To derive predictions from economic theory, the literature conventionally proceeds by studying, or ‘solving’, said theory through the lens of a solution concept (e.g. Nash equilibrium). In this paper, we argue that theoretical predictions are more suitably derived from an explicit set of...

Novel externalities are social activities for which the emerging cost (or benefit) of the spillover is unknown and must be discovered. Negative novel externalities have regained international salience following the COVID-19 pandemic. Such cases frequently are invoked as evidence of the limits of...

It is widely held that under ordinal utility, utility differences are ill-defined. Allegedly, for these to be well-defined (without turning to choice under risk or the like), one should adopt as a new kind of primitive quaternary relations, instead of the traditional binary relations underlying...

Third political parties are influential in shaping American politics. In this work we study the spread of a third party ideology in a voting population where we assume that party members/activists are more influential in recruiting new third party voters than non-member third party voters. The...

This paper discusses the unique features of Austrian economics and some of the recent contributions of this school of thought. We organize these contributions in different research “buckets” in the hope that this will be a useful guide to readers while demonstrating the ongoing relevance of...

Unfair deals, which are prevalent, do not serve the interests of the harmed party to a deal nor society more generally. This article proposes a theory — here coined ‘deal theory’ — to explain ‘dealor’ behaviours and motivations for offering unfair deals. The theory builds on insights...

We live in a coordination economy. As one surveys the myriad challenges of modern social and economic life, an ever increasing proportion is defined not by the need to reconcile competing interests, but by the challenge of getting everyone on the same page. Conflict is not absent in these...

In his excellent book Democracy and Knowledge: Innovation and Learning in Classical Athens, Josiah Ober argues that ancient Athenian democracy surmounted the dangers of political ignorance and made effective use of dispersed citizen knowledge to forge good public policy. He effectively...

When "n" individuals satisfy the axioms of subjective expected utility (SEU) theory and these individuals' probabilities or/and utilities are sufficiently diverse, it is impossible to aggregate the individuals' preferences into a (n+1)-preference which is both Paretian and in agreement with SEU...