Two very large companies, Moody's and Standard & Poor's, dominate the credit-rating industry. These two companies own around 80 per cent of the market. No other significant major competitors exist, though there are companies that rate local securities in places like China and India. In India,...

This dissertation includes three essays that consider the role of quality variation within agricultural production when consumers are heterogeneous in their preferences for quality. The first essay, 'The Welfare Benefits of USDA Beef Quality Certification Programs,' estimates the consumer...

We examine insurance markets with two types of customers: those who regret suboptimal decisions and those who don.t. In this setting, we characterize the equilibria under hidden information about the type of customers and hidden action. We show that both pooling and separating equilibria can...

This paper addresses the problem of social interactions and the lender-borrower relationship by measuring the disconnect between borrowers and lenders across a wide range of lending-related attributes. The degree by which lenders and borrowers connect disconnect depends on whether lenders’ and...

This article examines the railway concessions in France in the 19th century as examples of a principal-agent relationship between the State and a contractor. I show that one of the main assumptions of the agency theory, the asymmetric information at the benefit of the agent, is not verified. I...

This paper examines, for a two-period signalling game played by a revenue-raising government and a monopolistic firm in an asymmetric information context, how the government behaves when it taxes the firm’s production. Information regarding the firm’s efficiency (or its potential to pay...

This paper studies asymmetry of information and transfers within a unique data set of 712 extended family networks from Tanzania. Using cross-reports on asset holdings, we construct measures of misperception of income among all pairs of households belonging to the same network. We show that...

This paper investigates the interaction between consumers and producers in designing incentive mechanism for climate protection. Firms have material interests in building a moral reputation for those consumers who prefer buying from socially responsible firms. We examine optimal monetary...