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enforcement of long-term illegal trade relations, and may even provide an effective enforcement mechanism for occasional (one …-shot) illegal transactions, which would not be enforceable otherwise. -- Law enforcement ; Self-reporting ; Corruption ; Crime …
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Most of the literature on monetary policy delegation assumes that the government can credibly commit to the delegation contract, an assumption criticized by McCallum. This paper provides foundations for the assumption that renegotiating a delegation contract can be costly by illustrating how...
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We find that contrary to common perception, cooperation as equilibrium of the infinitely repeated discounted prisoner's dilemma is in many relevant cases not very plausible, or at least questionable: for a significant subset of the payoff-discount factor parameter space cooperation equilibria...
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