[...]This paper studies a simple model of the talent-ownership mismatch — or failure ofmeritocracy — brought about by credit market imperfections that arise as a consequence ofagency problems in the borrower-lender relationship. Our model highlights the interactionbetween the market for...

This paper studies changes over time in the incidence of labor tying. The existingliterature is successful in explaining the emergence of this institution, but contains thecounterfactual implication that there should be an increasing trend in labor tying. However,previous contributions have so...