This essay presents a theory of the State as derived from the writings of Coase, Stigler, and Smith. It argues that the state may find a role in (1) lowering the level of transactions costs; and (2) redistributing property rights given the level of non-zero transactions costs. These tenets suggest an explanation for the secular growth of government. Also, alternative to the Marshallian theory o...

A critical legal issue in water governance is who owns and holds property rights water. Hence, we address the question: How has state of knowledge on private evolved worldwide, how are these embedded current existing constructions? In answering question, this article reviews literature to: (i) understand ownership main systems, (ii) capture “property” constructions; (iii) reflect application pr...

EPC (Energy Performance Contracting), as a mechanism grounded in markets, is important for the energy saving industry. The issue of energy savings benefit allocation in Shared Savings Energy Performance Contracting Projects is one obstacle frustrating the rapid growth of the energy performance contracting mechanism. Currently, studies on this issue primarily adopt the equilibrium principle of g...

ATM has been under a thorough standardization process for more than ten years. Looking at it now, what have we achieved during this time period? Originally ATM was meant to be an easy and an efficient protocol enabling varying services over a single network. What it is turning to be is ‘yet another ISDN’-network full of hopes and promises but too difficult to implement and expensive to market. ...

Influence costs arguments explain the level of efficiency attained by internal capital markets in investor-oriented firms (IOFs). Using these developments in the theory of economic organization we study internal capital markets in diversified customer-owned firms. In such firms, influence costs may be considerably higher than in IOFs of comparable size and scope, due to multiple principle—agenc...

When designing control laws for systems with constraints on the tracking performance, control allocation methods can be utilized. Control allocation methods are used when there are more command inputs than controlled variables. Control allocators can be used to address surface saturation limits, structural load limits, drag reduction constraints, or actuator failures. Most transport aircraft ha...

A rebate subsidy of rate s is functionally equivalent to a matching subsidy of rate r s 5 s /(12 s ). Other things equal, an individual should respond identically to the two m r r subsidies. We test the effect on charitable giving of the framing of a subsidy as a rebate or as a match. Subjects make a series of ‘dictator’ allocation decisions, dividing an endowment between themselves and their c...

We present a computational model of the interaction between incentives and the allocation of decision rights in an organization. We show that a principal may obtain the implementation of desired organizational policies by means of appropriate incentives or by means of appropriate design of the allocation of decisions, when the latter is cheaper but more complex. Wa also show that when the princ...

We consider a pure exchange economy repeated from a fixed endowment for an indefinite number of periods and posit a learning rule which directs convergence to competitive equilibrium. In each period trade converges to an allocation in the contract set, where agents interpret the current (common) normalized utility gradient as a vector of prices to determine the implied wealth redistribution rel...

WDM optical networks are high speed networks and provide enormous capacity. Survivability is very important issue in these networks. Survivability requires resources for handling the failures. So, efficient resource allocation strategy is required for survivability. In this paper, we have presented two resource allocation strategies for survivability. These strategies reserve the resources for ...