We consider a pure exchange economy, where for each good several trading institutions are available, only one of which is market-clearing. The other feasible trading institutions lead to rationing. To learn on which trading institutions to coordinate, traders follow behavioral rules of thumb...

Rice is Indonesia’s staple food and accounts for large shares of both consumers’ budgetsand total employment. Until recently, Indonesia was the world’s largest importer, butrice import policy is now highly protectionist. Since early 2004, rice imports have beenofficially banned. Advocates...

This paper focuses on the decomposition of observed increases in UK wage inequality since 1979 into the component factors of competition from low-wage imports and technological change. Building on recent work by Abrego and Whalley, it argues that the length of production run and degree of .xity...

The economic theory that motivated the deregulation and privatization of the US electricity industry is seriously flawed in three crucial ways. First, the Marshallian theory of the firm is based on two mathematical errors which, when amended, reverse the accepted welfare rankings of competitive...

Economics