In this paper, I find that the imbalance between buy and sell orders explains most of the stock price changes. I then show that this effect is driven largely by uninformed price pressure, and not only by private information. To obtain that result, I first establish that causality goes from...

This paper analyses National Health Service R&D as a Samuelsonian public good. It also identifies other characteristics of NHS R&D: supplier-induced demand; information asymmetries; jointness in production of R&D, medical education and health care; multiplicity in research funding sources;...

Now in its fifth year, the Bordeaux Energy Colloquium was originally created to bring together the voices of various industry constituents to engage in a series of dialogues regarding the creation of a competitive energy marketplace. Each year, Colloquium members consider key variables within...

How well does competitive theory explain the outcome in experimental markets? The authors examined the results of a large number of classroom trading experiments that used a pit-trading design found in Experiments with Economic Principles, an introductory economics textbook by Bergstrom and...