Tournament contracts are characterized that simultaneously elicit first-best efficient effort levels and self -selection of risk-neutral heterogeneous workers into ability-specific contracts. Comparisons across self-selected ability types are shown to be sometimes necessary to attain efficiency....

The literature on the benefits and costs of regulation demonstrates that this issue can be explored systematically using standard economic analysis. It also shows that regulation can have a significant adverse impact on economic growth. Specifically, regulation aimed at controlling prices and...

This paper builds on a previous series of papers (see Claessens, Glaessner, and Klingebiel, 2001, 2002) that identified electronic security as a key component to the delivery of electronic finance benefits. This paper and its technical annexes (available separately at...