Regulating an export firm (or a homogeneous industry) with private information about emission technology is analysed, when the firm, owned partly by foreigners, has an option to bypass domestic regulation through costly relocation. If the firm chooses to relocate, it will set up a new plant in a...

Small and medium-sized firms typically obtain capital via bank financing. They often rely on a mixture of relationship and arm's-length banking. This paper explores the reasons for the dominance of heterogeneous multiple banking systems. We show that the incidence of inefficient credit...

This paper provides a general overview of the literature on the core of an exchange economy with asymmetric information. Incentive compatibility is emphasized in studying core concepts at the ex ante and interim stage. The analysis includes issues of non-emptiness of the core as well as core...