Natural and human economies compared

Natural implementation in public goods economies

In this paper, we examine what kinds of social choice correspondences (SCCs) are implementable in Nash equilibria by “natural” mechanisms in divisible pure public goods economies. Then, we found conditions for SCCs to be Nash implementable by each of these four natural mechanisms. These characterizations of SCCs depend on the number of goods. First, regardless of the number of goods, the class ...

Regulation policies concerning natural monopolies in developing and transition economies

Network industries are often organized as vertically integrated public monopolies. Recent trends indicate the participation of the private sector. Developing and transition economies need to establish adequate regulatory policies and institutions to provide incentives for private sector participation and to protect public interests. New regulatory policies entail the creation of market competit...

Human Capital in Information Economies

Introduction What is new about new media? Its development and use is more influenced by economic factors than the old media. And the new media is more central to the new economy. Indeed, an ever more popular theme in the scientific literature, government policy documents and the popular press, is that technologically advanced economies are in the process of moving beyond industrial capitalism t...

The natural projection approach to smooth production economies∗

Smooth economies with private ownership of production of the kind previously considered in the literature are shown to be formally identical to exchange economies with demand functions that are properly adjusted for production. Smooth production economies therefore satisfy the same properties as smooth exchange economies. Some of these properties had resisted extension to production because of ...

Natural implementation with semi-responsible agents in pure exchange economies