In the competition for a monopoly right in which the number of bidders is fixed, Tullock and others have found the value of the resources spent in the aggregate to capture the transfer to be sometimes less than and sometimes greater than the value of the monopoly. We think this approach to be...

Two separate branches of research have shown the empirical benefits of nonlinearities in macroeconomic models and bounded rationality, respectively. This paper bridges these literatures by developing a methodology for estimating DSGE models when expectations are formed by adaptive learning...

Legacy lawsuits concerning environmental damage claims have affected nearly 1,500 oil-and-gas production companies in Louisiana in the last few years. Since the Louisiana Supreme Court's decision in Corbello v. Iowa Production in 2003, production companies and landowners have hotly debated...

States that the Stackelberg leadership model is rarely used to describe market price determination perhaps because of the lack of a theoretical basis for selecting the minimum size necessary for leadership. Provides structural sufficiency conditions for selecting a unique Stackelberg leader...

Previous studies (e.g., by Sam Peltzman) reveal powerful share-value effects of Federal Trade Commission (FTC) actions against firms for allegedly false advertising. Curi- ously, however, when the FTC announces an investigation but simultaneous settlement of the case with the advertiser, no...

States that the Stackelberg leadership model is rarely used to describe market price determination perhaps because of the lack of a theoretical basis for selecting the minimum size necessary for leadership. Provides structural sufficiency conditions for selecting a unique Stackelberg leader...

This paper examines the conditions under which some resource owners would support the levying of an exc ise tax on the sales of a good to which they supply inputs in product ion. In the three-factor model considered, the supply of one input is perfectly elastic. Two other factors are substitutes...