We show that in general trading networks with bilateral contracts, a suitably adapted chain stability concept (Ostrovsky, 2008) is equivalent to stability (Hatfield and Kominers, 2012; Hatfield et al., 2013) if all agents' preferences are fully substitutable and satisfy the Laws of Aggregate Supply...

The transition from a reference rate regime centred on interbank offered rates (IBORs) to one based on a new set of overnight risk-free rates (RFRs) is an important paradigm shift for markets. This special feature provides an overview of RFR benchmarks, and compares some of their key...

We consider the design of a market for a single asset where a finite number of risk averse traders may trade to share risk from asset endowments. We derive the direct mechanisms that maximize a linear combination of expected revenue and allocative efficiency. We find that the first best...

Why do sudden and massive social, economic, and political changes occur when and where they do? Are there institutional preconditions that encourage such changes when present and discourage such changes when absent? In this paper, I employ a general model which suggests that massive equilibrium...

The Competitive Industrial Performance index (developed by experts of the UNIDO) is designed as a measure of national competitiveness. Index is an aggregate of eight observable variables, representing different dimensions of competitive industrial performance. Instead of using a cardinal...

A growing body of literature studies the effect of providing information about inequality to respondents of surveys on their preferences for redistribution. We provide a meta-analysis combining the results from 84 information treatments coming from 36 studies in Economics, Political Science,...

The Conference of the Parties (COP) has proven a valuable outlet to advance the climate agenda. The combination of high media coverage, extremely high expectations set by influential environmentalists, and unanimity rules has, however, started to limit its effectiveness. Technical issues can...

The origins of electoral systems have received scant attention in the literature. Looking at the history of electoral rules in the advanced world in the last century, this paper shows that the existing wide variation in electoral rules across nations can be traced to the strategic decisions that...

By examining several different types of open institutions including open source software, open science, open square and (open) urban planning, this paper presents a general analysis of open institutional structure that is complementary to traditional proprietary mode. We argue that open...