The Myth of the “Winner’s Curse” in Auctions of Capital Goods
The winner’s curse was “discovered” in low rates of return on certain types of capital goods acquired in auctions or negotiated acquisitions.
The winner’s curse was “discovered” in low rates of return on certain types of capital goods acquired in auctions or negotiated acquisitions.
his paper investigates the potential systemic risks posed to the U.S. securities markets by the banking crisis during the Panic of 1907. Past studies of 1907 have focused almost exclusively on the banking crisis.
The objective of this article is to present an extension of Garrison's captial-based macroeconomics" model. Garrison's objective was ― starting from a full employment equilibrium situation
In the wake of the bicentenary of his birth, Frédéric Bastiat (1801–1850), his achievements, and his legacy have been reconsidered by scholars all over the western world.
Austrian business cycle theory has been criticized on the basis of “rational expectations.” That is, reasonably high quality entrepreneurs—which are required for economic growth
Peter Lewin’s Capital in Disequilibrium is an award-winning, extensive survey of capital theory, which touches on and summarizes an array of issues and phenomena.
Austrian business cycle theory (ABCT) has focused on the effect of interest rates set below the natural rate, leading to unwarranted attempts by businessmen
The law of association as espoused by David Ricardo and generalized by Ludwig von Mises cannot directly convey what is at stake in exchanges involving specialization in uncertainty bearing.
Economist Fritz Machlup took a unique goals-assumptions-opportunity costs approach to the examination of alternative monetary reform plans. During the Bellagio Group conferences he,
A noteworthy feature of Murray Rothbard's monumental history of economic thought is his vigorous denunciation of Adam Smith and the Wealth of Nations.