<span style="font-size:10.0pt; font-family:"Arial","sans-serif"">This paper analyses the welfare effects of microfinance and inflation in developing countries. Therefore, we introduce a moral hazard problem into a monetary search model with money and credit. We show how access to basic financial services affects households' decisions to borrow, to save and to...</span>

<span style="font-size:10.0pt; font-family:"Arial","sans-serif"">We analyze the doping behavior of heterogeneous athletes in an environment of private information. In a n-player strategic game, modeled as an all-pay auction, each athlete has private information about his actual physical ability and choses the amount of performance-enhancing drugs. The use of...</span>