How SWB affects individual states, outcomes, or decisions is well established in the literature, but how it affects macroeconomic states, outcomes, or decisions remains an open empirical question. This paper focuses on the public policy issue of economic progress defined as either rapid economic...

The discussion of power measures and fairness concepts follows two isolated strings of thought that have rather different traditions. This paepr argues that it is exactly this restriction that confuses the discussion. By making use of the theory of power indices and Binmore's theory of justice,...

We argue that socializing is an important economic activity because it is vital to our well being, and that an important input into the activity of socializing is the set of experiences that is shared by the participants.

It has been known that, in aggregating infinite utility streams, there does not exist any social welfare function, which satisfies the axioms of Pareto, inter-generational equity and continuity. We show that the impossibility result persists even without imposing the continuity axiom, and in...

Institutions are the humanly devised constraints that structure political, economic, and social interaction. They consist of both informal constraints (sanctions, taboos, customs, traditions, and codes of conduct), and formal rules (constitutions, laws, property rights). Throughout history,...

In this article, we study the axiomatic foundations of revealed preference theory. Let P denote the strict and R the weak revealed preference, respectively. The purpose of the paper is to show that weak, strong, and Hansson's axioms of revealed preference can be given as identities using the...

The Homo economicus of traditional economics is far from being completely self-interested, rational, or as individualistic as he is purported to be; he will haggle to death over price but will not take what he wants by force. Implicitly, he is assumed to behave ruthlessly within a welldefined...

Tribal intermixtures and interactions between groups of Southern Kordofan and Northern Bahr Al Gazal provinces are wide and old. However, the previous coexistence that dominated one country provinces was torn down by calls for secession by the southern region of Sudan. The province of Abyei...

It has been known that, in aggregating infinite utility streams, there does not exist any social welfare function, which satisfies the axioms of Pareto, inter-generational equity and continuity. We show that the impossibility result persists even without imposing the continuity axiom. Hence, the...