The 2016 Nobel Memorial Prize in Economic Sciences was awarded to Oliver Hart and Bengt Holmström for their work on contract theory. Contract theory is a subfield of game theory where the conflict between the owner - the principal - and the CEO - or agent - is at the centre of interest. In the...

It is a highly disputed question in the literature how state subsidy influences the behavior of the entrepreneurs and accordingly the growth prospects of the economy. Most authors agree that state intervention in financing deteriorates the incentives of the entrepreneur, but there is no...

It is a highly disputed question in the literature how state subsidy influences the behavior of the entrepreneurs and accordingly the growth prospects of the economy. Most authors agree that state intervention in financing deteriorates the incentives of the entrepreneur, but there is no...

The 2016 Nobel Memorial Prize in Economic Sciences was awarded to Oliver Hart and Bengt Holmström for their work on contract theory. Contract theory is a subfield of game theory where the conflict between the owner - the principal - and the CEO - or agent - is at the centre of interest. In the...

MOL Plc as a national champion does not simply take part in the implementation of the state's decisions but the company's cooperation is needed in realizing the economic, political and social considerations of the authorities. Therefore the company is provided with special preferential...

MOL Plc as a national champion does not simply take part in the implementation of the state's decisions but the company's cooperation is needed in realizing the economic, political and social considerations of the authorities. Therefore the company is provided with special preferential...

This paper presents the idea that retail trade stories might cluster with their competitors to pool marketing expenses and thereby increase their individual visibility among consumers. In a model which presumes such a marketing technology we derive some new comparative statics results. In a...

The so called classic model of tax compliance behaviour interprets the problem as an individual decision under risk made by a single taxpayer. After a concise description of this model our literature survey investigates whether the empirical results found in the literature corroborate the...

The aim of this study is to review what we know about depositors' behavior, using empirical observations and experimental data. I find that both fundamental problems and coordination failures between depositors explain depositors' behavior and therefore the emergence of bank runs. I show that...