This paper seeks to clarify what factors contributed to the macroeconomic gains and losses from privatization in transition economies over the past decade. In contrast to the original "Washington Consensus," which had a tendency to equate change-of-title with privatization, we find that economic...

This paper seeks to clarify what factors contributed to the macroeconomic gains and losses from privatization in transition economies over the past decade. In contrast to the original "Washington Consensus," which had a tendency to equate change-of-title with privatization, we find that economic...

There is perhaps no area in antitrust policy that is more prone to confusion and misunderstandings than enforcement against exclusionary conduct violations. This article develops a framework for understanding anti-competitive conduct policy that is built around three building blocks:...

This paper analyzes the impact of varying degrees of airline cooperation on nonstop and connecting international traffic, using a detailed dataset of international travel between the United States and other countries for the years 1998 to 2015. We demonstrate that cooperation by airlines —...

Romania was one of the first transition countries in Europe to introduce auctions for allocating standing timber (stumpage) in public forests. In comparison with the former system in the country - administrative allocation at set prices - timber auctions offer several potential advantages:...

Romania was one of the first transition countries in Europe to introduce auctions for allocating standing timber (stumpage) in public forests. In comparison with the former system in the country-administrative allocation at set prices-timber auctions offer several potential advantages: greater...

One conjecture in the theory of incentives is that incentives based on broader outcomes may be better at motivating agents than incentives based on narrow measures. A more nuanced statement of this conjecture is that incentives of different breadth are appropriate for different agents. We...