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The Private and Social Value of Information and the Reward to Inventive Activity
Publisher Summary This chapter discusses the private and social value of information along with the reward of inventive activity. The individual is always fully acquainted with the supply–demand
Conflict and rent-seeking success functions: Ratio vs. difference models of relative success
The rent-seeking competitions studied by economists fall within a much broader category of conflict interactions that also includes military combats, election campaigns, industrial disputes,
Anarchy and its Breakdown
Anarchy, defined as a system in which participants can seize and defend resources without regulation from above, is not chaos but rather a spontaneous order. However, anarchy is fragile and may
From weakest-link to best-shot: The voluntary provision of public goods
It has traditionally been assumed that the socially available amount X of a public good is the simple sum of the separate amounts xi produced by the i = 1, ..., I members of the community. But there
On the Economics of Transfer Pricing
TN ORDER to achieve the benefits of decentralization in decision-making, many corporations have developed divisional organizations in which some or all of the separate divisions are virtually
The analytics of uncertainty and information
There has been explosive progress in the economic theory of uncertainty and information in the past few decades. This subject is now taught not only in departments of economics but also in
The Dark Side of the Force: Economic Foundations of Conflict Theory
Introduction 1. The dark side of the force Part I. Causes, Consequences and Conduct of Conflict: 2. The bioeconomic causes of war 3. The paradox of power 4. Do the rich get richer and the poor
On the Theory of Optimal Investment Decision
This article is an attempt to solve (in the theoretical sense), through the use of isoquant analysis, the problem of optimal investment decisions (in business parlance, the problem of capital
The analytics of continuing conflict
Individuals, groups, or nations — if rational and self-interested — will be balancing on the margin between two alternative ways of generating income: (1) “peaceful” production and exchange, versus