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作者:University of Mississippi
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作者:Gettysburg College
摘要:The liturgical system in Classical Athens (479-322 BCE) privately provided public goods, including naval defense. I use it to evaluate mechanism design policies and to address uncertainties in the historical record by adding predictive economic theory to research by ancient historians. I evaluate the system's success at meeting the conflicting goals of efficiency, feasibility, and budget balance by analyzing the Athenian citizens' incentives within a game of asymmetric information. In the game...
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作者:Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
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作者:Brown University
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作者:Montana State University System; Montana State University Bozeman
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作者:Yale University
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作者:University of Minnesota System; University of Minnesota Twin Cities
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作者:Geraghty, Ryan M.
摘要:The article employs a general equilibrium model to describe Italy's response to commodity and factor market integration during the expansion of the Roman Empire. This novel approach constructs a comprehensive story of the Italian economy that corroborates established developments and sheds light on controversial and unanswered questions. The success of the model supports arguments that Romans were rational economic actors and that the Roman economy was a well-integrated market system.
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作者:Texas Christian University
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作者:California Institute of Technology; University of Illinois System; University of Illinois Urbana-Champaign; Rutgers University System; Rutgers University New Brunswick
摘要:During the 1920s the New York Stock Exchange's position as the dominant American exchange was eroding. Costs to customers, measured as bid-ask spreads, spiked when surging inflows of orders collided with the constraint created by a fixed number of brokers. The NYSE's management proposed and the membership approved a 25 percent increase in the number of seats by issuing a quarter-seat dividend to all members. An event study reveals that the aggregate value of the NYSE rose in anticipation of im...