We study a convertible procurement contract that combines two prevalent fixed-price and cost-plus contracts. After the project begins, the contractor may invest in more accurate cost information that can be further used as evidence to convert his initial fixed-price contract into a cost-plus...

The adoption of renewable energy technology has received significant government support. However, there is limited empirical evidence on the effectiveness of subsidies that are used to promote the adoption of such technologies. This paper exploits a natural experimental setting, in which a solar...

This paper analyzes the macroeconomics of currency inconvertibility, building on the role of relative prices in a portfolio balance model. The relationship between black markets for foreign exchange and smuggling is first analyzed from the perspective of an individual importer. According to the...