This paper investigates the effect of corruption on competition in government procurement auctions. Our assumption is that the bureaucrat (i.e. the agent that administers the market), if corrupt, may provide a favor in exchange for a bribe.

This paper considers dynamic models of smoking under uncertainty, wherein individuals learn about the associated risks both through experimentation and observation. We use smokers' changes in self-reported health in long-run household panel data as an individualized measure of information about...

Should the portfolios of mandatory, private pension funds in developing countries be invested exclusively in the home country? Or should their managers be free to make prudent investments anywhere in the world? Traditional portfolio analysis gives a clear answer from the point of view of the...

We use fourteen waves of the German panel data to ask whether individuals, after life and labour market events, return to some baseline wellbeing level. Although the strongest life satisfaction effect is often at the time of the event, significant lag and lead effects are present. Men are more...