So far, the existing literature on the hold-up problem with renegotiation has imposed assumptions such that the post-renegotiation payoffs are absolutely continuous functions. Since payoffs may fail to be differentiable at the investment profile to be sustained, first order conditions for...

This paper further develops the standard modelling of information exchange between firms in the presence of demand uncertainty which applies to firms in new industries and insecure regions or markets. We replace the normal distribution of the random variables, commonly used because of its...

The article is devoted to measuring the effectiveness of institutional systems of European Union countries in terms of their relevance to the requirements of the global knowledge-based economy. The theoretical analysis is based on the framework of new institutional economics with special...

Polish Abstract: Celem artykułu jest przedstawienie zagadnienia " zdolność operacyjna organizacji publicznych " jako istotnego elementu w teorii war-tości publicznej. Badanie miało charakter desk research literatury dotyczącej wartości publicznej. Na początku wyjaśniono, czym jest...