The government contracts with a foreign firm to extract a natural resource that requires an upfront investment and … which faces price uncertainty. In states where profits are high, there is a likelihood of expropriation, which generates a … with high probability of expropriation. The contract can be implemented via a competitive auction with reasonable …

"The government contracts with a foreign firm to extract a natural resource that requires an upfront investment and … which faces price uncertainty. In states where profits are high, there is a likelihood of expropriation, which generates a … with high probability of expropriation. The contract can be implemented via a competitive auction with reasonable …

The government contracts with a foreign firm to extract a natural resource that requires an upfront investment and … which faces price uncertainty. In states where profits are high, there is a likelihood of expropriation, which generates a … with high probability of expropriation. The contract can be implemented via a competitive auction with reasonable …

The government contracts with a foreign firm to extract a natural resource that requires an upfront investment and … which faces price uncertainty. In states where profits are high, there is a likelihood of expropriation, which generates a … with high probability of expropriation. The contract can be implemented via a competitive auction with reasonable …

exposure of host countries. With asymmetric information about a country's expropriation cost even optimal contracts feature … expropriation, and decreasing in its production expertise. The timing of actual expropriations is consistent with our model …

The government contracts with a foreign firm to extract a natural resource that requires an upfront investment and … which faces price uncertainty. In states where profits are high, there is a likelihood of expropriation, which generates a … with high probability of expropriation. The contract can be implemented via a competitive auction with reasonable …

The government contracts with a foreign firm to extract a natural resource that requires an upfront investment and … which faces price uncertainty. In states where profits are high, there is a likelihood of expropriation,which generates a … with high probability of expropriation. The contract can be implemented via a competitive auction with reasonable …

interesting features of the policy concerning the grant of mining rights, the use of mineral receipts and the participation of …