We derive a set of optimal environmental regulations in the presence of asymmetric information about pollution abatement costs, where compliance may have to be induced through appropriate monitoring and enforcement measures. The regulator commits to monitoring of compliance with incentive...

We use a mixed market model for analyzing economies with public projects in which the condition of perfect competition is violated. We discuss core-equivalence results in the general framework of non-Euclidean representation of the collective goods. We show that if large traders are similar to...

Reasons to grant immigration amnesties include the intention to reduce the weight of the informal sector and the attempt to identify employers of undocumented workers. However, it is incontestable that potential fiscal gains are important: tax revenues are crucial in all kinds of amnesties....

PricesThis paper studies the properties of adaptive learning as a device to select amongst the rational expectations equilibria of a monetary overlapping generations model. It extends previous contributions by introducing monopolistic competition and improves upon them by analyzing learning in a...

In most economies, a fair allocation does not exist. Thus, it seems that we are condemned to live in an unfair world, since we are not happy with what we have and we look at the others with envious eyes. In this paper we want to give an hope for a more equitable society.

We provide international evidence on the relationship between the extent of underpricing related to initial public offerings (IPOs) and the distance of the issuing firm from the financial centre of a country: for France, Germany and Italy, the higher the distance, the higher the level of...

We use data from the Italian manufacturing industry to document a positive relation- ship between delegation of decisions within organizations and involvement in research and development. This positive correlation is robust to controlling for the determi- nants of R&D within firms such as the...