Despite efforts by some of the best minds in our profession, monetary theory at the start of the 21st Century remains flawed by the same fundamental shortcoming that Clower (1967) pointed out in the 1960s, namely the absence of any useful model of money in which widespread monetary exchange the use of a common money in almost all transactions can be shown to arise endogenously. The models of mo...

Abstract We characterise the strategic equivalence among k -winner contests using simultaneous and sequential winner selection. test this prediction of a series laboratory experiments, contrasting 1-winner with 2-winner contests, varying in latter whether outcome is revealed sequentially or single stage. find that long run, average bidding levels are similar across strategically-equivalent cont...

This paper presents the design of a procedural framework for an electronic market mediation service based on the adjusted-winner procedure for fair division. The main benefit of applying this procedure is that mutually beneficial agreements can be reached with minimal effort by the

This paper builds on the previous paper by the author, where a relationship between Zhedanov’s algebra AW (3) and the double affine Hecke algebra (DAHA) corresponding to the Askey–Wilson polynomials was established. It is shown here that the spherical subalgebra of this DAHA is isomorphic to AW (3) with an additional relation that the Casimir operator equals an explicit constant. A similar resu...

An approach for implementation of control system with anti-windup compensation using fault detection multifiltering is presented. The residual signal used for anti-windup compensation is obtained from a filter bank (i.e. multifiltering) for fault detection, thus it is not necessary its explicit measurement. This residual signal is considered as a fault, in order to design the fault detection fi...