Related papers: The "power" dimension in a process of exchange
Recent studies have found evidence of a negative association between economic complexity and inequality at the country level. Moreover, evidence suggests that sophisticated economies tend to outsource products that are less desirable (e.g.…
This is an invited article for the Discussion and Debate special issue of The European Physical Journal Special Topics on the subject "Can Economics Be a Physical Science?" The first part of the paper traces the personal path of the author…
In the first part of this paper (Sections 1-4), we study a standard exchange economy model with Cobb-Douglas type consumers and give a necessary and sufficient condition for the existence of an odd period cycle in the Walras-Samuelson…
A dynamic model of the social relations between workers and capitalists is introduced. The model is deduced from the assumption that the law of value is an organising principle of modern economies. The model self-organises into a dynamic…
We investigate mechanism design without payments when agents have different types of preferences. Contrary to most settings in the literature where agents have the same preference, e.g. in the facility location games all agents would like…
We study a repeated trading problem in which a mechanism designer facilitates trade between a single seller and multiple buyers. Our model generalizes the classic bilateral trade setting to a multi-buyer environment. Specifically, the…
This paper models firm-to-firm trade in a production network as a set of double auctions. Firms have multilateral market power, namely, can affect prices in both input and output markets. The size and division of surplus are endogenous and…
We develop new robust discrete choice tools to learn about the average willingness to pay for a price subsidy and its effects on demand given exogenous, discrete variation in prices. Our starting point is a nonparametric, nonseparable model…
Power-meter measurements are used to study a model that accounts for the use of power by a cyclist. The focus is on relations between rates of change of model quantities, such as power and speed, both in the context of partial derivatives,…
Discussions of the economics of scholarly communication are usually devoted to Open Access, rising journal prices, publisher profits, and boycotts. That ignores what seems a much more important development in this market. Publishers,…
The strength of social relations has been shown to affect an individual's access to opportunities. To date, however, the correspondence between tie strength and population's economic prospects has not been quantified, largely because of the…
The Gravity Model is the workhorse for empirical studies in International Economies for its empirical power and it is commonly used in explaining the trade flow between countries; it relies on a function that relates the trade with the…
Recently, in order to explore the mechanism behind wealth or income distribution, several models have been proposed by applying principles of statistical mechanics. These models share some characteristics, such as consisting of a group of…
In this paper, the primary goal is to offer additional insights into the value iteration through the lens of switching system models in the control community. These models establish a connection between value iteration and switching system…
We use a trading metaphor to study knowledge transfer in the sciences as well as the social sciences. The metaphor comprises four dimensions: (a) Discipline Self-dependence, (b) Knowledge Exports/Imports, (c) Scientific Trading Dynamics,…
The existing theorization of development economics and transition economics is probably inadequate and perhaps even flawed to accurately explain and analyze a dual economic system such as that in China. China is a country in the transition…
Functions or 'functionings' enable to give a structure to any activity and their combinations constitute the capabilities which characterize economic assets such as work utility. The basic law of supply and demand naturally emerges from…
We build a game-theoretic model to formalize Kindleberger's (1996) idea of the public good of leadership. Two superpowers use ideology to compete for influence by forming clubs whose members benefit more when their orientations are closer…
This paper brings together divergent approaches to time inconsistency from macroeconomic policy and behavioural economics. Behavioural discount functions from behavioural microeconomics are embedded into a game-theoretic analysis of…
One of the most direct human mechanisms of promoting cooperation is rewarding it. We study the effect of sharing a reward among cooperators in the most stringent form of social dilemma, namely the Prisoner's Dilemma. Specifically, for a…