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Economists argue that rich information environments and formal enforcement of contracts are necessary to prevent market failures when information asymmetries exist. We test for the necessity of formal enforcement to overcome the problems of asymmetric information by estimating the value of...
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flexibility. I suggest that labor and human resource economics can benefit from including envy into the standard set of factors … considered in their theoretical and empirical models. -- envy ; interdependent preferences ; skill segregation ; wage dynamics …
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Tournaments are widely used in the economy to organize production and innovation. We study individual data on 2 …
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