We appraise the theoretical basis and the consequent empirical work of Frank Wolak in his study of the New Zealand Electricity Market in a report to the New Zealand Commerce Commission released in March 2009. The report found no multilateral actions, but concluded there was evidence of unilateral market power. We find that the theoretical and empirical methodologies employed to reach this posit...

In this paper we develop an advanced methodology that makes the results of simulation models in heterodox economics more reliable and acceptable. This methodology copes with the specific characteristics of simulation models in heterodox economics, in particular with inherent uncertainty. We base our advanced methodology on Critical Realism, because it deals with inherent uncertainty by categori...

Abstract Causes for the distinct and growing separation of academic domains economics neighboring fields are ongoing processes specialization, fragmentation, evolution. Thanks to proliferation publications knowledge in economics, degrees specialization have emerged. One great paradoxes is existence mainstream which taught undergraduate students dominates textbooks, alongside new contributions t...

• identify and prioritize key issues; • describe the mechanisms for putting pharmacoeconomic and outcomes information and data into the same operational format that decisionmakers use to make formulary decisions; • identify the entities that are conducting/supporting the research, the purpose of the research, and their target audiences for communicating research results; • discuss outlets of co...

The importance of categorical reasoning in human cognition is well-established in psychology and cognitive science, and one of the most important functions of categorization is to facilitate prediction. This paper provides a model of optimal categorization. In the beginning of each period a subject observes a two-dimensional object in one dimension and wants to predict the object’s value in the...

We analyze the interconnection incentives for two networks that differ with respect to the size of their installed bases. In the first part we prove that the smaller firm may be harmed in competition for new customers if the installed base customers pay a high price. In the second part we assume that the interconnection quality to customers in the installed bases is set before the interconnecti...

Can the knowledge base of an economy be measured? In this study, we combine the perspective of regional economics on the interrelationships among technology, organization, and territory with the triple-helix model, and offer the mutual information in three dimensions as an indicator of the configuration. When this probabilistic entropy is negative, the configuration reduces the uncertainty that...