This paper presents a theory of the market provision of broadcasting and uses it to address the nature of market failure in the industry. Equilibrium advertising levels may be too low or too high, depending on the nuisance cost to viewers, the substitutability of programmes, and the expected...

This paper provides a comprehensive treatment of a basic income maintenance problem. It stresses the impact that imperfect information has on program design. First, the authors are able to unify the theoretical literature on the income maintenance problem. Second, they examine the impact of...

This paper examines the allocative performance of rotating savings and credit associations (ROSCAS), a financial institution that is observed worldwide. The authors develop a model in which individuals save for an indivisible good and study ROSCAS that distribute funds using random allocation...

This paper studies the impact of lobbying on political competition and policy outcomes in a framework that integrates the citizen-candidate model of representative democracy with the menu-auction model of lobbying. Positive and normative issues are analysed. On the positive side, lobbying need...