[...]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 demonstrates that urban social exclusion in China does not onlyinclude restricted participation by the “underclass” in urban life, but also thedeprivation of certain political, social and economic rights. In addition, thepaper describes how the character of urban social exclusion...

The paper analyzes the existence and impact of …financing constraints as a possiblyserious obstacle to innovation by …firms. Direct measures of fi…nancing constraints areemployed using survey data collected by the Banque de France and Eurostat, whichovercomes the problems with the traditional...

This paper is an attempt to assess the extent to which the behaviour of anindividual is the result of the constraints that he or she faces – factorsbeyond individual control - or the result of the exercise of his or herpreferences. The study concentrates on participation or non-participationin...

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...

This paper analyzes an environment where a plotof land is currently under agricultural use under tenancy, andboth the landlord and the tenant can invest to enhance agricultural productivity. There is the possibility of converting theland to non-agricultural use. We analyze the incentives of...

Knowledge can be classified into (i) explicit, which can be easily recorded (e.g., books) and (ii) tacit, which cannot be always articulated. However, much of this tacit knowledge can be shared. The conversion of tacit knowledge into explicit knowledge is called externalization. Farmers possess...