When economists study incentives in organizations,the main focus has been on using monetary paymentsin exchange for performance on specific measurabledimensions. But organizations use a wide varietyof means to motivate their workers. One suchmethod which has not been studied much to date, isthe...

The impact that the francoist autarkic economic policy had on the Spanish economy is assessed using the Domestic Resource Cost (DRC) as an indicator. This indicator compares the real opportunity cost of the primary factors used in the production of a certain good with its aggregated value at...

This paper uses a stochastic cost frontier model to investigate the efficiency of Britain’s private railways during the period 1893-1912. We find that there was substantial inefficiency in the industry with no sign of reduction over time. Our main conclusion is that principal agent problems...