Law 715 of 2001 changed the implications associated to the certification within the Colombian health sector. Since its implementation, certified municipalities can only spend their additional resources in the care of the uninsured poor (supply subsidies). Before, said resources could also be...

For cash flows in perpetuity without growth, analysts typically use the following formula for the return to levered equity Ke. Ke = Ku + (Ku – Kd)(1 – T)D/E (1) where Ku is the return to unlevered equity, Kd is the cost of debt, T is the tax rate, D is the market value of debt and E is...

Dada la magnitud y el potencial del mercado de compras públicas de alimentos en Colombia y la tendencia que se ha venido dando en América Latina en relación a la utilización de la contratación como mecanismo para intervenir las entidades públicas y la economía, se hace imperiosa la...

How is state capacity consolidated? While there is a growing literature on state formation and the long-term rise of state capacity, this literature typically deals with differences between countries, neglecting the fact that state formation also occurs differentially within a country over time....

Public good conservation is an increasingly important economic issue. This article examines the importance of public good conservation, how environmental benefits can be delivered at least cost, and how costs can be distributed in an equitable manner.

This paper investigates whether the religious identity of state legislators in India influences development outcomes, both for citizens of their religious group and for the population as a whole. Using an instrumental variables approach derived from a regression discontinuity, we find that...

In an attempt to alleviate the shortfall in organs and bone marrow available for transplants, many U.S. states passed legislation providing leave to organ and bone marrow donors and/or tax benefits for live and deceased organ and bone marrow donations and to employers of donors. We exploit...

Economists seem quasi unanimous about the fact that Adam Smith would have had the intuition of the existence of public goods and market failures. Musgrave-1985, among others, perfectly summarizes this widely held position in modern economic thought. In a normative sense, Smith would have...

We use a public referendum on a new air traffic concept in Berlin, Germany as a natural experiment to analyze how the interaction of tenure and capitalization effects shapes the outcome of direct democracy processes. We distinguish between homevoters, i.e., voters who are homeowners, and...

In the city of Rome economic and territorial polarizations increased between centre and peripheral belts, paralleling suburban sprawl. Electoral data 2005-2011 highlight sharp political polarization, too. Left-wing candidates prevail where social centrality exists, i.e. in dense zones with...