This report surveys the state and structure of the Russian economy at the beginning of the 21st century. The nature of the economic system is characterized in terms of the inherited structural and institutional legacies and the efforts to overcome these since 1991. Despite the vast changes that...

A liquidity-constrained entrepreneur needs to raise capital to finance a business activity that may cause injuries to third parties - the tort victims. Taking the level of borrowing as fixed, the entrepreneur finances the activity with senior (secured) debt in order to shield assets from the...

Democratic systems are built, with good reason, on majoritarian principles, but their legitimacy requires the protection of strongly held minority preferences. The challenge is to do so while treating every voter equally and preserving aggregate welfare. One possible solution is storable votes:...

In this paper, we construct a joint production model of health with two-sided asymmetric information and ask the question, "Hwo should physicians be compensated?" We demonstrate theoretically that the preferred physician compensation scheme depends on the illness condition.