Marginanism and egalitarianism are two main standpoints in economics. The Shapley value has been characterized in many ways from the view of marginalism. In this paper, we characterize the Solidarity value with respect to the egalitarianism by three approaches applied to the Shapley value. We introduce a revised potential function and deduce the recursive formula of the Solidarity value. It is ...

OBJECTIVES To present the implications of agency theory in microeconomics, augmented by behavioral economics, for different methods of value-based payment in health care; and to derive a set of future research questions and policy recommendations based on that conceptual analysis. DATA SOURCES Original literature of agency theory, and secondarily behavioral economics, combined with applied re...

Since the 1980s, most of the oil and gas tracts auctioned by the federal government in the Gulf of Mexico are adjacent to tracts that are already under lease. Owners of neighboring leases enjoy incumbency advantages that act as a barrier to entry for other firms. We ask whether owners of neigboring leases take advantage of their situation and agree not to compete. To answer this question, we de...

The utopia point of a multicriteria optimization problem is the vector that specifies for each criterion the most favorable feasible value. The Euclidean compromise solution in multicriteria optimization is a solution concept that assigns to a feasible set the alternative with minimal Euclidean distance to the utopia point. This paper provides several axiomatic characterizations of the Euclidea...

Criminal law can justly lay claim to being the native domain of law and economics. From Bentham to Becker, no area of law has been more brightly illuminated by the radiance of economic logic. Not coincidentally, in no other area of the law has the conflict between economics and ordinary moral sensibilities been perceived to be so sharp. When we are deciding how to apportion punishment, our inst...

The paper presents the Chicago School economist Theodore Schultz's contributions to economic theory. Schultz is only agricultural have been awarded Nobel Prize in Economics. first part briefly describes life of Schultz. second deals with his works economics agriculture. third discusses book Economic Value Education (Schultz, 1963). fourth analyses work Investing People 1981). fifth explores Eco...

We give a non-cooperative and an axiomatic characterization of the Average Lexicographic value (AL-value) on the class of balanced games. The AL-value is a single-valued solution for balanced TUgames. It is defined as the average of lexicographic maximum of the core of the game with respect to all orders on the player set, and it can be seen as a core selection based on the priority orders on t...

Agent-based computational economics (ACE) combines elements from economics and computer science. In this paper, we focus on the relation between the evolutionary technique that is used and the economic problem that is modeled. Current economic simulations often derive parameter settings for the genetic algorithm directly from the values of the economic model parameters. In this paper we show th...

Internet of things (IoT) has been proposed to be a new paradigm of connecting devices and providing services to various applications, e.g., transportation, energy, smart city, and healthcare. In this paper, we focus on an important issue, i.e., economics of IoT, that can have a great impact to the success of IoT applications. In particular, we adopt and present the information economics approac...

In his article “Teaching Economics in the 21st Century”, William Becker [2000] once again states that the field of economics has placed too little value on the importance of teaching in recent decades [Becker, 1997; 2000]. To improve teaching and learning, Becker suggests that we should ask the question, “What changes in the way we teach economics in our colleges and universities will enhance t...