In this article, premium risk concept is used to value the cost of water uncertainty for a risk adverse farmer in the Segura Basin. The obtained estimation would proportionate the increment in the willingness to pay for a more secure resource. This calculus can be taken into account by...

Analysis (DEA) have become very popular in the analysis of productive efficiency. This paper undertakes a comparison of the SFA and the constant returns to scale (CRS) and variable returns to scale (VRS) output-oriented DEA models, based on a sample of 165 dairy farms in Greece. However, the aim...

This paper quantifies the welfare cost of consumption externalities in an endogenous growth model with habit formation. Agent’s utility depends on both current consumption and a reference consumption level determined by economy-wide average past consumption. Although utility may be lower in...

We introduce social capital accumulation into a neoclassical model, showing how it differs from physical and human capital accumulation. We take the view that social capital is crucial to the enjoyment of socially provided goods and that it is mainly accumulated by means of participation to...

Commercial banks are typical hierarchical organizations, in which the multipleprincipal-agent problem exists and induces serious internal collusive corruption. This article analyzes the collusive corruption between credit supervisors and credit managers in bank credit activities, through three...

Disclosure of private medical information allows insurance companies to better predict medical expenditures. The premiums the companies charge the insured employees reflect these expenditures. This paper studies incentives of employees to disclose their medical information. I find that healthier...

This paper analyzes the determinants of governance transparency. In our model, entrepreneurs optimally decide the precision of their earning reporting by trading off the possibility of expropriating profits against the capacity to attract external funding.We find that information is only...

In a relatively recent paper, Gehrig and Stenbacka (Eur Econ Rev 51, 77–99, 2007) show that information sharing increases banks’ profits to the detriment of creditworthy entrepreneurs in a model of a banking duopoly with switching costs and poaching. They restrict their analysis to the case...

Nach einer Serie von Lebensmittelskandalen ist das Vertrauen der Verbraucher in die Industrie erschüttert. Kritik schlägt dabei nicht nur den Herstellern selbst, sondern auch den Anbietern von Gütesiegeln entgegen, die Produkte leichtfertig zertifiziert haben. Die Rufe nach gesteigerter...

Dividend policy is one of controversial financial issues. There are various theories about dividend but in this study, the focus is on empirical test of signaling theory. This theory says that the payment of dividends provides information for investors and analysts. The aim of this study is...