Turnpikes

Article Abstract:

The turnpike theorems can serve as efficient models of optimal capital accumulation and growth. However, these theorems cannot predict the actual outcomes like those of natural sciences. Moreover, the accuracy is refined in the natural sciences mainly because of the controlled environment of the laboratory or in the industry. The Samuelson turnpike was to be the path of most fast balanced growth of the capital stock. The Ramsey turnpike on the other hand says that a the level of capital accumulation reached at a saturation point , a Golden Age or a modified Golden Age.

Economics, Research and Development in the Social Sciences and Humanities, Growth, Growth (Physiology)

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Auctions versus posted-price selling

Article Abstract:

A private-values model is used to describe the selling techniques of auctions and posted-price selling. Comparisons of the prices of the social optimum and the monopoly seller are provided. The global steepness of the marginal-revenue curve related to the buyer valuation distribution affects the type of sales technique that is used. A uniformly steeper marginal-revenue curve makes auctions more preferable to sellers, even if auctioning is expensive.

Selling, Auctions

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An Economic Model of Welfare Stigma

Article Abstract:

The effects of welfare stigma on consumer choice to participate in welfare programs are modeled. A heterogeneity in the population exists in the degree of distaste for welfare. The amount of benefit to be derived is inconsequential.

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