Given that the Common Agricultural Policy (CAP) of the European Union has imposed milk marketing quota on producers, the fact that they are tradeable in the UK increases economic efficiency. Nevertheless, significant inefficiencies remain. Modelling work reported here suggests that significantly more quota needed to be transferred from less to more efficient producers in 1996/97 for industry ef...

A previously unknown pricing anomaly existed for a few years in the late 1840s in the British government bond market, in which the larger and more liquid of two very large bonds was underpriced. None of the published mechanisms explains this phenomenon. It may be related to another pricing anomaly that existed for much of the 19th century in which terminable annuities were significantly underpr...

I offer a theory of joint ownership by extending the standard property right theory of the firm to situations where parties can endogenously choose the degree of specificity of their investments (i.e., both the type of investment—specific and general—and the level of each). When specific and general investments are complements, the standard GHM results are obtained and joint ownership is subopt...

We propose an economic supply chain model that accounts for typical inefficiencies resulting from low visibility of the flow of consumer goods. Using realistic numerical input values for the model, we illustrate how the profit distribution among manufacturer and retailer changes as item-level RFID is used for different purposes along the consumer goods supply chain. Applying basic Game Theoreti...