This paper explores the implications of setting a minimum ratification level on an international agreement to tackle the greenhouse effect. Several aspects of the ratification level are considered, including the threshold number of signatories required to affect agreement, the potential number...

Identical cases of wine are often auctioned one immediately after another. Ashenfelter (1989) reprots that on average, the later lots fetch less. Such a systematic price difference seems anomalous, the more so because it is shown here that rational expectations imp,y not equal, but rising,...

This paper investigates the extent to which the supply of collateral affects business formation in the United Kingdom. Bank loans are typically secured on the entrepreneur's house. Using a variety of data and formulations, evidence is found that a 10 percent rise in the value of unreleased net...