This paper extends the currency crisis model of Morris and Shin to the case where players not only hold heterogenous beliefs but also differ in a characteristic feature such as individual transaction costs. It shows that there is a unique aggregate cut off point where the government abandons the...

Competition policy seeks to regulate markets in order to promote competition and economic welfare. In doing so it relies heavily on the economics of industrial organisation for guidance. However, within economics two fields of research have focused on the competitive process, namely the...

In this paper we examine the often neglected role of the nexus between law and economics in the context of assessing regulatory efficiency. Through some fairly straightforward conceptual exposition and an empirical analysis of the regulation of intellectual property in the USA, we demonstrate...

Recent evidence suggests that predictable components in excess stock and bond returns can be attributed to common risk factors which may be associated with macroeconomic conditions. This paper considers theoretical reasons which seem to support the view that a relative measure of risk premia may...

This paper investigates fund-raising mechanisms based on a prize as a way to overcome free riding in the private provision of public goods, under the assumptions of income heterogeneity and incomplete information about income levels. We compare experimentally the performance of a lottery, an...

In view of the rising external costs of private road transport, inducing motorists to shift to transport modes that generate fewer negative externalities is a major policy goal in many cities. This paper argues that if season tickets for public transport are cheap and attractive enough so that...

Financing of corporate growth has generally not been paid much attention in the development economics literature. Recent analysis of the Emerging Markets Data Base of the International Financial Corporation suggests that corporate financing patterns in India, among a select group of other...

There is a great potential for public transport to play the key role in solving problems of urban congestion. The Swiss city of Zurich provides an example of a medium-sized city where a high quality service, declining real price levels and the promotion of season tickets has significantly raised...

This paper is a brief survey of the principal issues attached to the privatisation of British Rail. It is written non-technically and without footnotes to maximise potential readership. It is a summary of a much larger and more detailed paper, On the Wrong Tracks: the Government's Proposals for...

We introduce the possibility of trade in dynamic models with externalities and evaluate the consequences on the capital accumulation process, the market-clearing prices and policy making. We consider mixed economies characterized by a blend of strategic and nonstrategic sectors. An equilibrium...