Do societies choose inefficient policies and institutions, in contrast to what would be suggested by a reasoning extending the Coase Theorem to politics? Do societies choose inefficient policies and institutions because of differences in the beliefs and ideologies of their peoples or leaders? Or are inefficiencies in politics and economics the outcome of social and distributional conflicts? Thi...

The phenomenon of system catastrophe often occurs in a system with a network structure. A system’s resources can be utilized in two different modes: efficiently or inefficiently. When actions with inefficient mode pose no threat to other users or, in other words, when they employ resources that would otherwise be idle, they do not waste the system's resources at all. But when critical levels of...

Mycotoxins severely threaten the health of humans and animals. For this reason, many countries have enforced regulations and recommendations to reduce the dietary exposure. However, even though regulatory actions must be based on solid scientific knowledge, many aspects of their toxicological activity are still poorly understood. In particular, deepening knowledge on the primal molecular events...

Models Traders' values and information typically consist of both private and commonvalue elements. In such environments, full allocative efficiency is impossible when the private rate of information substitution differs from the social rate (Jehiel and Moldovanu, 2001). We link this impossibility result to a failure of the efficient market hypothesis, which states that prices adequately reflect...

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