Industry revenue for online games is surging. A unique phenomenon in this market is the significant volume of trade among game users, who exchange real money for virtual goods that do not exist in the real world. The market of virtual goods has two distinctive characteristics: 1) the resold virtual items normally involve no quality loss since the attributes are digitally defined, and 2) the gam...

We study the problem of allocating a set of indivisible items to players having additive utility functions over the items. We consider allocations in which no player envies the bundle of items allocated to the other players too much. We present a simple proof that deterministic truthful allocations do not minimize envy by characterizing the truthful mechanisms for two players and two items. Als...

In this account of the history of voting-power measurement, we confine ourselves to the concept of a priori voting power. We show how the concept was re-invented several times and how the circumstances in which it was reinvented led to conceptual confusion as to the true meaning of what is being measured. In particular, power-as-influence was conflated with value in the sense of transferable ut...

Introduction 1 I. The Importance of Internal and External Shocks 4 A. External Shocks: Uncertain Terms of Trade 4 B. External Shocks: Uncertain Access to and Cost of Foreign Capital 5 C. Internal Shocks: Uncertain Agricultural Output and Domestic Policy Shocks 10 D. Life is Uncertain! So What? 11 II. The Impact of Uncertainty on Production Commodity Trade 11 III. Trade in Goods and Risk-Free Bo...

Industrial agricultural production in the tropics is known to have adverse social and environmental impacts (CBD, 2010). Firms —especially the ones exposed to consumer preference, such as retailers, processors and consumer goods manufacturers—are increasingly responding to these concerns. Nations in the tropics have established comprehensive political, legal and institutional frameworks to cons...

Most current cost-benefit analyses of climate change policies suggest an optimal global climate policy that is significantly less stringent than the level required to meet the internationally agreed 2 °C target. This is partly because the sum of estimated economic damage of climate change across various sectors, such as energy use and changes in agricultural production, results in only a small ...

We examine the case of an important outsider to the Cobden‐Chevalier network of bilateral treaties in the second half of the nineteenth century. We attempt to explain this through a study of the structure of Danish trade and protection. We demonstrate, in contrast to previous accounts that have considered Danish trade policy somewhat irrational, that Denmark was right to remai...

Industrial agricultural production in the tropics is known to have adverse social and environmental impacts (CBD, 2010). Firms —especially the ones exposed to consumer preference, such as retailers, processors and consumer goods manufacturers—are increasingly responding to these concerns. Nations in the tropics have established comprehensive political, legal and institutional frameworks to cons...

Indicators to assess sustainable land development often focus on either economic or ecologic aspects of landscape use. The concept of multifunctional land use helps merging those two focuses by emphasising on the rule that economic action is per se accompanied by ecological utility: commodity outputs (CO, e.g., yields) are paid for on the market, but non-commodity outputs (NCO, e.g., landscape ...

Industrial agricultural production in the tropics is known to have adverse social and environmental impacts (CBD, 2010). Firms —especially the ones exposed to consumer preference, such as retailers, processors and consumer goods manufacturers—are increasingly responding to these concerns. Nations in the tropics have established comprehensive political, legal and institutional frameworks to cons...