Market power arises in many posted-offer markets and drives a distinction between the competitive prediction and the Nash equilibrium for the market viewed as a stage game. Pricing patterns in such markets tend to be characterized by Edgeworth cycles that deteriorate as the sessions progress....

In this paper we explore how hominin behavior responds to the distribution of resources in territorial conflict. We develop an economic model to organize the findings of primatologists, isolating how resource skew and variance affect territorial ranges, as well as how they interact with unequal...

This paper examines the conceptual semantics of two keywords belonging to the English vocabulary of economics discourse, money and value (intended as exchangeable value of goods), as originally theorized by Adam Smith in Chapter IV of the Wealth of Nations. It is argued that a semantic...

This paper develops and tests implications of an oligopoly-pricing model. The model predicts that during a demand expansion, the short run competitive price is a pure strategy Nash equilibrium but in a recession, firms set prices above the competitive price. Thus, price markups over the...

In this paper we report the findings of an experiment that examines the effects of automated mitigation procedures (AMP) on capacity investment prices of suppliers in a wholesale electricity market. Specifically, in a 2 x 2 design we examine the effects of strong and weak market power incentives...

Compared with other species, exchange among non-kin is a hallmark of human sociality in both the breadth of individuals and total resources involved. One hypothesis is that extensive exchange evolved to buffer the risks associated with hominid dietary specialization on calorie dense, large...

The current approach to the study of property cannot distinguish the causes of human action from the consequences of human action. It also cordons off morality thereby opening a hole in how property rights work. The scientific difficulty is that our analysis must constantly shift between the...

This paper reports an experiment designed to evaluate interrelationships between strategic buyers, market power and merger-induced synergies. The experiment consists of 40 posted-offer quadropolies. Treatments include the use of simulated or human buyers, seller consolidations and merger-induced...

We report an experiment conducted to gain insight into factors that may affect revenues in English auctions and lotteries, two commonly used charity fund-raising formats. In particular, we examine how changes in the marginal per capita return (MPCR) from the public component of bidding, and how...