We study a variant of the multi-candidate Hotelling-Downs model that recognizes that politicians, even after declaring candidacy, have the option of withdrawing from the electoral contest before the election date and saving the cost of continuing campaign. We find that this natural variant...

This paper studies the problem of collateral variation by the lender. The previous literature sug gested that collaterals will be underpriced to cover the risks from d efault. The authors show that this result is erroneous and was caused by a miscalculation of the default amount. Properly...

In this paper, the authors show how an interlinkage between the credit and output markets is an endogenous outcome of credit market imperfections. Also, such interlinkages are Pareto optimal. This is worked out under the assumption of infinite availability of funds with the money lender. If,...

This short paper provides an alternative framework to axiomatize various binary preference relations such as semiorder, weak semiorder etc. A set of simple axioms is presented in terms of revealed-preferred and revealed-inferior alternatives which makes the connection between various binary...

This article characterizes the conditions under which holdout (i.e. bargaining inefficiency) may, or may not be significant in a two-sided, one-buyer-many-seller model with complementarity. Our central result is that the severity of holdout (i.e. inefficiency) is critically dependent on three...

Parents in several cultures `discipline' their daughters to inculcate the supposedly feminine virtues and improve their prospects in the marriage market. This process invariably involves imposing restrictions on their behavior, movement, and social relations. We formalize the idea that...