent, one should always give preference to the Borda rule over the four other rules. We assess the theoretical as well as the empirical support for the Borda Compromise. We find...

We analyse trade reform among the ASEAN countries, which recently began removing all mutual trade barriers. The standard method to avoid complete specialisation in traded goods is to distinguish goods both by physical type and place of origin (the so-called Armington assumption). This...

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...