We prove that the English auction (with bidders that need not be ex ante identical and may have interdependent valuations) has an efficient ex post equilibrium. We establish this result for environments where it has not been previously obtained. We also prove two versions of the Stolper-Samuelson theorem, one for economies with n goods and n factors, and one for non-square economies. Similar as...

People often consume non-durable goods in a way that seems inconsistent with preferences for smoothing consumption over time. We suggest that such patterns of consumption can be better explained if one takes into account the memories that consumption generates. A memorable good, such as a honeymoon or a vacation, is a good whose mental consumption outlives its physical consumption. We consider ...

The genus Ivalia Jacoby, 1887 is recorded from Australia for the first time with descriptions of three new species, Ivalia reidi sp. nov., Ivalia iridescens sp. nov., and Ivalia lescheni sp. nov., from Queensland and New South Wales. A check-list of 66 species of Ivalia and a key to the Australian species are provided. New replacement names proposed are Ivalia samuelsoni nom. nov. for Ivalia be...

Google preston@mcafee.cc _____________________ * We thank Dilip Mookherjee, Harry Paarsch, Larry Samuelson and Ilya Segal for several insights and comments.

Quite oddly, it is extremely seldom in the literature for economists to concern with the critical investigation to revealed preference theory during its seventy-five years history since 1938 when Samuelson first proposed it, so that even if a critical glance at the initial notion of revealed preference can bring us surprising findings which will be enough to reverse the traditional view on this...

Firms with higher debt relative to its size and negative cash °ows have lower value in the market. Why not the same applies to a currency value of a country? This paper investigates this question and shows empirical evidence that indeed a lower degree of government's ̄scal solvency, represented by higher debt and lower surpluses, implies an real exchange rate depreciation. Empirical results als...