Several economists have directed our attention to a finding in the social psychological literature that extrinsic motivation may undermine intrinsic motivation. The self-perception (SP) theory developed by Bem (1972) explains this finding. The crux of this theory is that people remember their...

In the newsvendor game, the expected-profit-maximizing order quantity is higher in the demand interval when the per-unit profit margin is high and lower in the demand interval when the per-unit profit margin is low. However, laboratory experiments show a "pull-to-center" effect: average order...

Scholars in Austrian economics have amply criticised many aspects of neoclassical economics including methodology, development economics, monetary theory, public finance and comparative economic systems. Surprisingly, little has been said on the pure theory of international trade. This paper...

We study the supply chain with two manufacturers producingcompeting products and selling them through a common retailer. Thetwo manufacturers must decide on the wholesale price and the levelof service they plan to provide to the consumer. Each firm areassumed to optimize only its own profit...

This piece synthesizes the development strategies of Korea, Malaysia, Thailand and Vietnam and draws some relevant lessons. Using a complex adaptive systems approach, strategic openness, a set of heterodox macroeconomic policies, creation of institutions for productive investment in both...

We introduce a learning framework in which a principal seeks to determine the ability of a strategic agent. The principal assigns a test consisting of a finite sequence of tasks. The test is adaptive: each task that is assigned can depend on the agent's past performance. The probability of...

Several economists have directed our attention to a finding in the social psychological literature that extrinsic motivation may undermine intrinsic motivation. The self-perception (SP) theory developed by Bem (1972) explains this finding. The crux of this theory is that people remember their...