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Investment Tournaments : When Should a Rational Agent Put All Eggs in One Basket?

Schwarz, Michael - 2009

In this paper we study "investment tournaments," a class of decision problems that involve gradual allocation of investment among several alternatives whose values are subject to exogenous shocks. The decision-maker's payoff is determined by the final values of the alternatives. An important...

Persistent link: https://www.econbiz.de/10013158033

Constitutions, Politics and Economics : A Review Essay on Persson and Tabellini'S "the Economic Effect of Constitutions"

Acemoglu, Daron - 2021

In this essay I review the new book by Torsten Persson and Guido Tabellini, The Economic Effects of Constitutions, which investigates the policy and economic consequences of different forms of government and electoral rules. I also take advantage of this opportunity to discuss the advantages and...

Persistent link: https://www.econbiz.de/10013212917

Constitution or Conflict?

Grossman, Herschel I. - 2021

A self-enforcing constitution creates a political process that provides an alternative to civil conflict for resolving disputes among the constituent groups of the polity. This paper is concerned with discovering the conditions under which it is possible to design such a self-enforcing...

Persistent link: https://www.econbiz.de/10013228226

Constitutions, Corporations, and Corruption : American States and Constitutional Change

Wallis, John Joseph - 2021

During the 1840s, twelve American states adopted new constitutions. Eleven of the twelve states adopted new procedures for issuing government debt and for chartering corporations through general incorporation acts. These institutional innovations were American inventions, and today hard budget...

Persistent link: https://www.econbiz.de/10013218542

Are Invisible Hands Good Hands? Moral Hazard, Competition, and the Second Best in Health Care Markets

Gaynor, Martin; Haas-Wilson, Deborah; Vogt, William B. - 2021

The nature, and normative properties, of competition in health care markets has long been the subject of much debate …. In particular, policymakers have exhibited a great deal of reservation toward competition in health care markets, as … care markets, concern about reduced competition has arisen. This concern, however, cannot be properly evaluated without a …

Persistent link: https://www.econbiz.de/10013235279

A Welfare Analysis of Competitive Insurance Markets with Vertical Differentiation and Adverse Selection

MacLeod, W. Bentley - 2023

A feature of many insurance markets is that they combine vertical differentiation (all consumers prefer high to low-coverage policies) and adverse selection (high cost customers prefer high-coverage plans). Building on Novshek and Sonnenschein (1978) and Azevedo and Gottlieb (2017), this paper...

Persistent link: https://www.econbiz.de/10014263157

Inattentive Economies

Angeletos, George-Marios - 2019

We study the efficiency of competitive markets when people are rationally inattentive. Appropriate amendments of the Welfare Theorems hold if attention costs satisfy an invariance condition, which amounts to free disposal of decision-irrelevant aspects of the state of nature. This condition is...

Persistent link: https://www.econbiz.de/10012860437

Endogenous Political Institutions

Aghion, Philippe; Alesina, Alberto F.; Trebbi, Francesco - 2021

Political institutions influence economic policy, but they are themselves endogenous since they are chosen, in some way, by members of the polity. An important aspect of institutional design is how much society chooses to delegate unchecked power to its leaders. If, once elected, a leader cannot...

Persistent link: https://www.econbiz.de/10013216485

Consequences of Constitutions

Persson, Torsten - 2021

The paper presents empirical findings regarding the economic policy consequences of constitutional arrangements, in three different dimensions. First, the data are consistent with several theoretical predictions about the consequences of electoral rules and forms of government for fiscal policy...

Persistent link: https://www.econbiz.de/10013233041

The U.S. Constitution and Monetary Powers : An Analysis of the 1787 Constitutional Convention and Constitutional Transformation of the Nation'S Monetary System Emerged

Grubb, Farley - 2021

The monetary powers embedded in the U.S. Constitution were revolutionary and led to a watershed transformation in the nation's monetary structure. They included determining what monies could be legal tender, who could emit fiat paper money, and who could incorporate banks. How the debate at the...

Persistent link: https://www.econbiz.de/10013240577

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