When aggregating individual preferences through the majority rule in an n-dimensional spatial voting model, the `worst-case' scenario is a social choice configuration where no political equilibrium exists unless a super majority rate as high as 1-1/n is adopted. In this paper we assume that a...

Bandyopadhyay, Dasgupta and Pattanaik [JET, 2002] have presented a construction that aggregates standard demand functions by a stochastic demand function, in such way that the latter satisfies the weak axiom of stochastic revealed preference when the former full Samuelson's weak axiom of...

The standard view that the absence of property rights is inefficient contradicts the Coasean proposition that the relative efficiency of different institutions depends on their ability to economize on transaction costs. Moreover, the comparative theory of open access and private property...

This paper explores the manner in which race and income interact to determine patterns of residential location in metropolitan areas. We use a framework in which individuals care about both the level of affluence and the racial composition of their communities, and in which there are differences...

This paper is a first look at how the information infrastructure for economists will change with the arrivial of the Internet. While paper has long been used for the the flow of information in the profession, computer networks are starting to supplement it, and in the not-to- distant future,...

Many markets have “unraveled” and experienced transactions at dispersed and apparently inefficiently early times. Often these markets develop institutions to coordinate and delay the timing of transactions. However it has proved difficult to gather data that allows the efficiency gains to be...

The “first wave” of donor sponsored anti-corruption programmes usefully focused on elaborating recommendations for parliamentarians or tried to train them (develop human capital) in anti-corruption. Now it time for these programmes to take into account parliamentarian incentives to adopt...

We study the influence of product market competition on the first-price sealed auction and the English ascending auction with independent cost types. Bidders, valuing the license basing on the information released in the first stage license bidding game and the possible game they will play in...

Two sets of high quality income data are analysed in detail, one set from the UK, one from the USA. It is firstly demonstrated that both a log-normal distribution and a Boltzmann distribution can give very accurate fits to both these data sets. The absence of a power tail in the US data set is...

The Commission was asked to evaluate current assistance arrangements to the TCF industries and provide policy options for post 2005 assistance and to report on a range of related matters that will affect the sector's long-term viability. The inquiry will also look at relevant workplace issues...