water markets are instrumental in efficient allocation and pricing of scarce water by enhancing allocative and price efficiency of water use. the prerequisites for water market formation are tradable water rights independent from ownership of the land, extensive water canals, water use associations, and adequate market regulations. mojen water market has been facilitating exchange of alternativ...

Financial Globalization and Monetary Policy* The process of financial globalization has significantly altered the environment in which national monetary policy authorities operate. What implications does this have for the design of monetary policy? The question can be properly addressed only in the context of a model where monetary policy interacts with financial market efficiency. This paper i...

The enhanced abilities of online retailers to learn about their customers’ shopping behavior have increased fears of dynamic pricing, a practice in which a seller sets prices based on the estimated buyer’s willingness-to-pay. However, among online retailers, a deviation from a one-price-for-all policy is the exception. When price discrimination is observed, it is often in the context of custome...

While the prices of many products such as automobiles, boats, jewelry and musical instruments are commonly negotiated, many firms have begun offering their consumers the option to purchase at a fixed price. This research examines the impact of a firm’s choice of a no-haggle, fixed-price policy in a market where all its competitors continue to negotiate. Using the automobile manufacturer, Toyota...

This paper examines the impact of the implementation of a universal free school breakfast policy on meals program participation, attendance, and academic achievement. In 2003, New York City made school breakfast free for all students regardless of income, while increasing the price of lunch for those ineligible for meal subsidies. Using a difference-indifference estimation strategy, we derive p...

In an attempt to gain a better position in haggling, consumers often seek a seller's pricing information (e.g., whether the posted price is negotiable, the discount and transaction prices) before going to that seller. Although traditionally difficult to obtain, such information is becoming increasingly available due to consumer price posting (CPP), whereby consumers post and share their purchas...

OBJECTIVE Raising the price of tobacco products is considered one of the most effective ways to reduce tobacco use. In addition to excise taxes, governments are exploring other policies to raise tobacco prices and minimise price dispersion, both within and across price tiers. We conducted a systematic review to determine how these policies are described, recommended and evaluated in the literat...

During the long economic slump in Japan, monetary policy in Japan has essentially consisted of a very low interest rate (since 1995), a zero interest rate (since 1999), and quantitative easing (since 2001). The intention seems to have been to lower expectations of future interest rates. But the problem in a liquidity trap (when the zero lower bound on the central bank's instrument rate is stric...