One purpose in awarding economic damages is to make a plaintiff “whole” by returning them to the same economic position they would have been in absent some challenged conduct. A key concept inherent in such damages assessments is that of the “but-for market.” Because damages often are...

This paper theoretically derives a general utility function for inferior goods that accounts for the utility derived from both the quality and the quantity aspects of goods in a model with two substitutable consumption goods. We show the conditions under which a good becomes a normal, an...

People have different preferences for performing entrepreneurial activities. These differences can be influenced by actions of the state. Special attention is paid to examine the individual behavior in choosing employed work or entrepreneurial activities. Individual supply of entrepreneurial...

This paper shows that the relationship between social networks and cooperative trading is a two-way street. The possibility of cooperative trading enforced by third-party sanctions provides players with incentives to form costly links, and investing in costly links increases the power of...

Overly strict legal standards are commonly thought to discourage parties from engaging in socially desirable activities. It is explained here, however, that excessive legal standards cannot lead to undesirable curtailment of activities when legal standards are enforced by liability for...

We have participants play two sets of repeated Prisoner's Dilemma (RPD) games, one with a large continuation probability and the other with a small continuation probability (stage game payoffs and continuation probabilities are common knowledge). We find that, regardless of which is played...

Whether, and if so, how exactly gender differences are manifested in moral judgment has recently been at the center of much research on moral decision making. Previous research suggests that women are more deontological than men in personal, but not impersonal, moral dilemmas. However, typical...

The project explored the linkages between industry dynamics and economic activity, and the macro-congestion aspects of freight transport. The Kia Motors manufacturing plant near West Point, Georgia was selected for case study. The principal study effort went into collecting data elements in...

An under-appreciated aspect of F.A. Hayek's mature views about rationality is the inter-relation of the “pure logic of choice” and rule-following behavior. Sometimes it is asserted that Hayek abandoned his earlier understanding of individual rationality and replaced it with a completely...