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to appear in the leading agricultural economics journals. Although the introduction of organizational economic theory has … contracts as data for these studies, a more holistic theory of economic sectors as systems rather than series of discrete blocks … rapidly. In this paper, we argue the importance and value of these features to advance both theory and empirical research, and …
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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,...
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We show how frictions and continuous transfers jointly affect equilibria in a model of matching in trading networks. Our model incorporates distortionary frictions such as transaction taxes, bargaining costs, and incomplete markets. When contracts are fully substitutable for firms, competitive...
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Costs to switching suppliers can affect prices by discouraging buyer movements from high to low cost sellers. This paper uses confidential U.S. Customs data on U.S. importers and their Chinese exporters to investigate these costs. I find considerable barriers to supply chain adjustments: 45% of...
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