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In the presence of a time-inconsistency problem with optimal agency contracts, we show that competitive markets can implement allocations that Pareto dominate those achieved by a benevolent government...
Coordination,Commitment and Enforcement:The Case of the Merchant Guild.
Coordination,commitment,and enforcement:the case of the merchant guild。
This chapter’s discussion of market-supporting institutions is geared toward the issues we know the least about. First, the dynamics of market-supporting institutions and the implied dynamics of mar...
Commitment is typically modelled by assigning to one of the players the ability to take an initial binding action. The weakness of this approach is that the fundamental question of who has the opport...
After Michael Porter's seminal work on clusters and competitiveness published around 1990, cluster initiatives (CIs) have become a central feature of microeconomic policy around the world. CIs add a n...
SEED:A Commitment Savings Product in the Philippines.
Two key unanswered questions in theories of growth are (a) why some countries successfully initiate episodes of rapid growth while others suffer extended stagnation and (b) why some countries are able...
Female "empowerment" has increasingly become a policy goal, both as an end to itself and as a means to achieving other development goals. Microfinance in particular has often been argued, but not with...
Today, National Science Foundation (NSF) Director France A. Córdova outlined President Obama's fiscal year (FY) 2016 budget request to Congress for NSF. The FY16 request calls for $7.7 bill...
We propose a continuous time model of nominal debt and investigate the role of inflation credibility in the potential for self-fulfilling debt crises. Inflation is costly, but reduces the real value o...
We study efficient non-linear taxation of labour and capital in a dynamic Mirrleesian model incorporating political economy constraints. Policies are chosen sequentially over time, without commitment....
Many educational systems have struggled with the question about how best to give out financial aid. In particular, if students do not know the amount of financial aid that they are receive before they...

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