Public choice, specialization and increasing returns, consumer economics and bankruptcy
Dr. Yoon continued his research program with James M. Buchanan on the extent of the market and increasing returns. The analytical innovation in this program has been “stochastic demand,” which describes probabilistic (uncertain and infrequent) demand for some goods. As derivatives from this program, he published four papers this year. His co-authored paper with Jim Buchanan, “Public Choice and the Extent of the Market” appeared in Kyklos. Another joint paper “Stochastic Demand: Another Smith Puzzle” was accepted for inclusion in the Elgar Companion to Adam Smith. His paper “Stochastic Demand, Specialization, and Increasing Returns” appeared in Journal of Division of Labor and Transaction Costs. A paper on income distribution, “Globalization and Internal and External Inequality,” appeared in The International Journal of Economic Policy Studies. The paper is based on his plenary speech at the 2007 Japan Economic Policy Association International Conference in Tokyo. He also published an article on current issues entitled “Obama and America’s Future” in the November 2008 Center for Free Enterprise. In this Korean-language article he introduced Walter Williams’s column “Getting Beyond Race.” With Ulrich Witt, he is arranging a conference session on “New perspectives on demand theory” which extends the idea of stochastic demand.