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Few microfinance-funded businesses grow beyond subsistence entrepreneurship. This paper considers one possible explanation: that the structure of existing microfinance contracts may discourage risky but high-expected return investments. To explore this possibility, I develop a theory that...
Persistent link: https://www.econbiz.de/10010746368
This paper studies the optimal allocation of decision rights between an uninformed principal and an informed agent when interdependent activities need to be adapted to local conditions. While the principal cares only about overall profits the agent may favor higher, or lower, levels for each...
Persistent link: https://www.econbiz.de/10011126084
candidates attach little value to information because they perceive that voting itself will have little value. Voters that are ex … things, on prior ideological beliefs about parties and/or candidates. Voters that are ex ante indifferent about the … impact of increased political knowledge on turnout is asymmetric: New information increase the probability of voting of …
Persistent link: https://www.econbiz.de/10010745271
political knowledge has a sizeable influence on the probability of voting and that mass media play an important role in …
Persistent link: https://www.econbiz.de/10010746429
In a symmetric information voting model, an individual (information controller) can influence voters’ choices by …-unanimous voting rule, she exploits voters’ heterogeneity by designing a signal with realizations targeting di↵erent winning …-coalitions. Consequently, under simple-majority voting rule, a majority of voters might be strictly worse o↵ due to the controller’s influence …
Persistent link: https://www.econbiz.de/10011126416
Persistent link: https://www.econbiz.de/10011126646
's decision. I find that in such a case, group members are induced to comply with preexisting biases. For example, if the voting … conservatism of the voting rule. When the decision making process becomes transparent and individual votes are observed, this … effect disappears and such committees are then more likely to accept reforms. I also find that coupled with the right voting …
Persistent link: https://www.econbiz.de/10010884588
The introduction of a statutory recognition procedure offers British unions the opportunity to reverse membership decline by organising non-union workers. The aim of this paper is to test theories of individual union joining in order to assess the likely impact of the new procedure on British...
Persistent link: https://www.econbiz.de/10010884678
This paper examines the role of local housing market conditions for social capital accumulation and neighborhood club good provision. A model of individual investment decisions predicts that in a setting with high property transaction costs (i) homeowners are more likely to invest in social...
Persistent link: https://www.econbiz.de/10010928759
We are concerned with the design of a constitution for a firm - an ex ante contract which assigns residual rights of control (and possibly residual income rights) without reference to the issue to be decided. We focus attention on two polar constitutions: non-profit cooperatives and outside...
Persistent link: https://www.econbiz.de/10010928786