The experimental results of the paper reveal that people do not take into consideration opportunity costs or opportunity profits when buying and short selling lottery tickets. These results are inconsistent with basic economic and finance theories.

Trust and ethnic diversity are important variables that may impact and explain different economic decisions. This paper presents theoretical models accompanied by a survey that deals with the relation between mistrust and risky economic activity (e.g., the postponement of receiving and paying...

Identifying the impact of tax structures on economy growth is crucial to those who create tax policies. In this paper we create a tool called the Tax Structure Efficiency Index that is based on the level of the concentration of the tax system for assessing the efficiency of the tax structure. We...

The average worker in the US needs to work more than a year to earn his or her CEO's daily wage. The well-accepted justification among economists for these huge wage gaps is the necessity to achieve economic efficiency, in terms of efficient allocation in the labor market and incentivizing...