We appraise the theoretical basis and the consequent empirical work of Frank Wolak in his study of the New Zealand Electricity Market in a report to the New Zealand Commerce Commission released in March 2009. The report found no multilateral actions, but concluded there was evidence of unilateral market power. We find that the theoretical and empirical methodologies employed to reach this posit...

This paper uses ALIS data to compare academic performance in two subjects often viewed as relatively close substitutes for one another at A-level. The important role of GCSE achievement is confirmed for both subjects. There is evidence of strong gender effects and variation in outcomes across Examination Boards. A counterfactual exercise suggests that if the sample of Business Studies candidate...

• identify and prioritize key issues; • describe the mechanisms for putting pharmacoeconomic and outcomes information and data into the same operational format that decisionmakers use to make formulary decisions; • identify the entities that are conducting/supporting the research, the purpose of the research, and their target audiences for communicating research results; • discuss outlets of co...

Modern legal scholars frequently and increasingly base their analyses on the assumption, grounded largely in the extensive experimental literature, that individuals are subject to a number of systematic behavioral biases. Within the legal literature, behavioral economic analysis has been relied upon to generate a significant number of proposals for paternalistic regulation. These proposals are ...

transaction cost economics (tce), as a subset of new institutional economics (nie), is the combination of economics, organization and law. noble prize in 2009 was dedicated to oliver williamson who was the most popular face in the economics as tce main contributor. in tce, the main issues on the one hand is how institutions follow characteristics of transactions, on the other hand, the making o...

W E A L T H AND POVERTY* according to the preface is the culmination of a ten-year study of economics that began when the author read Milton Friedman’s Capitalism and Freedom.’ Gilder’s study led through the works of economists Schumpeter and Keynes and into the “supply-side” school of economics. The book itself (hereafter, sometimes denoted by WP) sprang from an earlier sociological study of p...

1 Antitrust thinking and enforcement have traditionally been firmly grounded in conventional economic models of monopoly and oligopoly market structures, all fully and inevitably constrained by the " laws " of demand and decreasing returns. The new economics of " digits, " encompassing those goods (like software, books, and music) that are capable of being reduced to 1's and 0's (meaning electr...