It is known from the literature on uncertainty that in cases where individuals express a preference for a high win-probability bet over a bet with high winnings they nevertheless will bid more to obtain the bet with high winnings. We investigate whether a similar phenomenon applies in the...

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...

Building on previous studies on perceptions of inequality, welfare and risk we investigate the structure of individuals' rankings of uncertain prospects in terms of risk and their relationship to individual preferences. We examine three interlinked propositions that are fundamental to the...

This article presents some theoretical contours for the study of party finance and its consequences. Two broad issues are explored. First, the article develops an account of changes in patterns of party finance, and in particular the move away from the ‘mass party’ model of funding towards...

This paper analyses the emergence of new institutions for governing the provision of Internet-based business services. It draws upon John R Commons' account of the emergence of working rules in support of new forms of collective action.

Subjective wellbeing data is becoming increasingly popular in economics research. The wellbeing valuation approach uses wellbeing data instead of data gleaned from preferences to attach monetary values to non-market goods. This method could be an important alternative to preference-based...

Conventional cost-benefit analysis incorporates the normally reasonable assumption that the policy or project under examination is marginal in the sense that it will not significantly change relative prices. In particular, it is assumed that the policy or project does not change the underlying...

This paper investigates how corrupt public officials and private agents adjust to policy reforms that change opportunities for bribery deals to take place. I exploit an exogenously determined tariff liberalization program that altered opportunities to extract bribes through a particular method...