Thurstone's (1927) is not a proper model for multiple judgment paired comparison data as it assigns zero probabilities to all intransitive patterns. To obtain a proper model, Takane (1987) extended Thurstone's model by adding a vector of pair specific random errors. We investigate an...

The paper examines how efforts to design a policy regime governed by rules may lead on the contrary to recurrent and far-reaching political discretion. Where re-orientations of policy are formally excluded, as in the ordo-liberal perspective, unforeseen situations will typically provoke...

Bitcoin has enabled competition between digital cryptocurrencies and traditional legal tender fiat currencies. Despite rapidly increasing acceptance, so far the affirmation of cryptocurrency as better money has been thwarted by dramatic deflationary price instability. Successful at disposing of...

Economists have a variety of definitions of institutions and a plethora of factors impacting and bringing about a change in them. Understanding of what brings about a change in institutions is very important from the point of view of economic development. The important question is notwhich...

Analyses in international political economy (IPE) identify interest rate convergence, magnified in the process of European monetary integration, and financial market liberalization as causal factors behind the rise of house prices. Despite these common credit supply shocks, developed economies...

Currently, Indian market is witnessing a retail boom with organized retailers offering a whole assortment of goods and services under one roof with good shopping environment. Private brands are gradually taking more space of retailers' shelf space in developed western economies. As competition...