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Anderlini, Luca; Felli, Leonardo - London School of Economics (LSE) - 1998

We identify the inefficiencies that arise when negotiation between two parties takes place in the presence of transaction costs. First, for some values of these costs it is efficient to reach an agreement but the unique equilibrium outcome is one in which agreement is never reached. Secondly,...

Persistent link: https://www.econbiz.de/10010928645

Transaction costs and the robustness of the Coase Theorem

Anderlini, Luca; Felli, Leonardo - London School of Economics (LSE) - 2000

This paper explores the extent to which the presence of ex-ante transaction costs may lead to failures of the Coase Theorem. In particular we identify and investigate the basic ‘hold-up problem’ which arises whenever the parties to a Coasian negotiation have to pay some ex-ante costs for the...

Persistent link: https://www.econbiz.de/10010745037

Costly coasian contracts

Anderlini, Luca; Felli, Leonardo - London School of Economics (LSE) - 1998

We identify and investigate the basic ‘hold-up problem’ which arises whenever each party to a contract has to pay some ex-ante cost for the contract to become feasible. We then proceed to show that, under plausible circumstances, a ‘contractual solution’ to this hold-up problem is not...

Persistent link: https://www.econbiz.de/10010745370

Technological diversification

Koren, Miklos; Tenreyro, Silvana - London School of Economics (LSE) - 2007

progress takes the form of an increase in the number of varieties, raising average productivity. In addition, the expansion in …

Persistent link: https://www.econbiz.de/10010928680

Value of information in competitive economies with incomplete markets

Gottardi, Piero; Rahi, Rohit - London School of Economics (LSE) - 2007

A substantial literature addresses the negative eect on welfare of the release of information in a competitive market economy. We show that the value of information in this setting is typically positive if asset markets are suciently incomplete. More specically, for any competitive equilibrium...

Persistent link: https://www.econbiz.de/10010746178

Ownership and managerial competition: employee, customer, or outside ownership

Bolton, Patrick; Xu, Cheng-Gang - London School of Economics (LSE) - 2001

This paper centres around the question of ownership of firms and managerial competition and how these affect managers and employees’ incentives to invest in human capital. We argue that employees’ incentives in human capital investment are affected by both ownership and competition since...

Persistent link: https://www.econbiz.de/10010928689

R&D and absorptive capacity : theory and empirical evidence

Griffith, Rachel; Redding, Stephen; Van Reenen, John - London School of Economics (LSE) - 2003

growth and major strands of the empirical literatures on R&D, productivity growth, and productivity convergence. Starting … foundations for the reduced-form equations for Total Factor Productivity (TFP) growth frequently estimated empirically using …-run cross-country differences in productivity emerge endogenously, and the analysis implies that many existing studies …

Persistent link: https://www.econbiz.de/10010884730

Mapping prices into productivity in multisector growth models

Ngai, L. Rachel; Samaniego, Roberto M. - London School of Economics (LSE) - 2008

composition of intermediate goods, and the distinction between value added productivity and gross output productivity. We …

Persistent link: https://www.econbiz.de/10010745978

Land distribution, incentives and the choice of production techniques in Nicaragua

Bandiera, Oriana - London School of Economics (LSE) - 2002

Does the distribution of land rights affect the choice of contractible techniques? I present evidence suggesting that Nicaraguan farmers are more likely to grow effort-intensive crops on owned rather than on rented plots. I consider two theoretical arguments that illustrate why property rights...

Persistent link: https://www.econbiz.de/10010928686

Corruption and firm behavior

Sequeira, Sandra; Djankov, Simeon - London School of Economics (LSE) - 2013

This paper investigates how corruption affects firrm behavior. Firms can engage in two types of corruption when seeking a public service: cost-reducing "collusive" corruption and cost increasing "coercive" corruption. Using an original and unusually rich dataset on bribe payments at ports...

Persistent link: https://www.econbiz.de/10010745127

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