We carry out a comparative study of four farm sectors in Costa Rica, based on a dynamic analysis of behaviors regarding institutional changes occurring during the liberalization process. We highlight organizations' capacities to adapt and contribute to institutional changes by implementing...

We study competition between an incumbent Credit Rating Agency (CRA) and a sequence of entrant CRAs that are potentially more e¤ective but whose ability in appraising default risk is unproven when they enter the market. We show that free entry competition fails to select the most competent CRA...