Mongolia's mass privatization program was implanted in a country that lacked the very basic institutions of capitalism. This paper examines the effects of competition and ownership on the efficiency of the newly privatized enterprises, using a representative sample of enterprises and controlling...

Barter transactions, conducted openly by established corporations, play an increasingly significant role in the U.S. economy. The model developed here helps explain why firms use barter. It is shown that when two firms barter goods used as inputs, price discrimination occurs. This price...

This paper considers how government size responds to a change in the influence of interest groups. First, an election model is developed that has an equilibrium and in which interest groups have unequal influence. The authors then show that an increase in a group's influence per se does not...