Blockchain technology is firmly established in the public awareness as a revolutionary new technology underpinning cryptocurrency. However, its potential applications can be found across sectors and industries in providing a novel way of producing coordination necessary to transact online,...

Final good production often requires a firm's headquarter services and a foreign supplier's manufacturing input. With incomplete contracts, firms that decide whether to choose integration or outsourcing of this supplier do not only have to consider the ex ante investment incentives that...

To explain organizational decisions in multistage production processes we assume a production process with one producer and two suppliers of which one is the firm's direct supplier and the other one is the supplier of the supplier. The firm decides only on the organizational form of her direct...

This paper seeks to situate an understanding of the long-term implications of Smart Contract (SC) technologies as a cluster of technologies that together with AI (shorthand for software applications) and 5G (shorthand for networked ICTs) will prove important for enabling a future wherein any...

We demonstrate that the co-existence of different motives for liquidity preferences profoundly affects the efficiency of financial intermediation. Liquidity preferences arise because consumers wish to take precautions against sudden and unforeseen expenditure needs, and because investors want to...

We estimate the effect of the UK Stamp Duty Land Tax on household mobility using micro data. The UK (until 2014) provided an ideal setting to explore the impact of housing transfer taxes on mobility decisions. This is partly because the stamp duty liability is quite substantial, at least for...

We provide experimental evidence for the hypothesis that bounded rationality is an important element of the theory of the firm. We implement a simplified version of a mechanism designed to perfectly solve the holdup problem under conditions of perfect rationality (Maskin 2002). We test whether...

In the process of transition of Central and East European countries (CEEC) to a market economy the critical importance of multinational corporations is growing in view of the fact that the former socialist economies have to reintegrate into the global economy and that multinational firms are the...

The paper focuses on the role of wholesaling in the establishment of international distribution channels with respect to the transaction costs associated with the sale of goods on the international market. The first part of the paper is devoted to the peculiarities and conditions of the domestic...