behavior. Instead, we analyze a system of what we call local control (LC), where the enforcement of punishment lies in the … executed and threatened punishment. Agents maximize their payoffs and underlie a constant drift towards not controlling others …. If the educational impact of control is too weak LC breaks down. Moreover, there exists a non{monotonic punishment effect …

attributed to responders' provision of a public good: Punishment creates a group reputation for being "tough" and effectively …-informed proposers, the hypothesis of responders' enjoyment of overt punishment is not supported. …

a punishment regime, in which certain individuals are permitted, but not required, to have punishment directed toward … them. The punishment system can condition on type and contribution history. The results indicate that the most effective … regime, in terms of contributions and earnings, is one that allows punishment of low contributors only, regardless of …

important international football matches. We examine goal-scoring from 1960 onwards in full `A' international matches of six …

may make the lending altogether unprofitable. Second, banks can have an incentive to offer a debt contract and additional … equity contracts to intermediate debtors. This combination, however, is in turn dominated by a simple debt contract that is … to avoid the contract with the highest chance of delivery: that contract attracts all bad entrepreneurs. …