President-Elect Trump: Is the Past Prologue?

There is worldwide interest and concern over the pending US Presidency of Donald Trump. This article recounts the experience of the author and entrepreneur Merv Griffin with Trump in his business career and suggests clues for examining his exercise of the power of the Presidency. His choices for his cabinet and his advisers may well determine his success or failure. The evidence thus far is troubling.     

In remembrance of Robert D. Tollison

We discuss the mechanisms related to quadratic voting, from Vickrey’s counter-speculation mechanism and his second-price auction, through the family of Groves mechanisms and its most notable member, the Clarke mechanism, to the expected externality mechanism, Goeree and Zhang’s mechanism, the Groves–Ledyard mechanism, and the Hylland–Zeckhauser mechanism. We show that each mechanism that involves collective decisions has a quadratic aspect and that all of the mechanisms that we discuss are applications of the fundamental insight that for a process to be efficient, all parties involved must bear the marginal social costs of their actions.     

Robert Tollison and operationalizing public choice

In this tribute to Robert Tollison, I will outline his contributions to the development of public choice. I focus on Tollison’s work on rent-seeking, the political economy of reform, and the rules level of analysis in sports economics. Throughout his career, Tollison brilliantly figured out ways to take insights from price theory and public choice theory and operationalize them using multiple methods of empirical analysis, including historical interpretation and statistical testing.     

Typologies of Household Risk-Taking: Contemporary Rural Russia as a Case Study

In the post-Soviet economic environment, new opportunities arose attendant with market reform. Rural households had to choose whether to continue past behaviors – to subsist – or to adapt, the latter requiring a degree of risk. This paper analyzes risk-averse and risk-taking households by addressing three main questions: (a) which households are risk-averse and which are risk-takers?; (b) what are the characteristics of those different types of households?; and (c) which factors have greatest causal properties in explaining household risk-taking? Typologies of risk-averse and risk-taking households are presented. Using survey data, statistical analysis disaggregates peasant households, showing that households with higher total income are more likely to take on risk. Land expansion is important mainly for commercially oriented households.