We examine project selection decisions of …rms constrained in the number of projects they can handle at once. Taking on a project requires a commitment of uncertain duration, restricting the …rm from selecting another project in subsequent periods. Due to the capacity constraints and need for...

The paper investigates alternative policies to regulate emissions from polluting product markets, specifically considering the case of the automobiles market. The two policies we consider are: a quota that limits the quantity produced of the polluting model and a more flexible average efficiency...

Tax motivated takings are takings by a local government aimed purely at increasing its tax base. Such an action was justified by the Supreme Court's ruling in Kelo v. New London, which allowed the use of eminent domain for a private redevelopment project on the grounds that the project promised...

Criminal procedure concerns the rules regarding the treatment of criminal defendants during the time from their arrest until the determination of a final verdict. From an economic perspective, the goal of this process is to achieve the most accurate determination of guilt at the lowest possible...

Almost a decade ago, Paul Milgrom and John Roberts (1988, p. 450), two of the leaders in the formalist branch of the New Institutional Economics, made the following observation. "The incentive based transaction costs theory has been made to carry too much of the weight of explanation in the...

Because the demographic composition of todays immigrants to the US differs so much from those of natives, immigrants may be less likely to socially integrate into U.S. society, and specically less likely to marry natives. This paper explores the relationship between immigrants' marriage patterns...

The Indian textiles industry is now at the crossroads with the phasing out of quota regime that prevailed under the Multi-Fiber Agreement (MFA) until the end of 2004. In the face of a full integration of the textiles sector in the WTO, maintaining and enhancing productive efficiency is a...

This article analyzes the exposure to cheating risk of online courses relative to face-to-face courses at a single institution. For our sample of 20 online courses we report that the cheating risk is higher than for equivalent face-to-face courses because of reliance on un-proctored multiple...

This paper examines whether U.S. stock-market wealth asymmetrically affects consumption. After identifying asymmetric behavior for consumption and stock market wealth, the results confirm that stock-market wealth asymmetrically affects real per capita consumption. Negative 'news' affects...

This paper considers the contacting approach to central banking in the context of a simple common agency model. The recent literature on optimal contracts suggests that the political principal of the central bank can design the appropriate incentive schemes that remedy for time-inconsistency...