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 consider agents in a country in an early stage of transition from a planned to a market economy. As the transition is in progress, the nature of the government's policies are unknown to the agents. Property rights once held by the state have already been transferred to the agents, with each...

We consider agents in a country in an early stage of transition from a planned to a market economy. As the transition is in progress, the nature of the government's policies are unknown to the agents. Property rights once held by the state have already been transferred to the agents, with each...