We develop an equilibrium model of industrial structure in which the organization of firms is endogenous. Differentiated consumer products can be produced either by vertically integrated firms or by pairs of specialized companies. Production of each variety of consumer good requires a unique,...

This paper surveys and evaluates alternative views regarding the desirable combination of accountability, credibility and trasnparency in the newly created ECB (European Central Bank), including recent controversies regarding publication of minutes, Council member votes and ECB forecasts.

This paper studies the consequences of physician authority on pharmaceutical prescribing. Physicians engage in a costly process of "matching" patients to the drug which most suits their particular conditions and characteristics.

An experimental approach is used to study ethnic discrimination within the Israeli Jewish society. Our experiment indicates that the segmented structure of Israeli society manifests itself in a consistent pattern of mistrust. In a trust game that we studied, money transferred to players of...

We ask whether Israeli banks lost market power as a consequence of financial liberalization, despite the fact that the banking industry remained highly concentrated. We estimate a "monopoly power" conduct parameter and a "monopsony power" conducte parameter, jointly, for the non-indexed local...

This paper analyzes the relationship between age-specific fertility, mortality and real wages in Sweden during the demographic transition.