In this comment we argue that the experimental evidence provided by Cummings et al. is not inconsistent with hypothetical referenda being an incentive compatible mechanism for eliciting economic values. Differences in response proportions between hypothetical and real referenda can be expected if the underlying distributions have equal means but differ in scale. Once rescaled, Cummings et al.’s...

Many transport policies and innovations are liable to have implications for human health and safety. How should such implications be weighed against the other costs and benefits? In particular, when policy makers are undertaking social cost-benefit analysis, what monetary value should be attached to any health or safety components? Standard welfare economics suggests that the answer should refl...

We compare two fixed-prize mechanisms for funding public goods, an all-pay auction and a lottery, where public good provision can only occur if the participants’ contributions equal or exceed the fixed-prize value. We show that the provisional nature of the fixed-prize means that efficiency and endowment conditions must both be satisfied to assure positive public good provision. Our main findin...

This paper studies equilibrium behavior in a class of games that models asymmetric multiprize competitions in which players’ costs are not necessarily strictly decreasing. Such costs accommodate head starts, which capture incumbency advantages, prior investments, and technological differences. I provide an algorithm that constructs the unique equilibrium in which players do not choose weakly-do...

When you store your belongings in a private locker, does the owner of locker pay you? On contrary, owner, for he is providing with service called safe-keeping. In effect, holds safe until take them back. So, why it that accept money from bank to hold The obvious answer not holding money; lending out and rewarding portion what collects interest. If are happy this arrangement, have likely sought ...

This paper examines the brief lifespan (1907–20) of ‘Two Act’ entrenchment, a curious constitutional law idea which emerged in Queensland early 1900s. Its origins lay an argument formulated by Queensland’s then Chief Justice, Pope Cooper, qua defendant criminal proceedings arising from his refusal to pay income tax on judicial salary. That was that Constitution Act 1867 (Qld) form ‘fundamental’...

Scholarly journals have become increasingly expensive and unaffordable, whether for individuals or for libraries. This has been exacerbated by the enormous increase in the numbers of published articles and therefore in the per-capita consumption necessary for scholarly activity. The arrival of digital publishing and the Internet have magnified these numbers almost beyond imagination. Funders of...