The 2001 Nobel Prize award to three American scientists for their theoretical contribution to analysis of markets with asymmetrical information has reawakened debates on the behavior and decision-making of economic players under uncertainty. Because insurance is a classic example of such...

Electronic commerce and flexible manufacturing allow personalization of initially standardized products at low cost. Will customers provide the information necessary for personalization? Assuming that a consumer can control the amount of information revealed, we analyze how his decision...

Im klassischen Modell von Diamond und Dybvig (1983) werden Bank-runs durch sich selbst erfüllende pessimistische Erwartungen der Anleger provoziert. Sie sind damit ein Sonnenflecken-Phänomen. Die spekulativen Runs können u.a. durch eine Einlagenversicherung vermieden werden. Allerdings...

In this paper a modified version of Bernanke and Blinder�s (1988) model of the bank lending channel of monetary policy under asymmetric information is presented. If, aside from reserve requirements, banks have to meet capital adequacy requirements as well, then the results suggested by...

Contrary to what is consistently assumed in the literature, the return function cannot be hump-shaped in the Stiglitz-Weiss (1981) model. This has important consequences for the possible occurrence of credit rationing and redlining. With a single class of borrowers, banks offer credit in two...

Certification schemes for forest products are understood by many as a way to promote sustainable resource use when it is impossible to rely on direct enforcement of process standards. Based on the concept of ‘Self-Enforcing Contracts’, this study develops a market model that simulates the...

JONAS A. E. G. (1996) Local labour control regimes: uneven development and the social regulation of production, Reg. Studies 30, 323-338. The apparent demise of Fordist consensus-seeking institutions of labour regulation raises questions concerning which, if any, forms of labour market...

This paper provides empirical evidence on ex ante and ex post indicators of regulatory quality and the relationship between those indicators and market performance in liberalised EU-15 network industries. We report a low level of regulatory independence and competence, a high level of...

In the article there are analyzed the electricity market opening issues in the European Union and especially in the Baltic countries. The aim of the article is to find out and specify the main challenges for Baltic countries in electricity market liberalization process. The Baltic countries are...