This paper explores the microeconomics and dynamics of food and nutrition. It examines the linkages between malnutrition and the incentive to invest and accumulate capital. The analysis focuses on a dynamic model where preferences about the future depend on nutrition and health. Situations of malnutrition cover both ends of the spectrum: from nutrient deficiency to obesity. The model involves p...

Economic integration between North and South Korea occurs through three modalities: traditional arm’s-length trade and investment, processing on commission (POC) trade, and operations within the Kaesong Industrial Complex (KIC). In order, these three modalities are characterized by decreasing exposure of South Korean fi rms to North Korean policy and infrastructure. Th rough a survey of 200 Sou...

This article analyses, with case study illustrations, a two-stage decision support technique for making informed choices within firms. The can assist managers by the use of simple decision-tree diagrams, assigning values to its branches. is based on microeconomics choice orderings, and we demonstrate how appropriate trees be constructed applied. illustrated three vignettes real actions UK These...

Abstract The 2021 Sveriges Riksbank Prize in Economic Sciences Memory of Alfred Nobel was awarded to David Card “for his empirical contributions labor economics” and Joshua Angrist Guido Imbens their methodological the analysis causal relationships”. We survey these three laureates, discuss how insights transformed modern practice applied microeconomics. By emphasizing research design formalizi...

While teaching my classmates and me graduate microeconomics at Auburn University in 1995, David Laband recounted a story from his first year of doctoral studies in economics at Virginia Polytechnic Institute. As he read for a class taught by Gordon Tullock, Laband came upon what he believed was an error by Milton Friedman. The then-graduate student went to Tullock’s office, where the professor,...

We propose a mean-field approximation that dramatically reduces the computational complexity of solving stochastic dynamic games. We provide conditions that guarantee our method approximates an equilibrium as the number of agents grow. We then derive a performance bound to assess how well the approximation performs for any given number of agents. We apply our method to an important class of pro...