Institutions that serve the interests of an elite are often cited as an important reason for poor economic performance …. This paper builds a model of institutions that allocate resources and power to maximize the payoff of an elite, but where … any group that exerts sufficient fighting effort can launch a rebellion that destroys the existing institutions. The …

foreign and domestic competition, the consequences of soft budgets, and the role of managerial incentives and managerial human …

Starting in 1998, the electricity market in England and Wales will be opened up to full competition, and all consumers … transactions costs exceeding £100 million a year for the first five years. Relative to a counterfactual without competition, there …

that competition does not guarantee that exchanges choose welfare maximizing trading rules. In some cases, welfare is …

and quantity competition) and also optimal regulation. Accounting for the several effects of regulation on the unregulated …We study the regulation of a utility firm which is active in a competitive unregulated sector as well. If the firm … market, we show the existence of an informational externality, in that regulation provides useful information to the rival …

Many utility markets are now being opened to competition, and some regulators have expressed the hope that this will … make the regulation of consumer prices unnecessary. In this paper, entrants offer (differentiated) 'added value', but … level of its costs. This is likely to be the case in the UK's energy industries, but competition may be able to replace …