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In major legal orders such as UK, the U.S., Germany, and France, bribers and recipients face equally severe criminal sanctions. In contrast, countries like China, Russia, and Japan treat the briber more mildly. Given these differences between symmetric and asymmetric punishment regimes for...
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enforcement via relationships and reputations. A number of mechanisms, such as the repeat purchase mechanism (Klein and Leffler … incomplete contract. It is shown that the efficiency of these solutions is very sensitive to the characteristics of the good or … service exchanged. In general, neither the repeat purchase mechanism nor efficiency wages is the most efficient in the set of …
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