Frequent government changes, often bringing reversals in ideological orientations, forced agents in economies in transition to make economic decisions without knowing whether their next government would be more or less benevolent, democratic, corrupt, or able and willing to pursue economic...

We consider a continuum of agents in a transition country where the transfer of property rights has occurred. The transition is in progress and the nature of the government's future policies is unknown to the agents. Agents believe that the present government can evolve into one of two types: a...

We explore an overlooked aspect of the design of the Czech voucher privatization programme, namely, the consequences of allowing individuals to distribute their vouchers among the voucher privatization funds (VPFs). We develop and analyse a model of voucher privatization in which we study the...

We explore an overlooked aspect of the design of the Czech voucher privatization programme, namely, the consequences of allowing individuals to distribute their vouchers among the voucher privatization funds (VPFs). We develop and analyse a model of voucher privatization in which we study the...