When are economic interactions mediated by prices and transfers, and when are they mediated by variations in the continuation payoffs within a relationship? To address this question, we examine a relationship between two players who periodically face opportunities to undertake randomly generated “projects” that impose a cost on one player and a benefit on the other, as well as opportunities to ...

We consider a service provider facing a continuum of delay-sensitive strategic customers. The service provider maximizes revenue by charging customers for the privilege of joining an M/G/1 queue and assigning them service priorities. Each customer has a valuation for the service, with a waiting cost per unit time that is proportional to their valuation; customer types are drawn from a continuou...

The paper compares the various theses that have been offered about valueneutrality in economics and examines the main available arguments in turn. The extreme non-neutrality thesis (universal value-impregnation) and the extreme neutrality thesis (there is no normative economics) are rebutted, and the analysis is then oriented towards settling the dispute between two intermediary variants. In co...

We study the value of public information in a stochastic exchange economy where agents trade assets to reallocate risk and mandatory (retirement) savings imposes a lower bound on the market value of some agents’ holdings of a financial asset. Since equilibrium prices depend on the agents’ beliefs about the states of nature, the arrival of information shifts the agents’ mandatory savings constra...

Different laboratories have achieved a consensus regarding how well human observers can estimate the average orientation in a set of N objects. Such estimates are not only limited by visual noise, which perturbs the visual signal of each object's orientation, they are also inefficient: Observers effectively use only √N objects in their estimates (e.g., S. C. Dakin, 2001; J. A. Solomon, 2010). M...

Most contributions that have analyzed the information society complain about the lack of a more standardized and elaborated operationalization. In this article, a methodology is presented to extract the indicators that attempt to appropriately measure the information society and serve as the basis and standard for internationally comparable information society statistics. These indicators, whic...