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We develop a heterogeneous-firms model with trade in goods, labor mobility and credit constraints due to moral hazard. Mitigating financial frictions reduces the incentive of high-skilled workers to migrate to one region such that an unequal distribution of industrial activity becomes less...
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On 16th November 2009, SUERF, CEPS and the Belgian Financial Forum coorganized a conference "Crisis management at cross …
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We study how natural-resource rents affect the risk of internal conflict within countries and how the federal structure … the risk of internal conflict. Fiscal and political decentralization as an institutional arrangement for rent-sharing and … natural-resource rents indeed increase the risk of internal conflict, but this relationship is significantly mitigated by …
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suggests that (i) total effort is higher in the single prize format, but only for risk-neutral subjects; (ii) effort is … constant across stages in the format with multiple prizes, independently of risk-attitudes; and (iii) the runner-up prize in …
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include the foundations of public choice theory, its scope and method, constitutional economics, game theory, rent …-seeking, the European Union, public finance and the theory of societal economics. The pioneering research, theory and analysis …
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