Demand for Cultural Heritage

Prepared for the Handbook of the Economics of Cultural Heritage. Forthcoming in Edgard Elgar Publisher. Anna Mignosa and Ilde Rizzo (editors)

Lowndes and Locke on the value of money

This paper was presented at the 11th Annual Conference of the European Society for the History of Economic Thought (ESHET).

Monopoly Price Discrimination and Demand Curvature

Published as an article in: American Economic Review, 2010, vol. 100, issue 4, pages 1601-15.

Non-Stationary Demand in a Durable Goods Monopoly

In a context where demand for the services of a durable good changes over time, and this change may be uncertain, the paper shows that social welfare may be higher when the monopolist seller can commit to any future price level she wishes than when she cannot. Moreover, the equilibrium under a monopolist with commitment power may Pareto-dominate the equilibrium under a monopolist without commitment ability. These results affect the desired regulation of a durable goods monopolist in this context.

Explosive Hyperinflation, Inflation Tax Laffer Curve and Modelling the use of Money

This paper analyzes the existence of an inflation tax Laffer curve (ITLC) in the context of two standard optimizing monetary models: a cash-in-advance model and a money in the utility function model. Agents’ preferences are characterized in the two models by a constant relative risk aversion utility function. Explosive hyperinflation rules out the presence of an ITLC. In the context of a cash-in-advance economy, this paper shows that explosive hyperinflation is feasible and thus an ITLC is ruled out whenever the relative risk aversion parameter is greater than one. In the context of an optimizing model with money in the utility function, this paper firstly shows that an ITLC is ruled out. Moreover, it is shown that explosive hyperinflations are more likely when the transactions role of money is more important. However, hyperinflationary paths are not feasible in this context unless certain restrictions are imposed.

Monopoly price discrimination with constant elasticity demand

This paper presents new results on the welfare e¤ects of third-degree price discrimination under constant elasticity demand. We show that when both the share of the strong market under uniform pricing and the elasticity di¤erence between markets are high enough,then price discrimination not only can increase social welfare but also consumer surplus.

Emergent synchronisation properties of a refrigerator demand side management system

In order to analyse the possibilities of improving grid stability on island systems by local demand response mechanisms,a multi-agent simulation model is presented. To support the primary reserve, an under-frequency load shedding (UFLS)using refrigerator loads is modelled. The model represents the system at multiple scales, by recreating each refrigerator individually, and coupling the whole population of refrigerators to a model which simulates the frequency response of the energy system, allowing for cross-scale interactions. Using a simple UFLS strategy, emergent phenomena appear in the simulation. Synchronisation e ects among the individual loads were discovered, which can have strong, undesirable impacts on the system such as oscillations of loads and frequency. The phase transition from a stable to an oscillating system is discussed.

Demand analysis for Nigerian fisheries

This paper reviews available past fisheries statistics data and examines the basis of derivation of the estimates and concludes that much needs to be done to establish reliable fisheries data based on well defined methodology. Subsequently, fish consumption data for the ten-year-period 1971-1979 were related to the yearly population that consumes the fish

A quantitative analysis of demand for fish in Nigeria

The paper discusses the relevant theoretical considerations and specifies a model in an attempt to quantify those variables, the changes of which affect the internal demand for fish in Nigeria. Regression analyses carried out show that a generally rising trend in per capita income will increase the demand for fish, other things being equal. It is further revealed that even as the price of fish goes on increasing, consumers' demand for fish also tend to rise. The paper concludes by emphasizing the need for a fish consumption survey in the country's fish demand

A quantitative analysis of demand for fish in Nigeria

The paper discusses the relevant theoretical considerations and specifies a model in an attempt to quantify those variables, the changes of which affect the internal demand for fish in Nigeria. Regression analyses carried out show that a generally rising trend in per capita income will increase the demand for fish, other things being equal. It is further revealed that even as the price of fish goes on increasing, consumers' demand for fish also tend to rise. The paper concludes by emphasizing the need for a fish consumption survey in the country's fish demand