Bioprospection practices have proliferated as biotechnological and pharmaceutical companies engage in the collection and genetic screening of biological and genetic resources throughout the world. The purpose of this article is to examine the competing proposals for the institutional framing of...

We develop a test for adverse selection and use it to examine private health insurance markets. In contrast to earlier papers that consider a purely private system or a system in which private insurance supplements a public system, we focus our attention on a system where privately funded health...

We use experiments to test comparative statics predictions of canonical tournament theory. Both the roles of principal and agent are populated by human subjects, allowing us to test predictions for both incentive responses and optimal tournament design. Consistent with theory, we observed an...

The present paper is a first attempt to develop a theoretical model using a short-term vis-à-vis long-term contract framework within which donor countries’ endorsement or rejection decision towards the recently proposed International Finance Facility (IFF) is rationalized. The current foreign...

In Economics, as in any social science, empirical tests of theoretical results face a problem: researchers are unable to reproduce the whole economy (or at least its relevant parts) in their laboratories. Nowadays, Experimental Economics uses stylized experiments, drawing on the experience of...

Over the past three decades, North Korea has experienced a period of economic change, most notably in the development of the market. North Korea maintains that it operates a tightly controlled planned economy, the elements of which are poorly understood by the international community. Currently,...

Marktwirtschaftliche Instrumente versprechen im Vergleich zu anderen Maßnahmen der Umweltpolitik den Klimawandel am kostengünstigsten zu bekämpfen. Dennoch werden in der aktuellen Klimapolitik zuletzt verstärkt nicht-marktwirtschaftliche Regulierungsansätze praktiziert. Was sind eigentlich...