A model is presented in which market prices systematically understate fundamental values. The result follows from assumptions that the market is organized along auction lines with private information and is imperfect in that owners are occasionally forced to sell in order to raise cash for...

The process of debt-rescheduling between a creditor and a sovereign (LDC) debtor is modeled as a noncooperative game built on a one-sector growth model. The creditor's threat to impose default penalties is ignored here as inherently incredible; instead, the debtor's motivation for repayment is to...

The devolved nature of environmental regulation provides an excellent opportunity for estimating the effects of regulation on employment, by generating rich variation in regulation across regions and over time. We exploit this variation using direct measures of regulation and plant data. We...