The optimal crop revenue insurance contract is designed from recent developments in the theory of insurance economics under incomplete markets. The message is two-fold. Firstly, when the indemnity schedule is contingent onindividual price and individual yield, the optimal contract depends only...

When a new technology consists of sequences of innovations that culminate in a finalconsumer product, the balance between successive innovators is one of the main concernsin the design of the patent system. While intertemporal aspects of incentive are critical inthis environment of sequential...