Tourism is characterized for being a sector that has been highlighted as one of the activities with greatest potential for expansion on a global scale. For its growth potential and for being a product that can only be consumed in loco, tourism accepts the prominence role of being a strategy for...

The idea that the value of the firm is given by its financial capital and its intellectual capital is generally accepted. But, what is changing nowadays is the importance/weight that each one of these two components claims to have regarding the value of the firm – based on the dynamics of the...

Principals can attempt to get agents to perform certain actions preferable to the principal by using ex post punishments or rewards to align incentives. Field data is mixed on whether, and to what extent, such informal incentive contracting (paradoxically) crowds out efficient solutions to the...

In this article, we study the axiomatic foundations of revealed preference theory. Let P denote the strict and R the weak revealed preference, respectively. The purpose of the paper is to show that weak, strong, and Hansson's axioms of revealed preference can be given as identities using the...

Mixed-strategy Nash equilibrium (MSNE) is a commonly-used solution concept in game-theoretic models in various fields in economics, management, and other disciplines, but the experimental results whether the MSNE predicts well actual play in games is mixed. Consequently, evidence for...

This paper contributes to the theory of rational choice under multiple criteria. We perform a preliminary study of the properties of decision made by the sequential application of rational choices. This is then used to obtain a characterization of set-valued choice functions that are rational by...

Mullainathan et al [Quarterly Journal of Economics, May 2008] present a formalization of the concept of coarse thinking in the context of a model of persuasion. The essential idea behind coarse thinking is that people put situations into categories and the values assigned to attributes in a...

A unique instrument has been associated with emerging markets of India and Pakistan. We show that the instrument can be considered a market response to the information gaps in these markets. The instrument may credibly transmit information and may eliminate information gaps. Hence, the birth of...

In his 1987 entry on ‘Perfect Competition’ in The New Palgrave, the author reviewed the question of the perfectness of perfect competition, and gave four alternative formalisations rooted in the so-called Arrow-Debreu-Mckenzie model. That entry is now updated for the second edition to...

A peculiar carry over transaction facility has been associated with emerging markets of India and Pakistan. We show that the trading facility can be considered a market response to the information gaps in these markets. Information can be credibly transmitted through this trading facility....