This article considers a two-sided private information model. We assume that two exogenouslygiven qualities are offered in a monopolistic market. Prices are fixed. A low quality seller choosesto be either honest (by charging the lower market price) or dishonest (by charging the higherprice). We...

This paper tests Bester's (1985, 1987) prediction about the separating role ofcontracts that involve both interest rates and collateral in credit markets. To test thisprediction we use data from natural credit markets and controlled experiments. Using asample of credits to small and medium size...

This paper studies an auction model in which one of the bidders, the insider, has better information about a common component of the value of the good for sale, than the other bidders, the outsiders. Our main result shows that the insider may have incentives to disclose her private information...

This paper studies the incentives of a bidder to acquire information in anauction when her information acquisition decision is observed by the otherbidders before they bid. Our results show that the sealed bid (second price)auction induces more information acquisition about a common component...

We analyze a one-dimensional model of spatial political competition with two parties and uncertainty on the distribution of voters types. We assume that parties are formed by regular members and professional politicians; members care about the policy enacted, while professional politicians, on...

This article considers a two-sided private information model. We assume that two exogenously given qualities are offered in a monopolistic market. Prices are ¿xed. A low quality seller chooses to be either honest (by charging the lower market price) or dishonest (by charging the higher price)....

This paper presents an adverse selection model that contributes to explain why women are less likely to be promoted. There are two types of workers: family-committed and job-committed workers. The cost of job effort during the first period of the working life is higher for the former. Firms...

This paper analyses the effect of bank relationships on the interest rate and personaland real guarantees borne by a sample of small and medium-sized enterprises in theirindebtedness. The results of this paper indicate that the SMEs that work with fewer financialintermediaries obtain debt at a...