Policymakers seeking to reform social security systems have frequently confronted a central tension: how reconcile welfare retrenchment with the political challenges of implementing unpopular reforms. One way in which policymakers responded this tension is by repurposing existing institutions serve new ends. We investigate system Universal Credit (UC) United Kingdom as an example conversion. UC...

We introduce a mathematical theory called market connectivity that gives concrete ways to both measure the efficiency of markets and find inefficiencies in large markets. The theory leads to new methods for testing the famous efficient markets hypothesis that do not suffer from the joint-hypothesis problem that has plagued past work. Our theory suggests metrics that can be used to compare the e...

Abstract: In this study an algorithm for mold-filling simulation with consideration of surface tension has been developed based on a SOLA VOF scheme. As the governing equations, the Navier-Stokes equations for incompressible and laminar flows were used. We proposed a way of considering surface tension in mold-filling simulation. The proposed scheme for surface tension was based on the conti...

Traditional approaches to multipath routing ignore the economic incentives necessary in aligning both networks and users towards a common goal. While theory suggests congestion pricing can be used to maximize social welfare, even within such a framework we have no consistent method for evaluating, constructing and disseminating paths. Our research focuses on building on existing congestion pric...

Personalized Genomics companies (PG; also called ‘Direct-to-Consumer Genetics’) are businesses marketing genetic testing to consumers over the Internet. While much has been written about these new businesses, little attention has been given to their roles in science communication. This paper provides an analysis of the gene concept presented to customers and the relation between the information...

A decade of surging bicycle use has attracted little research seeking to measure bicycle utility, infrastructure preferences, and the tension between transportation budgets versus the demands of cyclists, pedestrians, and motorists. A review of the literature shows only one study applying non-market valuation tools to study this issue and demographic surveys tracking gender, age, and income hav...

In many auctions, bidders do not have enough cash to pay their bid. If bidders have asymmetric cash positions and independent private values then auctions will be inefficient. However, what happens if bidders have access to financial markets? We characterize efficient auctions and show that in an efficient auction the information rent that a bidder earns depends generally on both his valuation ...

This paper looks at the strategy evolution and learning orientations of international joint ventures through an in-depth study of a Chinese-Japanese joint venture. We examine the joint venture’s strategy evolution, culture embedment and technology evolution and link these with its learning orientations. We highlight the tension between exploratory learning and exploitative learning in the joint...

There is a tension between libertarians’ optimism about private supply of public goods and skepticism of the viability of voluntary collusion (Cowen 1992, Cowen and Sutter 1999). Playing off this asymmetry, Cowen (1992) advances the novel argument that the “free market in defense services” favored by anarcho-capitalists is a network industry where collusion is especially feasible. The current a...

A major concern in modern monetary theory is the construction of tractable models where money is essential. Lagos and Wright (2005) pioneered a class of models that address this concern. The key ingredient of the Lagos–Wright framework is that trade alternates between centralized and decentralized markets. In this paper, unlike the previous literature, we explicitly model the process of exchang...