The paper provides evidence on what affects at the margin the cost and availability of bank credit for firms in Argentina. We study in particular how banks use different pieces of private and public information to screen firms and overcome informational asymmetries in the credit market. Some...

Sorting into public sector jobs may be motivated not only by the available income but also by other aspects, such as stronger demand for security or for social usefulness. The demand for larger job security - beside other factors - can be the consequence of family circumstances. We have...

Over the past two decades, an enormous amount of work has been done to improve the Expected Utility model. Two areas have attracted major attention: the possibility of describing unforeseen contingencies and the need to accomodate the kind of behavior ref

Sorting into public sector jobs may be motivated not only by the available income but also by other aspects, such as stronger demand for security or for social usefulness. The demand for larger job security - beside other factors - can be the consequence of family circumstances. We have...

A tanulmány célja az értékpapírok esetében leggyakrabban alkalmazott két aukciós technika (az egyenáras és a diszkriminatív áras aukció) összehasonlító elemzése. A szakirodalom elsősorban az aukció várható bevétele szempontjából elemzi a módszereket. Az elméleti...

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...

This paper is about freedom of choice and rigidity of choice rules as incentive devices. We study the optimal design of an agent's freedom of choice when his information is endogenous and costly to acquire. We show that curtailing the agent's authority over decision-making may be optimal even if...