In this paper, we evaluate the scope of Chadwick’s claim on the superiority of competition for the market over competition in the market under incomplete information. We firstly characterize the expected outcome achieved under competition in the market at a Cournot Bayesian-Nash equilibrium....

Public service motivation is often considered as an argument for low- powered incentive schemes in the public sector. In this paper, we characterize the optimal contract between a public regulator and an altruistic agent according to the degree of public service motivation, when the type of the...

Public service motivation is often considered as an argument for low- powered incentive schemes in the public sector. In this paper, we characterize the optimal contract between a public regulator and an altruistic agent according to the degree of public service motivation, when the type of the...

This paper studies competition for the market. The origin of the concept can be found in Sir E. Chadwick and Walras?s works. It was rediscovered by Demsetz. It is now a key element of the regulation of natural monopoly or oligopoly industries. Auctioning the right to be a monopolist is analyzed...