This paper clarifies Dupuit's intention of justifying the building of public goods, and derives a new calculation scheme for CBA to support him. The reverse of the CBA logic offers significant measure of deadweight loss due to monopoly. Dupuit would condemn those economists arguing to use toll...

The user has become central to the way technology is conceptualized, designed, and studied in sociotechnical research and human-computer interaction; recently, non-users have also become productive foci of scholarly analysis. This paper argues that a focus on individualized users and non-users...

Three concepts from psychology -- cognitive dissonance, motivated reasoning, and confirmation bias -- are perhaps surprisingly closely related, and have been used productively in a variety of fields in economics, more so over time. These concepts are relevant to the field of industrial...

This paper characterizes optimal criminal punishments when there are multiple interrelated crimes. Optimal punishments are functions of the extent to which related crimes are complements or substitutes weighted by their relative harms to society. The available empirical evidence on the...

This paper presents an in-class experiment used as a teaching tool in an introductory microeconomics class at the undergraduate college level. It is directed at a critical but challenging concept for principles students — constrained utility maximization and a methodology to intuit...

Behavioral economics characterizes decision-makers using psychologically-informed models. Cognitive science produces psychologically-informed models. Why don't these disciplines talk more? Here, I present several arguments for why cognitive science should inform behavioral economics — it...

We provide an explanation for product versioning that is not driven by differential costs or consumer preference heterogeneity, and investigate its implications. Consumers care whether a product they own is better than that owned by others, and whether others own a better product than them....

We study a continuous-time model of consumption and portfolio selection with the stochastic investment opportunity and the credit constraints endogenously determined in the business cycle modeled by the regime switch. By using the martingale approach and transformation into optimal stopping...

Recent advances in the collective model literature suggest ways to estimate the complete allocation of resources within households, using assignable goods and assuming adult preference similarity across demographic groups (or across spouses). While it makes welfare analysis at the individual...

Recent advances in the collective model literature suggest ways to estimate the complete allocation of resources within households, using assignable goods and assuming adult preference similarity across demographic groups (or across spouses). While it makes welfare analysis at the individual...