Purpose – Investigating the characteristics of the transformation of China's agricultural growth and the institutional reforms during the whole transition period in the 1980s will help to understand China's economic and agricultural reform and offer some successful experiences to other...

The authors of this work argue strongly that the decentralization that has taken place in China over the past two decades threatens to undermine the future of reform and perhaps even the state itself. They contend that reform has undermined state capacity in China, and that the state's fiscal...

The outbreak of the subprime mortgage crisis is a historic event, marking the end of the excessive consumption model and laissez-faire capitalism. It also marked the collapse of the old economic structure, ushering in a period of dramatic adjustment and turbulence. For the next few years, China...

This paper analyzes the effects of buyer and seller risk aversion in first and second-price auctions. The setting is the classic one of symmetric and independent private values, with ex ante homogeneous bidders. However, the seller is able to optimally set the reserve price. In both auctions the...

This paper analyzes the effects of buyer and seller risk aversion in first and second- price auctions. The setting is the classic one of symmetric and independent private values, with ex ante homogeneous bidders. However, the seller is able to optimally set the reserve price. In both auctions...

A government officials' propensity to corruption, or corruptibility, can be affected by his intertemporal preference over job benefits. Through a dynamic model of rent-seeking behavior, this paper examines how endogenously determined corruptibility changes with monitoring intensity, salary...

This paper characterizes the optimal first-price auction (FPA) and second-price auction (SPA) for selling rights, contracts, or licenses that involve ensuing payoff uncertainty for the winning bidder. The distribution of the random payoff is common knowledge, except that bidders have private...