The current access policies and funding schemes of computing e-infrastructures represent a huge challenge for the sustainable growth of computing e-infrastructures and a serious jeopardy for investments made into these e-infrastructures. In order to be able to address these issues, the economics...

In Gary Becker’s (1991) theory of bandwagon effects, a portion of market demand is positively sloped. In this, he ignores Harvey Leibenstein’s (1950) hypothesis that market demands for bandwagon goods are everywhere negatively sloped (stemming from scarcity imposed constraints). A...

Generally-accepted appraisal practice assumes the Hypothetical Buyer is not well-diversified because the typical real-world buyer does not possess sufficient wealth to own a well-diversified portfolio with assets each in similar value to the subject closely-held interest under appraisal (e.g.,...

Efforts to show the relevance of economic concepts early in a student’s education can prevent the “economics is not very useful†attitude from setting in. The author extends the work of Holt to describe a pit-market experiment used to illustrate the concept of competitive...

We study market exchange in the laboratory by a multiethnic experiment in Kenya. The subjects of our experiment are of three ethnicities, Kikuyu, Luo, and Kalenjin. Our model contains two types of consumers and two kinds of commodities, and three competitive equilibria exist. The two equilibria...

The tradable or transferable permit system, “cap and trade”, is one of the most innovative policy options developed by environmental economists. Over the last 40 years, cap and trade programs have been used around the globe by some of the world’s biggest economies. By placing a cap on a...

In this classroom exercise, instructors use the NCAA basketball tournament to help teach important concepts in auction theory, risk management, and portfolio theory. Students represent different athletic apparel companies vying for the sponsorship rights to NCAA tournament teams. Each NCAA team...