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Russia’s impressive growth record since 2000 is driven largely by high world oil prices (Desai, 2006). This rapid growth, however, may be a “flash in the pan†because high oil prices enable the Russian government to engage in rent-seeking and to postpone deep restructuring (Berglöf,...

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We report results from an experiment that explores the empirical validity of correlated equilibrium, an important generalization of the Nash equilibrium concept. Specifically, we seek to understand the conditions under which subjects will condition their behavior on private, third-party...