Does improving creditor coordination by strengthening CACs lead to efficiency gains in the functioning of sovereign …’s incentives are taken into account, we demonstrate the robust possibility of a conflict between ex ante and interim efficiency. We …

show that the resulting conflict between ex ante and interim efficiency limits the welfare impact of strengthening CACs … welfare gains. However, when ex ante efficiency requires the sovereign debtor to choose actions that reduce the probability of … default, improved creditor coordination reduces ex ante efficiency and the interim efficient CAC threshold is higher than the …

main …ndings are that in the U.S. labor wedges account for roughly half of the drop in output while efficiency and … more than one-third of the output drop and efficiency, government and investment wedges are responsible for the remaining …

We conduct an experiment to measure the relative importance of key factors that influence the efficiency of household … investment decisions. We find that, both for men and women, their spouse's access to information does not affect efficiency …. However, they are willing to sacrifice much ef¬ficiency for greater personal control over household income. Intriguingly, even …