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Financial crises can happen for a variety of reasons: (a) nobody really understands what is going on (the collective cognition paradigm); (b) some understand better than others and take advantage of their knowledge (the asymmetric information paradigm); (c) everybody understands, but crises are...
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affects voting on institutional reform. In contrast to the world without market failure where the electorate unanimously vote …We study how inefficiencies of market failure may be further amplified by political choices made by interest groups … created in the inefficient market. We take an occupational choice framework, where agents are endowed heterogeneously with …
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Financial crises can happen for a variety of reasons: (a) nobody really understands what is going on (the collective cognition paradigm); (b) some understand better than others and take advantage of their knowledge (the asymmetric information paradigm); (c) everybody understands, but crises are...
Persistent link: https://www.econbiz.de/10013098247
Financial crises can happen for a variety of reasons: (a) nobody really understands what is going on (the collective cognition paradigm); (b) some understand better than others and take advantage of their knowledge (the asymmetric information paradigm); (c) everybody understands, but crises are...
Persistent link: https://www.econbiz.de/10012976223