The idea that individuals adapt their behaviors in response to changes in incentive systems is fundamental to most economic analysis. This paper incorporates the concept of price discovery costs into the incentive theory to offer a theoretical model and empirical evidence on the differential...

Organizational and contract economics have achieved an increasingly important role in analyses of the food, agribusiness, and agricultural sectors. In particular, formal theoretical models of contract design and firm integration have begun to appear in the leading agricultural economics...

Cultural evolution is a long-term endogenous process which is revealed in society's cultural traits and it is embodied in institutional characteristics (property rights protection, rule of law, etc.) and transaction characteristics (risk levels, time required for start-ups, corruption levels,...

In their animated book 'The Patent Crisis and How the Courts can Solve It', Dan Burk and Mark Lemley give an account of their quest into the judicial treatment of patents in different industry sectors. They present an in-depth commentary on industry specific differences in the patent system from...

Material private information transmits through social networks. Using manually collected information on networks of alumni reunion cohorts, we show that hedge fund managers connected to directors of firms engaged in merger deals increase call option holdings on target firms before deal...

We report the results of a field experiment with bicycle messengers in Switzerland and the United States. Messenger work is individualized enough that firms can choose to condition pay on it, but significant externalities in messenger behavior nonetheless give their on-the-job interactions the...

Individuals who are unaware of the price do not derive more enjoyment from more expensive wine. In a sample of more than 6,000 blind tastings, we find that the correlation between price and overall rating is small and negative, suggesting that individuals on average enjoy more expensive wines...

The study analyses the price formation and market functionality of the Finnish food chain. A significant portion of the report consists of international comparisons. The main comparison countries are the so-called old EU countries (EU15) of Western Europe, the new EU countries (EU12) and the...

The present paper studies the land use change impacts of fuels and biofuels. We test the theoretical hypothesis, which says that changes in fuel prices cause changes in land use both directly and indirectly and, because of price inter-dependencies, biofuels reinforce the land use change impacts....